Gen-Con for sale...and already a potential offer...

From the article here: http://www.livingdice.com/783/gen-con-for-sale-and-a-purchase-offer-is-pending/

A “Letter of Intent for the Purchase of the Assets of Gen Con LLC Chapter 11” was filed on 11-20-2008 with the bankruptcy court. The “Letter of Intent”  is a summary of the terms and conditions of a potential  Gen Con purchase by the “Gen Con Acquisition Group.”  I summarized the highlights below and have a download link for the original document at the bottom of this post.

• The purchase price is the amount sufficient to pay off all of Gen Con’s outstanding claims (debts.)
• Buyer will pay $500,000.00 on closing day and $400,000.00 30 days later. Then $400,000.00 every six months until all claims are paid in full.
• They buyer is paying 6% interest on all claims, payable from the date of closing.
• Buyer will pay the Make-A-Wish charity claim, plus 6% interest from the initial date of claim
• Buyer will purchase all contracts, rights, licenses, intellectual property, leases and franchise agreements. (This is a partial list, check the original for the full list, but it is basically everything Gen Con owns.)
• Closing date is December 31st, 2008

Gen Con accomplishes two things by this sale. Primarily they escape bankruptcy, since the purchase price is the cost of Gen Con’s outstanding debt. Secondly, Gen Con LLC and by extension, Peter Atkison will no longer own Gen Con. An earlier Chapter 11 reorganization filing, made mention of attempts to sell Gen Con before the bankruptcy filing that failed and how Mr. Atkison was not as involved in the day to day operations as he once was.  This sounds like a winning solution for all parties.