This last week was my third participation as a buyer in bankruptcy auction, never as the “Stalking Horse.”
The first bankruptcy was a long time ago and a very small agency. Then there was Gawker. In the case of Gawker, I was the stalking horse.
More recently, a small division of the Big Village bankruptcy was of interest. So, I attended the bankruptcy auction where Refuel agency was the stalking horse. (setting the base bid and Asset Purchase Agreement terms).
I’m sure it won’t be the last bankruptcy auction I participate in. Skyrocketing interest rates, lack of venture and PE funding and economic uncertainty combine with bad luck, and sometimes mismanagement to create opportunities.
But there are risks. Unlike a regular M&A deal these are cash deals. As-Is!
