Voxel’s lengthy search for a buyer ended last month when a U.S. bankruptcy court accepted a bid from the company’s third prospective acquisition candidate, 3D Perspectives International of Provo, UT. The deal brought an end to a turbulent sale
Voxels lengthy search for a buyer ended last month when a U.S. bankruptcy court accepted a bid from the companys third prospective acquisition candidate, 3D Perspectives International of Provo, UT. The deal brought an end to a turbulent sale process that began last summer (SCAN 8/19/98).
3D Perspectives initiated a 24-day overbid period in late February when it offered the Laguna Hills, CA, firms bankruptcy trustees $1 million (SCAN 3/31/99). On March 30, a Santa Ana, CA, bankruptcy court accepted a final offer of $3.15 million from the firm and an acquisition partner, Scorpion Group.
The deal was expected to close on or before April 9, according to Stephen Hart, director of research and development for Voxel. When it closes, the companys bankruptcy trustee, Thomas Casey, will begin the process of settling its accounts. Part of Voxels assets include the right to sue Wireless Netcom of Incline Village, NV, the firm that offered the court $5 million in December for Voxel but then defaulted. Casey will most likely file an action against Wireless for the difference between what it offered for Voxel and what Voxel received from 3D Perspectives.
Settling the Wireless suit could take six to 12 months, according to Hart, and depending on what Casey wins from Wireless, could affect the amount paid to Voxels creditors. In the meantime, Voxel will keep its name and its medical focus, as well as its remaining personnel, including Hart and Ray Schultz, director of marketing. The company will maintain an office in Laguna Hills, but will also open a new facility in Provo.