GBFE - GOLDEN BOOKS FAMILY ENTMT INC Message Board

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Microcap & Penny Stocks : GBFE - GOLDEN BOOKS FAMILY ENTMT INC

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To: jacksoo who wrote (411)	3/19/1999 1:36:00 AM
From: Sethpop	Read Replies (1) of 476

The court has scheduled a March 25 hearing to agree upon the bidding process for the proposed sale of the Adult Book Division. There is currently an offer from St. Martin's of around $11mm and it is proposed that the "auction" require a competing bidder to exceed this by at least $750,000...as when significant assets are sold in Chapter 11 proceedings they must be sold to the "highest and best" offer...usually through an auction process. From a practical standpoint if you own the common stock, however..nothing has changed. Ultimately it will be exchanged for warrants which when looking backward will impute a current value to each share of GBFE common of around one or two pennies.

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