The Bankruptcy of Golfers' Warehouse, Inc.

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MOTION TO BORROW • What was this loan for? – GW claimed it was to fund post-petition operations. • HOWEVER, one <strong>of</strong> the explicit uses in the loan agreement was that the post-petition loan funds could be used to pay or cash collateralize GW’s pre-petition debt to Wachovia. • We have a “roll up.” – Take a pre-petition debt and make it a post-petition administrative superpriority with all the trimmings.
“OBJECTION, YOUR HONOR!” • Two unsecured creditors objected, calling GW out on the roll up. – Plenty <strong>of</strong> money was coming from the impending sale. • $3.1 million, to be exact. • Don’t know why, but the objection was withdrawn at the hearing.
Page 1 and 2: The Bankruptcy of Golfers’ Wareho
Page 3 and 4: THE DOWNFALL • In 2009, GW became
Page 5 and 6: THE SKINNY • Assets: approx. $15.
Page 7 and 8: FIRST DAY MOTIONS • ALL of the ty
Page 9: MOTION TO BORROW • Wachovia gets
Page 13 and 14: THE SALE • Motion to Sell - July
Page 15 and 16: STATUTORY BASES • 11 U.S.C. § 36
Page 17 and 18: ASSET PURCHASE AGREEMENT • Assume
Page 19 and 20: AUCTION PROCEDURES • Motion for O
Page 21 and 22: THE PLAN • Clarifies who gets wha
Page 23 and 24: TIMELINE • July 2009: Petition
Page 25 and 26: EXAMINATION Who and What • financ
Page 27 and 28: NEVADA BOB’S • Nevada Bob’s T
Page 29 and 30: RESULTS OF EXAMINATION • Why thes
Page 31 and 32: POSSIBLE MERGER Before (pre-1999) M
Page 33 and 34: UNSECURED CLAIMS - Thomas 2 claims:
Page 35 and 36: PLAN BEFORE AMENDMENTS • Unchange
Page 37 and 38: VOTE: APPROVAL OF CREDITORS • Nee
Page 39: DEBTOR OBJECTIONS • Time Period:

The Bankruptcy of Golfers' Warehouse, Inc.

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