After a lengthy auction stretching over two days, a federal bankruptcy judge last week approved the $134.3 million sale of California-based Tower Records to Great American Group, which plans to liquidate the music retailer. Great American beat out Trans World Entertainment, which had hoped to continue operating at least some Tower stores, by one bid increment of $500,000. An attorney representing Tower's secured trade creditors had urged the bankruptcy judge to go with Trans World's bid as the "best bid."
October 10, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.com
After a lengthy auction stretching over two days, a federal bankruptcy judge on Friday approved the sale of California-based Tower Records to Great American Group, which plans to liquidate the music retailer.
After almost 30 hours of what attorneys described as “robust” and “vigorous” bidding, Great American won with a bid of $134.3 million, beating Trans World Entertainment, which had hoped to continue operating at least some Tower stores, by a single bid increment of $500,000.
Presented by BigVoodoo
This conference aims to help insurers and litigators better manage complex claims and litigation.
Recognizing innovation in the legal technology sector for working on precedent-setting, game-changing projects and initiatives.
Legalweek New York explores Business and Regulatory Trends, Technology and Talent drivers impacting law firms.
McManimon, Scotland & Baumann, LLC is seeking talented and motivated associate attorneys for several positions. Candidates must be admi...
Lower Manhattan firm seeks a litigator with at least 2-4 years of experience in all aspects of commercial litigation (i.e., depositions and ...
A prestigious matrimonial law firm in Garden City is seeking a skilled Associate Attorney with 5 to 7 years of experience in family law. The...
