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Thread: Dakota Arms to be auctioned off

  1. #1
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    Default Dakota Arms to be auctioned off

    Here is the Asset Purchase Agreement (“APA”) for Dakota Arms as well as the revised Sale Process from the Offering Memorandum. All review of onsite due diligence material must be completed by 3:00 p.m. CST on Wednesday, February 21, 2007. Dakota Arms may be sold as a going concern, and the Company has not set a predetermined valuation for the assets. The revised Sale Process is outlined below.

    1. All interested buyers that want to be a Qualified Bidder at the Auction should provide a marked-up copy of the APA and the greater of $200,000 or 10% of the proposed purchase price prior to 3:00 p.m. CST on Wednesday, February 21, 2007.

    2. The funds must be provided in the form of a cashiers’ check or wire transfer to the trust account at the law firm of Fredrikson & Byron.

    3. All interested buyers are required to provide evidence of financial wherewithal from a U.S. financial institution regarding the ability to consummate a transaction. Notification to Qualified Bidders will be Friday, February 23, 2007.

    4. The Auction will take place at 10:00 a.m. CST on Monday, February 26, 2007, at the law firm of Fredrikson & Byron.

    5. Interested parties must use attached APA. The marked-up APA should include the following information:

    The proposed valuation of all the assets;
    Redline of the proposed changes to the form of APA; and Confirmation that all due diligence has been completed and that there are no contingencies.

    6. Any party willing to bid on individual assets should submit a marked-up APA.

    7. All marked-up copies of the written proposals should be submitted by 3:00 p.m. CST on Wednesday, February 21, 2007

    Compliments of the http://forums.accuratereloading.com/eve?s=518103
    Tennessee

  2. #2
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    Thanks for the post Randy.

    There's no useful information over there about it. I talked to Ward there last week and he told me they were haveing a "hearing" last Thursday. So I was anticipating something. I have some doubts about this announcement though. They were still in chapter 11. Normally assets aren't sold under chapter 11.

    I never liked the mergers and after Don passed away things went down hill quick. Kokesh is a "take over and rape the assets" kind of CEO so it's anybodys guess how this will end up.

    As a company they had too many irons in the fire. They should have stuck to the building of the best bolt rifle in the world. A better mouse trap doesn't need accessories.
    Is there nothing so sacred on this earth that you aren't willing to kill or die for?



  3. #3
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    Default Dakota Arms To Be Auctioned Off

    I always dreamed of owning a new Dakota.

    It frustrates me to see gun manufacturers go under or be sold. I am sure a lot of people are going to loose their lively hood over this.

    It was disappointing when I heard the news winchester would stop manufacturing 1894's too.

    I guess, I'll have to hope to find me a used Dakota someday.

    Good Hunting,

    KatzMO

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    Smile Dakota back in Biz...

    I talked to Anita at Dakota Arms this morning. I'm told that Charlie Kokesh, the former CEO is now the new owner of Dakota Arms. I'm also told that it is buisness as usual and that they are still making rifles and that my order will soon be filled. That is good news for me. There is no change to date in personnel and the same skilled hands are at work making the worlds finest rifles. Some where down the road I'll see a new Dakota in my own caliber. Yeah, I needed that!
    Is there nothing so sacred on this earth that you aren't willing to kill or die for?



  5. #5
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    I read that Kokesh was the only bidder and bought the company for the $200,000 bid. What he basically did was screw the existing creditors. He wiped out the existing debt by buying the company and starting over. I don't know how this will fly through the bankruptcy courts though. And I doubt he will ever be able to get any type of credit for the company.

  6. #6
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    Quote Originally Posted by Murphy View Post
    I talked to Anita at Dakota Arms this morning. I'm told that Charlie Kokesh, the former CEO is now the new owner of Dakota Arms. I'm also told that it is buisness as usual and that they are still making rifles and that my order will soon be filled. That is good news for me. There is no change to date in personnel and the same skilled hands are at work making the worlds finest rifles. Some where down the road I'll see a new Dakota in my own caliber. Yeah, I needed that!
    I think Kokesh is bad news, maybe the worst news for Dakota except for them closing the doors. He drove them where they are now and I have a sneaking suspicion it ain't over.

    I just wish I could have afforded a 76 when Don Allen was alive and running the company. Guess I'll start browsing the used gun sections for the older ones.

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