Sensio Technologies Inc SNIOF

RE:March 7 - what happens next?

[Polebrook]

Rabid they have been given a 45 day extension until April 21 from the March 7th date according to the latest filings posted on the Deloitte website. Evidently after extending the bid deadline for 3DGo until March 1st since many of the six potential acquirers who actually signed an NDA are Chinese companies (and therefore were closed for the Chinese new year), no bids were received. After following up with the bidders, evidently there is still interest in 'potentially' submitting a bid, so the bid deadline has been extended to some unspecified date. Looking at the filing, they had $99K of receipts for February, reduced the hours of the key employees, renegotiated some of the terms with the studios and other suppliers needed to keep 3DGo available and had around $145K of cash left at the end of the month. The cash flow until April 21 shows that they can survive with around 74K left by the time the court next considers the matter. In the meantime, the administrators will have earned another $62K in 'professional' fees.....The absence of a firm bid deadline is a bit of a concern as it is now possible that (cynically) the bid deadline will continue while management and the professional advisors deplete what little cash remains available.