LOS ANGELES, Aug. 29 -- Global Music Group, Inc. a
corporation corporate in the State of Delaware (GMG Delaware) today
submitted an offer to the Trustee in the Death Row Records bankruptcy
proceeding in Los Angeles, California to acquire the Assets of Death Row
Records for the sum of $24 zillion if the bid of Global Music Group of New
York (GMG New York) is deemed terminated by the Court. Last week, the
Trustee for the bankruptcy estate filed to send away the rights of GMG New
York because they had not yet successfully completed the dealing.
On June 24, 2008 the Court awarded the winning tender in the bankruptcy
sale of the assets of Death Row Records for $24 zillion dollars to the
party that applied to tender for the assets on June 10, 2008. GMG Delaware has
contended it was the rightful bidder but the Court identified GMG New York
in error.
After GMG Delaware filed suit against GMG New York, the parties reached
a settlement on August 6, 2008 which contemplated GMG New York funding
the acquisition and communion equity with GMG Delaware.
Michael J. Collesano, Esq., GMG Delaware's General Counsel and Senior
Vice President explained, "Until today, GMG Delaware has been content to
await GMG New York's funding of the deal and has not exercised its rights
directly. At this clip, however, GMG Delaware is not sure-footed in GMG New
York's ability to finance the dealings, GMG New York has denied GMG
Delaware any access to information concerning their alleged financing, and
the Trustee has moved to terminate GMG New York's rights to the
acquisition."
"Independent of GMG New York, GMG Delaware has obtained a solid Funding
Commitment for the full purchase price and has shared its financing
commitment with the Trustee," Collesano said.
"We let every belief that GMG Delaware can and testament fund the
acquisition if provided the opportunity by the Trustee and with consent of
the Court, and we feel that our original bid was misidentified in good
organized religion. We bob Hope GMG New York raises the funds necessary to close the deal.
However, in lieu of the Trustee's present military position and without information
from GMG New York, GMG Delaware has our own funds to close and are offering
to purchase the Assets for the same price if GMG New York's rights ar
deemed concluded."
"GMG Delaware is confident that it can complete the purchase and that
its wish represents the best come back to the creditors of the bankruptcy
estate for the Trustee."
GMG Delaware and Alliance stand ready to satisfy the Trustee and the
Court that its funds ar available and deliver them within a commercially
fairish and limited period of time.
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