Gen Con Acquisition Group Makes Another Try for Gen Con–Objection Filed by Peter Adkison
The drama with Gen Con continues! Here is the short version; the mysterious “Gen Con Acquisition Group” is making a substantially larger offer on Gen Con (about 3.8 million) for all of Gen Con’s holdings and debt. To add some spice to their offer, the “Gen Con Acquisition Group” purchased some of Gen Con’s outstanding debt! It is only a relatively small amount of the debt, but it gives them standing in the bankruptcy proceedings. I have all of the legal documents from the court, but they are deadly dull. Rather, if you are interested in all of the gory details of the offer, you can check out a detailed summary over at icv2.com.
Mr Adkison, the current owner, strongly objected to the offer (through his lawyer of course). Here is the link to the Gen Con LLC’s Objection to the “Gen Con Acquisition Group” offer. It makes for interesting reading.
Trask, The Last Tyromancer
About the Author: Trask is a long-time gamer, world traveler and history buff. He hopes that his scribblings will both inform and advance gaming as a hobby.
[...] LivingDice has the story, and as we suspected, more wild maneuvering is going on around ownership of Gen Con. As Gen Con LLC continues toward having its reorganization plan approved and creditors reassurred, the same Gen Con Acquisition Group that seemed to be making a takeover attempt of the company has made another, larger offer. To ensure it would be heard this time, the Acquisition Group has become one of Gen Con’s creditors by acquiring a $31,000 claim. Naturally, Peter Adkison, current owner of Gen Con LLC, has filed an official protest. As if this weren’t muddy enough, don’t forget that Anthony Gallela, who just stepped down as Executive Director of GAMA yesterday, has been named as the Acquisition Group’s intended head of Gen Con if the Group gains ownership. The full breakdown of the offer is at ICv2, so have a look. Added developments will surely surface after this Friday’s court hearing. [...]
Latest press release, please read; I think the GAG issue is moot.
http://community.gencon.com/forums/p/19029/212499.aspx#212499
I just downloaded the order and put up a post about this. Gen Con is out of bankruptcy!
http://www.livingdice.com/1170/gen-con-chapter-11-reorganization-plan-approved-gen-con-acquisition-group-unsuccessful/
Trask