CyberCash has set 10 April as the deadline to submit competing bids for its assets as part of an ongoing Chapter 11 bankruptcy reorganisation.
"After bidders are pre-qualified through their initial bid submissions, there will be an auction on April 11 managed entirely by CyberCash's outside counsel and financial advisors," says John Karnes, CyberCash's chief financial officer. "Every precaution possible is being taken to ensure that the process is totally open and fair."
He says the company has conducted due diligence on a number of potential bidders and is expecting a keen contest. Network 1 Financial - itself an acquisition target before the value of CyberCash's shares nose-dived precipitating a slide into bankruptcy - is keen to take control of its erstwhile suitor. Both companies hold that a marriage of CyberCash's e-payments capabilities and Network 1's traditional payment processing franchise would create a well-rounded competitive presence.