Judge won't reopen RadioShack intellectual property auction
WILMINGTON, Del. (AP) — A Delaware bankruptcy judge has refused to reopen an auction for the sale of RadioShack's intellectual property, including trademarks and data on millions of customers.
Wednesday's ruling involved an auction last week that ended with General Wireless, an affiliate of hedge fund Standard General, declared the winner with a bid of $26.2 million.
General Wireless also is acquiring more than 1,740 of the electronics retailer's stores.
Another bidder, Wonderland Investment Group, complained that the intellectual property auction was improperly changed when potential buyers were told, after several rounds of open bidding, to submit final sealed bids.
Wonderland, which offered $30 million after the auction, asked the judge to reopen the bidding, which could have upset a settlement agreement with state attorneys general to protect the privacy of RadioShack customers.