Our Alchemy trustee sets bid procedures for $1.2 million asset sale

By Caroline Salls

Pittsburgh, July 6 – Our Alchemy, LLC Chapter 7 trustee George L. Miller requested court approval of the bid procedures for the proposed $1.2 million sale of some of the company’s assets, according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

OA Acquisitions LLC is the stalking horse bidder.

Miller said the assets being sold consist primarily of the Our Alchemy estates’ rights related to a library of film and video titles and other intellectual property.

Competing bids must be in the minimum amount of $1,385,000, representing the $1.2 million stalking horse bid amount, a $60,000 break-up fee to be paid to OA Acquisitions if it is not the high bidder, a $100,000 transaction expense reimbursement amount and a $25,000 minimum overbid.

Subsequent overbids must be in a minimum amount of $25,000.

A hearing on approval of the bid procedures is scheduled for July 25.

Our Alchemy is an independent film distribution company. The company filed for bankruptcy on July 1, 2016 under Chapter 7 case number 16-11596.

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