Law360, New York (January 27, 2012, 6:16 PM ET) -- The unsecured creditors in the Delaware bankruptcy case of digital TV semiconductor company Trident Microsystems Inc. objected Thursday to a proposed $55 million stalking horse bid for the company's set-top box assets and the planned payout of more than $10 million to Trident employees.
The official committee of unsecured creditors argued that the sale to home-entertainment silicon and software solutions provider Entropic Communications Inc. was discouraging others from offering higher prices.
The creditors criticized what they called anti-competitive, nonstandard bid protections, which they argue will “chill...
Trident Creditors Object To $55M Sale, $10M Employee Payout
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