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Expert Analysis

Memorable Lessons From Violin Memory And Other Auctions

By Sheon Karol, The DAK Group (April 21, 2017, 5:03 PM EDT) -- When Violin Memory filed Chapter 11 on Dec. 14, 2016, prospects for the company seemed grim. Beginning in November 2015, Violin Memory had conducted two failed prepetition sales processes that had generated no bidders. At filing, there was no debtor-in-possession financing and no "stalking horse" bid. Having only $4 million in cash, the company set a bid deadline date of Jan. 13, 2017, and an auction date of Jan. 17, 2017. The truncated sale period — 19 days after formation of the official committee of unsecured creditors (UCC) — included both Christmas and New Year's weekends....

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