On November 21, 2012, the Court entered an Order finally
approving the settlement between the Debtor and Halcon (“Order”), which
constitutes the sale to Halcon of all of the Debtor's leases and assets, as is where is, for $10,000,000. On or before December 12, 2012, the Debtor
must file a Sale Motion setting forth the terms of the proposed sale to Halcon
and indicating that such sale is subject to higher offers at a public hearing
and auction. The sale hearing has been
scheduled for January 25, 2012 at 10:00a.m. in the Erie Bankruptcy Courtroom,
U.S. Courthouse, 17 S. Park Row, Erie, PA 16501. Responses to the Sale Motion shall be filed
on or before December 28, 2012.
The Debtor’s advertisement of the sale will inform
Potential Bidders that due diligence materials related to the Subject Interests
are available for review. Per the terms
of the Order, any Potential Bidder is one who (i) has executed an appropriate
confidentiality agreement and (ii) the Debtor or Broker reasonably believes is
capable of submitting a Qualified Bidder Deposit of $1,000,000. In order to be eligible to participate in the
auction, each bidder must be determined to be a Qualified Bidder, which is a
Potential Bidder that has submitted a Qualified Bidder Deposit and has
submitted documentation evidencing sufficient financial resources and legal
capacity to consummate the transaction.
