Everybody needs to calm down. Things are moving along, but probably not as fast as we would all like.
The most important aspects of the Marketwired article, re-posted by uptowndog, is this (please read carefully) :
"The relief granted included an order authorizing Tuscany to retain GMP Securities as its investment banker and to implement bidding and marketing procedures in order to seek higher and better offers for all or a portion of Tuscany's assets than the offer contemplated by in the Stalking Horse Agreement.
The Bid Procedures allow for bidders to submit bids for all or any portion of the assets or equity of the Company and its subsidiaries and provide that initial bids must be received on or before 5:00 pm (Eastern Standard Time) on April 25, 2014. In the event that the Company receives a Qualified Bid (as such term is defined in the Bid Procedures), the Company will proceed with an auction at 10:00 am (Eastern Standard Time) on May 2, 2014 in accordance with the terms of the Bid Procedures.
Further, under certain circumstances more fully set forth in the Bid Procedures, the bid deadline and auction date may be extended by 21 days in the event that, by April 25, 2014, the Company receives one or more letters of intent or other non-binding proposals which, individually or in the aggregate, contemplate transactions for a purchase price exceeding the outstanding preparation and postpetition claims of the Company's secured lender. Tuscany urges any party interested in bidding on all or a portion of its assets or equity interests to contact its investment banker (GMP) as soon as possible"
This is very good. The court is essentially giving shareholders some breathing room to recover. Let's remain optimistic about GMP. I completely trust our guys on the EC.
Having this marketing process in place is what we have been fighting for since the beginning.