APBNEWS.com SUITOR WITHDRAWS

By: Wayne Robins

Creditors Request Delay In Sale Of Assets





by Wayne Robins



Bankrupt APBOnline still has an APB out for funds after would-be
suitor Safetytips.com withdrew its bid from U.S. Bankruptcy Court
Thursday.


Safetytips.com, a little-known would-be ‘safety resource for companies
and their employees, and a comprehensive safety resource and community
for consumers on the Internet’ based near Boston, had raised creditor
hackles when it bid $950,000 for APBOnline.



What Safetytips.com may have acquired beyond APB’s estimated $8 million
in debt remains uncertain, as the court has yet to determine the dollar
value, if any, of the ‘crime, justice and safety’ Web site’s intellectual property. According to court papers, both the U.S. Trustee and its officially-appointed committee of unsecured creditors (which consists of
24/7 Media, Advertising.com, and Digex, Inc.) objected to elements of the
rescue agreement, which included a stipulation that any subsequent
would-be bidder would need to beat the $950,000 by $100,000.



The committee also requested a delay in the date of sale, which had been
scheduled for Sept. 1, and to APB’s plan to borrow $40,000 from
Safetytips.com to continue its interim operation.







~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~





Wayne Robins (wrobins@editorandpublisher.com) is an associate editor for
E&P.



Related stories:



APBNEWS.com APPROACHES BANKRUPTCY BID (08/22/00)



APBNEWS.COM RESUMES PAYING SOME STAFFERS (06/20/00)



APBNEWS.com STAFF HOPEFUL SITE CAN BE SAVED (06/08/00)



LESSONS LEARNED FROM APBNEWS.com (06/08/00)



APBNEWS.com CLOSES DOORS, FIRES STAFF (06/05/00)









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