A would-be buyer is trying to breathe new life into its $59 million offer for the North Little Rock photo archives and sports memorabilia business once controlled by John Rogers.
Red Alert Media Matrix Inc. of Atlanta asked Pulaski County Circuit Judge Chris Piazza on Friday afternoon to force the sale outlined in its letter of intent or issue an order approving the sale.
Michael McAfee, court-appointed receiver for the Rogers assets, said Red Alert doesn't have the financial ability to close the proposed transaction.
In his response to Red Alert's court filing, McAfee submitted email correspondence with Red Alert's would-be financier: Citizen's Mortgage Corp.
"We are no longer a part of the process, and it cannot be represented by anyone that our commitment of financing dated Jan. 21 is to be relied upon," Michael Gomez, managing director of CMC in The Bahamas, said in the email.
According to the Gomez email, CMC withdrew the Red Alert funding commitment for up to $300 million on Feb. 2.
The recent Red Alert court filing doesn't identify any source of funding for its $59 million offer. If approved, the deal could've closed on Feb. 27.
The Red Alert letter of intent was first reported by Arkansas Business on Jan. 13. McAfee indicated in January the $59 million offer would have been more than enough to satisfy all known claims associated with the Rogers assets and generate a payout for investors. But he also cautioned that there were "a million things that could blow up" the deal.
Creditor lawsuits have sought more than $45 million from Rogers, the subject of an FBI investigation.
