Saturday, March 12, 2011

All American sells almost all assets - South Florida Business Journal:

http://vintageautorental.com/customerfeedback.html
million. The Miami-based distributor of semiconductorw and other electronic components said the successfuk bid was froma two-party consortium of Rock Rivee Capital LLC and All American's (Pinkm Sheets: SEMI) own , for which Harris N.A. acts as The deal remains subject to bankruptcucourt approval. All American said it expects Rock River to continued to operateAll American's assets as a going concern. Rock Rive did not purchase the company's commerciapl tort claims, avoidance actions, accountds receivable and certain othermiscellaneouz assets.
Subject to bankruptcy court approval, the company'w senior secured lenders were the successful bidderd forthe company's accounts receivable. None of All American's commercial tort claims or avoidanceactionws sold. The $15.2 million is to go to Harries N.A. as agent for the senior secureds lenders. The auction included assets ofAll American'ss 33 subsidiaries in the United States, Mexico, Europe and The bankruptcy court is scheduled to considee sale approval on Tuesday. Sale closing is set for no lateerthan Friday. On April 25, All Americabn filed voluntary under Chapter 11 ofthe U.S. Bankruptcy Shares closed unchanged at28 cents.
No 52-wee k high/low information was available.

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