https://document.epiq11.com/document/getdocumenstbydocket/?docketId=765504&projectCode=DNF&docketNumber=1439&source=DM
As the Ad Hoc Group previously disclosed to this Court in the Bidding
Procedures Objection, DFA’s bid includes problematic language with respect to what estate
claims and causes of action DFA will acquire and from which the Debtors will irrevocably and unconditionally release DFA. The Ad Hoc Group continues to investigate these irregularities that may give rise to potential claims against DFA—claims that would be released upon closing of the DFA bid. The releases should not be granted given the lack of any investigation, valuation, or any other evidence to support a finding of the proper exercise of business judgment in agreeing to them, particularly in light of concerns regarding the Dean-DFA relationship identified by the Ad Hoc Group through its diligence process. At a minimum, the Court should not approve the releases unless and until (i) the Ad Hoc Group has completed its investigation with respect to potential claims against DFA or (ii) the Debtors can prove that they have analyzed, evaluated, or valued such claims and causes of action.
Wherefore, the Ad Hoc Group respectfully requests that the Court (a) deny the sale of substantially all of the Debtors assets to DFA and (b) grant such other relief as is just and proper. Dated: April 1, 2020