Gen Con For Sale -- Sold? Not So Fast!
According to various sources, an official Letter of Intent for the Purchase of the Assets of Gen Con LLC Chapter 11 was filed on November 20, 2008 with the bankruptcy court. The Letter of Intent contained a summary of the terms and conditions of a potential Gen Con purchase by one "Gen Con Acquisition Group.” However, the offer was rejected.
There were lots of big numbers involved, but the gist of it seemed to be that according to the LOI, Gen Con would avoid bankruptcy, and Peter Adkison would no longer be Gen Con's owner. Instead, the "Gen Con Acquisition Group" would take over; it's not clear who this is, but the LOI was filed in Kentucky so that might indicate something, or nothing at all.
However, the official response from Gen Con's current owners was much clearer. According to Adrian Swartout, Gen Con, LLC President, the "cryptic" offer appeared to be "clearly timed to disrupt our ability to get a plan confirmed and is an attempt at a hostile takeover with the intention of ousting Peter Adkison as the owner." After reviewing the offer, Swartout indicated that it was Gen Con, LLC's intent to "disregard the offer" and proceed with current plans. The expectation is that creditors will vote to accept the plan, and Gen Con would emerge from Chapter 11 in January.
According to Swartout, Gen Con Indy 2009 is proceeding as scheduled.
See the links below for more info:
And the official response from Swartout: