Gores' $30M Bid Leads Point Blank Ch. 11 Sale

Law360, New York (October 7, 2011, 7:31 PM EDT) -- A Delaware bankruptcy judge on Wednesday approved the auction process for Point Blank Solutions Inc. that is built around private equity firm The Gores Group LLC’s $30 million offer for the body armor maker.

U.S. Bankruptcy Judge Peter J. Walsh set the assets auction for Oct. 27, setting the stage for the Gores-backed stalking horse, Barrier Acquisition LLC, to take control of the beleaguered company unless debtor-in-possession lenders led by buyout firm Lonestar Partners LP or any other suitor swoops in with a superior bid....
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