The photo archive established by John Rogers in a warehouse complex in North Little Rock is labeled insolvent. A forensic audit of its 2011-14 financials reveals a venture that consistently lost money.
A $59 million purchase offer to buy the assets of four businesses once led by John Rogers of North Little Rock appears to be falling by the wayside.
Red Alert Media Matrix Inc. no longer has a commitment for financing needed to complete its proposed acquisition, according to a recent filing in Pulaski County Circuit Court.
Michael McAfee, court-appointed receiver for the Rogers assets, “does not intend to devote any further efforts to pursue a sale of assets to Red Alert.”
The corporation is portrayed as representing a group of Atlanta-area investors led by Timothy Holly.
Red Alert 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.
Assets with ownership controversies, such as the Conlon Collection of historic sports images, are excluded until the court clears up conflicting claims.
The Red Alert letter of intent was first reported by Arkansas Business on Jan. 13. McAfee said last month that the $59 million offer would have been more than enough to satisfy all known claims associated with the assets and generate a payout for investors. But he also cautioned that there were “a million things that could blow up” the deal.
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