IPic-Gold Class Entertainment, LLC filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on August 15, 2019. The debtor seeks the Court’s approval for the sale of substantially all its assets to the successful bidder. To qualify as a qualified bidder, interested parties should submit their bids by October 11, 2019, along with good-faith deposit in the amount of 10% of the bid price. The initial minimum overbid should be at least $0.50 million more than the initial purchase price. The debtor has scheduled an auction on October 17, 2019. At the auction, the subsequent bids would be in increments of $0.25 million. The stalking horse bidder would be entitled to a break-up fee of 3% of the Purchase Price of the Stalking Horse Bid and expense reimbursement not to exceed of $0.15 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for October 25, 2019.