The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of the substantially all the assets of iPic-Gold Class Entertainment, LLC on September 13, 2019. The debtor has option to designate a stalking horse bidder by October 4, 2019. To qualify as a qualified bidder, interested parties should submit their bids by October 11, 2019. The initial minimum overbid should be in the amount of $0.25 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on October 17, 2019. At the auction, the subsequent bids would be in increments of $0.05 million. The stalking horse bidder would be entitled to a break-up fee of 3% of purchase price million and expense reimbursement of $0.15 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for October 28, 2019.