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Implant Sciences Objection Filed

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Implant Sciences’ official committee of equity security holders filed with the U.S. Bankruptcy Court an objection to the Debtor’s motion for an order approving and authorizing bidding procedures in connection with the sale of substantially all of the Debtors’ assets; approving and authorizing the bid protections, scheduling the related auction and hearing to consider approval of the sale.

The objection asserts, “This accelerated schedule affords the Committee little opportunity to conduct the necessary diligence to assess various alternatives….If the Court should approve the proposed Bid Procedures, it is of utmost importance that the Committee be given information access and full consultation rights to assess the accelerated sale timeline, the proposed APA, other sale issues and potential alternative strategic exit options.”

The motion continues, “In addition, the Committee seeks to alleviate certain chilling and otherwise unfair Bidding Procedure provisions, such as: (i) the limited ‘no-shop’ provision already in place that may unduly limit a competitive sale process, to the extent not immediately and fully dissolved; (ii) the proposed $11 million dollar initial overbid protection and $4 million incremental overbid protection, both of which are materially more than necessary to ensure that any Qualifying Bid by another bidder is higher and better, and thus would chill bidder participation; and (iii) the transfer of avoidance actions to the purchaser that diminish the estate without appropriate consideration and in contravention of applicable law.”

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