John Taddeo, formerly associated with Florida publisher Tekno Comics, has put up an offer of $500,000 to purchase all the assets of bankrupt comicbook publisher CrossGen, reports ICv2.com.
The filing states. "The sale of the Assets to the Purchaser is far from a mere continuation of the Debtors' businesses in the ordinary course, but represents a liquidation of the businesses.
CrossGen originally filed a Chapter 11 reorganization bankruptcy, but the Taddeo deal would mean the bankruptcy would change to a Chapter 7 liquidation. CrossGen hopes to use this bid as a starting point to find other more lucrative deals. The $500,000 would only cover CrossGen founder Mark Alessi possession financing, a small percentage of the debts to secured creditors and pay nothing to unsecured creditors.