Yu-Gi-Oh! Auction Update: 4K Acquisition Corporation (Konami) is the Second BidderJune 7, 2012 at 6:31 pm | Posted in 4Kids, Other Stuff | 4 Comments
Surprise. 4Kids’ filings today with the U.S. Bankruptcy Court for the Southern District of New York and a freshly issued press release reveal that the entity that placed a competing second bid on May 31 for the Yu-Gi-Oh! property is… 4K Acquisition Corporation, a newly formed indirect subsidiary of Konami.
An auction for the property took place on Tuesday, June 5 where the Saban-backed stalking horse bidder — Kidsco Media Ventures — and 4K Acquisition both made additional competitive bids. However, the auction was halted after several rounds of bidding so that 4Kids, Kidsco Media, and 4K Acquisitions could negotiate an “alternative transaction” whereby the specific items that 4Kids is auctioning would be split between the two bidders. 4K Acquisition seeks to buy “substantially all” of 4Kids’ properties. Naturally, this alternative transaction will be more favorable to 4Kids than whatever the best bid was before the auction was halted.
If the alternative transaction is not realized, the auction will resume. Regardless of the outcome, 4Kids notes that it isn’t anticipating any delays with the sale.
Update: The date of the sale hearing has been moved (again) from Monday, June 11 to Wednesday, June 20.