Court To Take Sealed Bids In Cyphermint Sale
In a ruling Monday, U.S. Bankruptcy Court Judge Joel B. Rosenthal tweaked the procedures for the sale of Cyphermint Inc., a Marlborough-based maker of mobile payment software.
The judge said the court would accept sealed bids for the Marlborough company. The bids must be filed by the end of the day on Sept. 25. He also said bidders must include which Cyphermint customer contracts they are interested in keeping as part of the sale.
There will be a hearing within 14 days of the sale closing to sort out the contracts, but potential buyers can talk to customers about their contracts prior to the sale.
Philip F. Coppinger, attorney with Seder & Chandler of Worcester, continued to object to the accelerated pace of the proceedings. He represents former Cyphermint executives Joseph Barboza and Robert Bowdring.
One of the customers, Afric Xpress Ghana Ltd., is attempting to buy the software from potential bidders, according to court documents. New Orleans-based Wesley M. Plaisance, an attorney representing Afriq Xpress, said the ongoing issues with Cyphermint are starting to affect the Ghanaian company's business.
There is only one bidder so far. It is C.A. Acquisition Corp., which offered $100,000 in cash and another $125,000 over two years. C.A. Acquisition is running the company until it is sold. Companies from California and Minnesota have shown interest in bidding, according to Christine Devine, the trustee's attorney. She is with law firm Mirick O'Connell of Worcester.
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