Trident Creditors Object To $55M Sale, $10M Employee Payout

Law360, New York (January 27, 2012, 6:16 PM EST) -- 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...
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