Loot Crate Ch. 11 Stalking Horse Drops $1M Bid Protection

Law360, Wilmington (September 3, 2019, 7:51 PM EDT) -- The current lone bidder for popular culture goods supplier Loot Crate Inc. agreed Tuesday to forgo a $1 million walkaway fee if displaced by another buyer in a Delaware Chapter 11 stalking horse sale, after a judge cautioned that the concession was unlikely to fly.

U.S. Bankruptcy Judge Brendan L. Shannon observed during a hearing on bid procedures that "as a general proposition, I don't usually award breakup fees on credit bid money." He referred to an offer from top creditor and bankruptcy case lender Money Chest LLC to cancel $30 million in claims, in lieu of cash, for the business....

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