A $59 million purchase offer has been made to buy the assets of four businesses once led by John Rogers of North Little Rock.
Red Alert Media Matrix Inc. has signed a letter of intent to buy the photo archive and sports memorabilia assets of Sports Cards Plus Inc., which did business as Rogers Photo Archive; Planet Giant LLC and Digital Stock Planet LLC and Photo Archive Partners LLC, which did business as John Rogers Partners LLC.
The corporation represents a group of Atlanta area investors led by Timothy Holly.
The price represents an amount that would more than satisfy all known claims associated with the assets and generate a payout for investors, according to Michael McAfee, court-appointed receiver of the ventures. It's a fraction, however, of the $300 million value Rogers had touted based on an appraisal by Penelope Dixon & Associates of New York.
At least three individuals have an ownership stake in the assets: Mac Hogan, owner and chairman of two Jacksonville ventures, Poloplaz Inc. and Air-Tech Coatings Inc.; Chris Cathey, a North Little Rock chiropractor; and Angelica Rogers, ex-wife of John Rogers.
McAfee has requested an expedited hearing to move the proposed deal forward.
"There are a million things that could blow up, but it looks like it has some chance," he said.
The letter of intent bears a deadline for completing the sale by Feb. 27, subject to possible change if both parties agree.
If the LOI is approved, the creation of an asset purchase agreement and a verification of the assets to be acquired would follow. Real estate associated with the ventures is not among the assets under receivership.
The only asset excluded in the Red Alert proposal is the Conlon Collection, an estimated 8,400 glass plate negatives created by Charles Conlon (1868-1945), considered one of the greatest baseball photographers.
Secured and unsecured claims to the Conlon Collection total more than 100 percent.
The known parties with a secured interest in the Conlon Collection are Mark Roberts of San Francisco, a former investor with Rogers who has sued him for fraud; and First Arkansas Bank & Trust of Jacksonville.
Roberts has a 25 percent stake in the collection that predates the bank's collateral claim. Last month, First Arkansas obtained a $14.8 million default judgment against Rogers in connection with four delinquent loans that include possible fraud.