Sorry if this has been posted before, but I just heard that Dakota Arms will be auctioning off their assets later this month.
I copied this from a post on AR:
Here is the Asset Purchase Agreement (�APA�) for Dakota Arms as well as the revised Sale Process from the Offering Memorandum. All review of onsite due diligence material must be completed by 3:00 p.m. CST on Wednesday, February 21, 2007. Dakota Arms may be sold as a going concern, and the Company has not set a predetermined valuation for the assets. The revised Sale Process is outlined below.
1. All interested buyers that want to be a Qualified Bidder at the Auction should provide a marked-up copy of the APA and the greater of $200,000 or 10% of the proposed purchase price prior to 3:00 p.m. CST on Wednesday, February 21, 2007.
2. The funds must be provided in the form of a cashiers� check or wire transfer to the trust account at the law firm of Fredrikson & Byron.
3. All interested buyers are required to provide evidence of financial wherewithal from a U.S. financial institution regarding the ability to consummate a transaction. Notification to Qualified Bidders will be Friday, February 23, 2007.
4. The Auction will take place at 10:00 a.m. CST on Monday, February 26, 2007, at the law firm of Fredrikson & Byron.
5. Interested parties must use attached APA. The marked-up APA should include the following information:
The proposed valuation of all the assets;
Redline of the proposed changes to the form of APA; and Confirmation that all due diligence has been completed and that there are no contingencies.
6. Any party willing to bid on individual assets should submit a marked-up APA.
7. All marked-up copies of the written proposals should be submitted by 3:00 p.m. CST on Wednesday, February 21, 2007
Does anyone have any information on this?
If it is true, it is a real shame that their new management took only 5 years to take down several good companies - Dakota, Nesika Bay, Miller Arms and Dan Walter cases.
