Second Bidder May Emerge For Plum Assets

Plum TV’s court auction is expected to have a second bidder in addition to the group co-led by Terry Mackin. In a recent filing, Plum’s Chief Restructuring Officer Scott Williams said it is “very likely” a second interested party would submit a purchase price at the March 1 auction in federal bankruptcy court.

The identity was not listed. Mackin, the former Heart Television executive, has joined with Titan Worldwide founder Bill Apfelbaum on a deal worth about $15 million, which was reached before Plum filed for bankruptcy.

The Mackin-Apfelbaum group has lent the company $250,000 and its bid includes the assumption of $14 million in debt. Launched in 2004, Plum operates networks targeting upscale consumers in resort areas, such as Miami Beach and Aspen.

Its list of investors has included former Viacom CEO Tom Freston, New England Patriots owner Robert Kraft, singer Jimmy Buffett and Kate Spade, the designer.

Chief Restructuring Officer Williams, who worked in the hotel and TV business, said in court papers he has been in touch with other potential bidders and about 10 have signed agreements allowing them to view the Plum’s records. Some of the parties “specialize in media-related acquisitions and opportunities.”

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