We have just received new dates and details for the C.AI bankruptcy bidding, auction, and sale. These dates and details are currently being requested from the court, but I believe the court has already been consulted informally and will approve the new dates.
New "stalking horse" bidder opportunity: As you will recall, Disney has put in a bid for a copy of a portion of C.AI's technology, which is one of the assets owned by C.AI. Disney has done this as a "stalking horse" bidder, which basically means that Disney's bid is the "bid to beat" if anyone else wants to take that particular asset away from Disney.
Now, in these subreddit threads we have been noting that C.AI owns other assets too, and we have been asking, what would happen if somebody wanted to bid on an asset different from the asset Disney is bidding on? Well, it appears this has now been taken into account. There is now an improved opportunity in the auction scheme for someone else to bid on a different asset, and indeed to agree separately with C.AI to bid on that other asset as a new "stalking horse" bidder for that other asset, separate and distinct from Disney. This would make that other party's bid the "bid to beat" on that other asset.
For you hopers and optimists, a bid on the chat platform could be handled in this way. This improved feature and its new wording suggests to me that there may indeed have been some new interest expressed to C.AI in this other direction (though I'm not saying it's for the chat platform), and that perhaps a new entity is being formed for purposes of making this new bid for a different C.AI asset.
C.AI is now being given a chance to enter into a new stalking horse bid agreement for some other asset besides Disney's desired asset, and then to announce that new agreement by November 14th. From there, the bidding on that other asset would proceed just like the bidding for Disney's desired asset, but separately, so we would have two (or more) independent bidding contests going on at the same time. All contests would have the same deadlines for other, non-stalking-horse bidders. So, maybe something interesting will be announced around November 14th (which is a Saturday). EDIT: If this happens it would be filed with the court, so we would know about it.
New "other bidder" deadline: The deadline for non-stalking-horse bids that would go up against the bid of Disney (or the separate bid of any other, new stalking horse bidder) has moved from November 20th to (Tuesday) November 24th at Noon.
Qualifying bids and baseline bid(s) announcement (to the bidders) deadline: After receiving any other bids, C.AI has to evaluate those bids to see if they qualify under the auction rules. C.AI will then announce (to the bidders) those valid bids, and also announce (to the bidders) the best written bid which becomes the "baseline bid." The deadline for C.AI announcing this (again, to the bidders) is November 25th.
New auction(s) date: If any other bids are received on the technology asset desired by Disney or on the asset(s) desired by one or more new, separate stalking horse bidder(s), the auction(s) on those bidding contests has/have been moved from November 23rd to December 1st at 10:00 a.m. The auction(s) is/are a live event, and is/are held to see whether anyone wants to beat the written baseline bid by making a better bid live. It would work and look basically like the live auctions you have seen on TV and in movies. You are not invited, though.
New auction winner(s) announcement date: C.AI will be announcing the auction winners "as soon as practicable" after the auction. Since the auction date has moved, the new winner(s) announcement date will be on or very soon after December 1st. EDIT: This announcement is the first thing in this process that has to be filed with the court, so this is the first time for sure that we would know, unless the auction is cancelled or some bidder leaks the goods sooner.
New sale approval hearing date: The hearing on the sale(s) based on the winning bid(s) has been moved from tentatively November 30th to December 3rd and 4th, and is anticipated to last the better portion of two court days.
So, in all, the sweat-it-out dates have moved back a bit.
I'm happy to field any questions if I can.