I got to read through the bankruptcy judge's most recent order regarding TuYo's stalking horse and other related motions. Part one of my notes:
I don't believe any objections were filed (nor, consequently, overruled). This thing moved fast, so if anyone with raised eyebrows wants to raise objections before this thing is finalized, they'll need to do before the April 4 deadline. I also assume these objections will have carry the burden of needing to be more persuasive to the judge to affect a course change than had they been filed before the issuing of this order (note: just a guess about how courts work. I don't have any subject matter expertise in this area).
As I understand it, there were no prompts during last week's hearing for anyone other than the lawyers to speak. Perhaps it's a case of attendees needing to know their rights and the courtroom proceedings to unmute and interrupt the judge before the hearing concluded?
Parties really had to be on their toes to object to this thing before it went through. TuYo filed its 134-page motion and expediting hearing request on Tuesday, March 15. The judge granted the hearing request on Wednesday, March 16, scheduled it for Friday, March 18, and the hearing took place then. On the next day of court business—Monday, March 21—the judge issues this order allowing TuYo to proceed full speed ahead.
Judge dialed these figures back a bit from TuYo's proposed motion.
So the only chance TuYo doesn't get this stuff for $1.25m is if at least one other party submits a bid for at least $1.25m in less than two weeks.
Do we think anyone else out there has sufficient information regarding the assets to feel confident/comfortable about rolling those dice + the time to pull together the needed funds and agreements, and to comply with the various filing requirements by then?