MadManCK wrote:$1.5M for the TDU franchise. Sounds interesting...
Unable to find a suitable lead bidder for its assets, Atari Inc. wants to put its videogame business on the auction block in pieces.
Bidding on a pool that includes the Atari brand itself is set to start at $15 million, according to court papers. The minimum bid for the company's "RollerCoaster Tycoon" franchise is $3.5 million, while prospective purchasers must offer at least $1.5 million for Atari's "Test Drive" franchise.
Altogether, the minimum bids listed in a Wednesday filing from Atari total nearly $22.2 million.
It is still unclear how much enthusiasm for the assets Atari will be able to drum up at the four days of auctions that it wants to host. The company sought bankruptcy protection on Jan. 21 and soon commenced a hunt for a buyer, or buyers. Its investment banker reached out to more than 180 potential purchasers: financial and strategic buyers, game and nongame companies. More than 90 signed confidentiality agreements and dug deeper into Atari's financials, but only 15 submitted preliminary bids, none of which Atari deemed "acceptable" to serve as a stalking-horse bidder that would set a floor price for the assets.
Instead, Atari has split its brands and intellectual property into various pools and assigned them July auction dates. A pool composed of Atari's "Humongous" franchise, "Fatty Bear's Birthday Surprise" and "Math Gran Prix," for example, is scheduled to hit the auction block on July 17 with a minimum bid of $500,000. The "Total Annihilation" franchise will be offered the same day with a $250,000 floor price.
"The Debtors believe that this type of a targeted bidding process affords the Debtors the best opportunity to market the Assets and maximize the value thereof for the benefit of all stakeholders," Atari said in papers filed with the U.S. Bankruptcy Court in Manhattan.
The company still needs court approval to put its sale process into motion. It wants a judge to consider signing off on its bid rules at a hearing June 11. It is aiming to receive bids by a July 10 deadline in advance of auctions proposed for July 16, 17, 18 and 19. Atari wants a judge to consider giving his blessing to the transactions at a sale hearing July 24.
Atari, a 40-year-old company that helped start what has become a $70 billion videogame industry with games such as "Asteroids" and "Pong," has shifted focus in recent years from traditional videogames to digital games and licensing. It still owns some valuable properties, including licensing rights to "RollerCoaster Tycoon" and the intellectual-property rights to "Backyard Sports" and "Test Drive Unlimited."
In addition to seeking to sell those assets in the July auctions, Atari wants permission to sell certain games that are "of minor value" outside of the auction process.
"These assets have generated insufficient interest to be included in their own respective category," the company said.
The auction for the TDU franchise will be on July 16th
http://www.4-traders.com/ATARI-2168735/ ... -16914973/
ATARI : SA: final phase of the Chapter 11 procedures
05/29/2013| 01:50pm US/Eastern
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Atari SA: final phase of the Chapter 11 procedures
Auction schedule and minimum bid in place
Suspension of trading of Atari shares maintained
Publication of the fiscal year 2012/2013 earnings delayed
Paris, France, May 29, 2013 - Atari SA (the "Company" or "Atari") is communicating on the advancement of the Chapter 11 Proceedings in the US (the "Proceedings") of the US subsidiaries (i.e. Atari Interactive, Inc., California US Holding Inc., Atari Inc. and Humongous Inc.) (the "US Subsidiaries") initiated on January 21, 2013 with the Bankruptcy Court of New York (the "Court").
On May 22, 2013, the US Subsidiaries have asked the Court to validate the auction procedure, its phases and its final schedule. After several weeks of discussions with potential buyers (the "Potential Buyers"), the timing, scope and minimum bid have been established as follows:
Assets
Minimum Bid
Date of Auction
RollerCoaster Tycoon Franchise
$3,500,000
July 16, 2013
Test Drive Franchise
$1,500,000
July 16, 2013
Humongous Franchise, Fatty's Bear's Birthday Surprise, Math Gran Prix
$500,000
July 17, 2013
Backyard Sports Franchise
$750,000
July 17, 2013
Total Annihilation Franchise
$250,000
July 17, 2013
Airborne Ranger Franchise
$100,000
July 18, 2013
Battlezone Franchise
$250,000
July 18, 2013
Master of Orion Franchise
$100,000
July 18, 2013
Moonbase Commander Franchise
$100,000
July 18, 2013
Star Control Franchise
$100,000
July 18, 2013
Atari Brand / Atari Classics / Atari Casino
$15,000,000
July 19, 2013
As stated in the above table, a minimum bid has been established for each relevant asset. The total comes out to $22,150,000. However, there is no assurance that any offer will be submitted at this price and conversely, in case of a bid, the final price for some of these assets may be higher. After the auction dates, a new hearing will be held before the Judge with a final completion of the sales in early August 2013.
The prospects of Atari SA and its shareholders will therefore depend on the outcome of such Proceedings and the proceeds received from the sale of all or part of the assets, net of all legal and transactional costs, staff costs and other operating costs approved by the Court in the context of the Proceedings and after distributions to creditors, including the DIP financing of $5 million maximum, the ?21.4 million Credit Facility and the claims of Atari SA approved by the Court. In addition, considering the auction schedule, the deadlines for the DIP financing and the Credit Facility, initially set to July 25, 2013, will have to be revised.
Considering the various possibilities and uncertainties of the US Proceedings, the Company believes it is appropriate to wait for the result of the auction process to request a possible resumption of trading of Atari's shares on the NYSE Euronext Paris market. At this stage, no guarantees can be given concerning the potential recovery for existing shareholders. Accordingly, the Company maintains the suspension of trading of Atari shares.
In addition, the Group will publish its FY 2012/2013 financial statement at the end of the Chapter 11 proceedings. At this stage, the Group records that the financial statement will not have been approved and published within the regulatory deadline. The Group will communicate on the dates of publication and will take the necessary measures in this respect.
About Atari, SA
Atari, consisting of Atari SA and its subsidiaries, is a multi-platform, global interactive entertainment and licensing group. The original innovator of video gaming, founded in 1972, Atari owns and/or manages a portfolio of more than 200 games and franchises, including world renowned brands like Asteroids®, Centipede®, Missile Command®, Pong®, Test Drive®, Backyard Sports® and RollerCoaster Tycoon®. Atari capitalizes on these powerful properties by delivering compelling games online (i.e. browser, Facebook® and digital download), on smartphones and tablets and other connected devices. The Company also develops and distributes interactive entertainment for video game consoles from Microsoft, Nintendo and Sony. As a licensor, Atari extends its brand and franchises into other media, merchandising and publishing categories. For more information:
www.atari.com:
http://www.atari.com/
Contact:
Investor relations
Calyptus - Marie Ein
Tel + 33 1 53 65 68 68
[email protected]:
mailto:
[email protected]
Atari SA: final phase of the Chapter 11 procedures:
http://hugin.info/143477/R/1705647/564284.pdf
TDU, GRID, Assetto Corsa, pCars, NCG, The Crew, Dirt, Forza: MadManCK
Clubs: TDU2: Luny's Fair Friends (VP-Exec), GRID AS: TDUDT (Pres) DT-Racing Team: Team Leader 
Eden Games Can Kiss My Mustang
