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Gen Con sale pending to “Acquisition Group”

November 24th, 2008: Allan Sugarbaker says...
Gen Con sale pending to “Acquisition Group”

LivingDice.com tells us that activity continues on the Gen Con front: a letter of intent for purchase of the assets of Gen Con LLC, currently undergoing Chapter 11 restructuring, was filed last Thursday with the bankruptcy court. The letter names a “Gen Con Acquisition Group” as the buyer, though the group’s members are not identified. The buyer will agree to pay all of Gen Con’s outstanding debts, though this will be staggered over time by starting with $500,000 at date of closing, $400,000 a month later, and another $400,000 every six months until paid up. These debts, including the Make-A-Wish Foundation claim, will have 6% interest added to them. This plan is most likely the reason for Lucasfilm dropping its lawsuit against Gen Con earlier this month. The letter specifies a close date of December 31, 2008.

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