CD Warehouse To Liquidate By Jan. 249 Jan, 2003 By: Hive News
Former CD Warehouse director, president and CEO Christopher M. Salyer resigned his post Dec. 23 in the hope of bidding for the company's assets at a bankruptcy auction, the company reported today.
CD Warehouse, Inc., Compact Discs Management, Inc. and CD Warehouse Finance Company announced plans to sell the companies' assets – “all real and personal property of the companies” – by Jan. 24, pursuant to order of the United States Bankruptcy Court for the Western District of Oklahoma.
According to the bidding procedures, officers, directors, or employees are prohibited from bidding in the sale. As a result, Salyer resigned in December.
"My resignations are indicative of management's commitment to maximizing the value of the assets for the benefit of the creditors," Salyer said.
David R. Payne, interim CFO, will assume the duties Salyer previously performed as CEO.