Beyond Oblivion's asset sale to Gee Beyond approved for $4.2 million

By Lisa Kerner

Charlotte, N.C., March 26 - Beyond Oblivion Inc.'s sale of its assets to Gee Beyond Holdings, LLC for about $4.2 million was approved, subject to the entry of an order, according to an attorney familiar with the case.

The sale will consist of $2.5 million in cash, a senior secured note in the amount of $1.5 million and the assumption of contract liabilities in the amount of about $200,000.

As previously reported, Gee Beyond was the high bidder at the auction for substantially all of Beyond Oblivion's assets.

Nassau Music, LLC was approved as the stalking horse bidder for Beyond Oblivion's asset sale and submitted a $1.5 million cash bid for substantially all of the company's assets. The Nassau Music asset purchase agreement also called for a $1.5 million unsecured note from Nassau.

Under the bid procedures approved by the court, Nassau would be entitled to a $50,000 expense reimbursement and a $72,000 breakup fee if the assets are sold to another buyer.

Beyond Oblivion, a New York-based digital music company, filed for bankruptcy on Jan. 23. Its Chapter 11 case number is 12-10282.

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