A $59 million letter of intent in January got the ball rolling for the possible sale of photo archives and sports memorabilia collected by John Rogers.
But the proposal by Red Alert Media Matrix Inc. fell to the wayside less than a month after making its appearance. According to a recent filing in Pulaski County Circuit Court, Red Alert no longer has a commitment for financing needed to complete its proposed acquisition.
Michael McAfee, court-appointed receiver for the Rogers assets, has adopted a stance of shut up or put up some real dollars.
“I’ve made it perfectly clear what documentation we need to move forward,” McAfee said. “They’ve got to prove up. It would be a waste of the estate’s money and everyone’s time otherwise.”
With no financial bona fides from Red Alert Media, McAfee is turning his attention elsewhere to generate cash for creditors of Sports Cards Plus Inc., Planet Giant LLC, Digital Stock Planet LLC and Photo Archive Partners LLC, which did business as John Rogers Partners LLC.
“I can’t say it’s absolutely dead, but until we get the documentation from them, we’re not investing any more time with the Red Alert proposal,” McAfee said. “We’re moving on to other things.”
Assets with ownership controversies, such as the Conlon Collection of historic sports images, are excluded from sale 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.