Hedge Fund's $26.2M Bid Tops Ch. 11 Auction For Aerogroup
By Jeff Montgomery (February 16, 2018, 8:28 PM EST) -- Hedge fund Alden Global Capital emerged as the apparent winning bidder in Delaware on Friday for bankrupt shoe retailer Aerogroup International Inc., with a $26.175 million bid that capped a nearly 24-hour, sometimes "testy," marathon auction.
Gregg M. Galardi of Ropes & Gray LLP, counsel to Aerogroup, said Alden's final bid could make $22.5 million available to the estate. The distribution breakdown from the cash pool, however, remains a potential point of friction, and has yet to be disclosed.
U.S. Bankruptcy Judge Kevin Carey reserved final approval for the order pending a review by the buyer, creditors and others after complaints...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!