Lionel's motion to obtain court permission to enter in to the licensing agreement with Sanda Kan was granted by the court.
By Erol Gurcan, RM-6598
February 28, 2006-Lionel's motion in the United States Bankruptcy Court in the Southern District of New York, seeking court approval to allow it to enter into the licensing agreement of K-Line's assets with Sanda Kan was on before Honorable Burton Lifland today at 10 am. I called the judge's chambers shortly before noon today. I was informed that, after a hearing, Lionel's motion was granted by the court. The court order allowing Lionel to license K-Line's assets from Sanda Kan should be entered later today or tomorrow. This clears the way for Lionel to be able to eventually license K-Line' assets from Sanda Kan. I stated in my article on February 17 this was the most important and difficult of the 3 events that needed to occur before Lionel could obtain the licensing rights.
However, based on information provided to me from K-Line's bankruptcy attorney Terri Gardner yesterday, the sale of K-Line's assets to Sanda Kan has not been concluded as of the current time. There is also no closing date for this deal as of yesterday. The information provided to me from Ms Gardner is public information and does not violate any attorney client privilege. Until Sanda Kan purchases K-Lines assets, they have nothing to license to Lionel. It is expected this will definitely occur in the near future. Stay tuned.
Note: The opinions/summary expressed in this article are strictly those of the author and are not necessarily those of the Officers and Directors of LOTS, nor of the LOTS organization as a whole.