Aphton To Auction Off Assets

Law360, New York (June 12, 2006, 12:00 AM EDT) -- Three weeks after filing for Chapter 11 bankruptcy protection, Aphton Corp. received permission on Friday from the U.S. Bankruptcy Court in Wilmington, Del., to auction its assets without a lead bidder.

Bids for the pharmaceutical company’s assets are due by July 12, with the auction itself scheduled to take place two days later before bankruptcy judge Christopher S. Sontchi, according to court documents.

Aphton said it has already identified 28 potential buyers and that it may designate a stalking-horse bid to keep the purchase price high....
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