May 19, 2008
Sharper Image to Sell Remainder of Assets
On May 14, 2008, the Bankruptcy Court in Delaware approved the procedures requested by Sharper Image to sell the remainder of its assets to the highest bidder. It has found a stalking horse buyer who will pay $51 million and a hearing to approve the sale will be held on May 29, 2008. Sharper Image explained in the motion that the liquidation sales are going more poorly than they planned.
Btw, Sharper Image has filed its schedules. The schedules show assets of $165 million and liabilities of $103 million. The five page disclaimer which precedes the schedules advises the reader that the assets are listed at book value and not at current value as the form requires.
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