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US Dataworks 363 Sale Approval Sought

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US Dataworks filed with the U.S. Bankruptcy Court a motion to sell estate assets free and clear of liens and other interests. The motion explains, “Debtor moves the Court to approve the sale of certain assets of the estate free and clear of liens and other interests pursuant to 11 U.S.C. section 363(b). Such assets consist of machinery and equipment (if any), office equipment and supplies, inventory (if any), and name and goodwill. The assets of the estate excluded from the sale are Debtor’s cash.”

In addition, “The price for the assets to be purchased is $1,790,000, subject to certain adjustments as set forth in the APA. Debtor proposes to sell the assets described in the APA to The Bankers Bank, an Oklahoma banking corporation (‘TBB’). TBB has the financial wherewithal and the management capabilities to successfully close the transaction contemplated by the APA. TBB is a customer of the Debtor, and is intimately familiar with the Debtor’s business procedures and customers….To date, TBB has made the only offer for the assets proposed to be sold. The APA contemplates that other prospective purchasers may make higher or better offers for the assets, assuming they have judicial standing to do so.”

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