"A New York bankruptcy judge on Thursday approved the $105.3 million sale of Personal Communications Devices LLC’s assets to stalking horse bidder Quality One Wireless LLC, after the auction process failed to yield any other suitable buyers.
U.S. Bankruptcy Judge Alan S. Trust gave the nod to the PCD sale to Florida-based Quality One from the bench, after several other “seriously interested purchasers” were found to be unqualified, according to Quality One attorney Joseph J. Wielebinski of Munsch Hardt Kopf & Harr PC.
The judge’s approval of the deal is subject to a final written order agreed upon by the parties involved.
An eleventh-hour objection to the sale by AT&T Services Inc., which claimed the deal unlawfully terminated liability from PCD's contracts with AT&T, was also resolved, after Quality One agreed to assume all of AT&T’s contracts with PCD. Quality One also agreed to take over other PCD contracts with Sprint Corp. and Verizon Wireless, according to Wielebinski."
To read Joe Wielebinski's further contributions and the full Law 360 article, "$105M Personal Communications Sale Gets Green Light", please click here.