Chapter 7 Trustee filed a motion in the US Bankruptcy Court for the sale of Teletouch Communications, Inc.'s certain assets on November 1, 2013. The trustee seeks the Court's approval for the sale of debtor's Corporate Headquarters to The BMS Enterprises, Inc, the stalking horse bidder, for $3.3 million pursuant to APA dated October 29, 2013. The Stalking Horse Bidder has tendered a good faith deposit in the amount of $0.05 million to the Trustee which is being held in trust.

To qualify as a qualified bidder, interested parties should submit their bids by December 18, 2013, along with a good faith deposit in the amount of $0.05 million. The initial minimum overbid should be in the amount of at least $3.5 million. The debtor has scheduled an auction on December 20, 2013.

At the auction, the subsequent bids would be in increments of $0.3 million. The stalking horse bidder would be entitled to a break-up fee of $0.05 million in the event that the Stalking Horse Bidder is not the Successful Bidder. Closing of the sale shall occur at a time mutually agreeable to the trustee and the successful bidder, but no later than 10 days after entry of the sale approval order, unless mutually agreed upon by the trustee and the successful bidder.

Jeffrey T Testa and Jeffrey A. Petit of McCarter & English, LLP acted as counsel for the trustee. Russell J. Norment of Brackett & Ellis P.C. acted as counsel for the purchaser.