The Debtors Cancelled The Auction Sale...with respect to colo, network, and workplace. The rest (sale of the remaining) is adjourned to a date yet to be determined.
Case 22-90018 Document 532 Filed in TXSB on 07/29/22
15 replies (most recent on top)
No one wants this mess and no one can figure out how to fix it. Gee, how many current and former employees told S-Gas this over the past XX years.
@3igf+1hYgRSbQ Makes sense.
@2rru+1hYgRSbQ it means the company found someone to purchase those assets. Other assets (whatever they are) are being auctioned separately at another date.
ACS is no longer a company…. Bought out of bankruptcy by xerox and shed shortly after. Frankly, not sure that Xerox is still around…..
Is ACS still a customer? They did $1.8m MRR back in 2008. The glory days of RS
@2uff If customers were smart, they should review the fine print in the MSA.
Does this mean those units are being taken in-house under the new restructured company?
@2bkj That all depends on how stupid the customers really are, really. I can't imagine anyone who cares about their business has a very high confidence in SGAS right now.
Until the Golden Goose lays its last egg
I'll venture a guess. It (might) means people weren't clamoring in to buy the jo--t or parts of it, so the debtors can eventually buy the place back on the cheap, and eliminate a good chunk of the debt. Pure speculation. Even if remotely the case, how many times can a company take this course of action (bankruptcy and all it entails).
Can someone shed some light on what these means ? Did they get bailed out again ?
@2ora+1hYgRSbQ Nada.
I'll still be in the park having my croissant. Rain might put a damper on the magic show and evening movie on the green.
So is anything going up for auction today then?
Even without the auction sale, the legal bill is $1.3 million + for June alone, at well over 1K an hour! And you thought your tech jobs paid well. ;) Even the paras make over 300 hr.
Case 22-90018 Document 525 Filed in TXSB on 07/27/22
Seems like this particular doc has gone missing from the docket. Wouldn't want you to see it perhaps.
Chapter 11 filing cancelled and Prime Clerk terminated. I guess all is well now???