Looks like HDNet is trying to buy the IFL’s assets, to the tune of 650k:
On September 19, 2008, IFLC filed with the Court a motion for orders
(a) authorizing IFLC to sell all or substantially all of its assets to HDNet LLC (“HDNet”), subject to higher and better offers,
(b) approving bid procedures,
(c) scheduling auction and sale hearing and
(d) granting related relief (the “Sale Motion”). In connection with the Sale Motion, on September 19, 2008, IFLC and HDNet entered into an asset purchase agreement (the “Asset Purchase Agreement”), which contemplates the sale of substantially all of IFLC’s assets (the “Purchased Asset”) to HDNet for total consideration of $650,000 in cash and the assumption by HDNet of certain liabilities of IFLC.
The Asset Purchase Agreement is subject to higher and better offers as set forth in the Sale Motion.
Translation: unless someone shows up and offers more, HDNet gets it. I’m pretty sure that’s just a formality though. No word what ‘the assumption by HDNet of certain liabilities’ means … if that means they bought the IFL’s crappy debts along with it’s crappy video library. I’m sure someone who has IFL president Jay Larkin’s phone number will discover soon enough.
Thanks to jackal Mad_As_Hell for the heads up. This might be a pseudo-exclusive or some shit.