Gaspari’s Assets Fetch More Than Double Stalking-Horse BidDecember 2, 2014 – In The News
Joshua Klein was featured in The Deal article "Gaspari's Assets Fetch More Than Double Stalking-Horse Bid." Full text can be found in the December 2, 2014, issue, but a synopsis is below.
Allegro Nutrition LLC offered to pay more than double their original bid for the assets of Gaspari Nutrition, Inc., a bankrupt sports nutrition supplement company.
The U.S. Bankruptcy Court for the District of New Jersey in Trenton is considering the top offer of $10.1 million from Allegro.
This offer followed the December 1 auction at which Allegro was the stalking-horse bidder out of the four participating bidders.
The current backup bidder is HPH Health LLC with an offer of $10 million. Hi-Tech Nutraceuticals LLC is the secondary backup bidder, offering $8.6 million.
The special-purpose vehicle, South Florida Nutraceuticals (no relation to the secondary bidder), was the fourth bidder according to the debtor counsel, Joshua Klein. They declined to announce their exact offer.
The opening bids from HPH, Hi-Tech and South Florida were all the same at $5.37 million, Klein also reported.