US Coins

Asset sales get court approval in F + W Media bankruptcy

The sales of book and periodical assets from F + W Media were approved in two court auctions June 10 and June 13 before U.S. Bankruptcy Court Judge Kevin Gross in Wilmington, Delaware.

While the June 10 bidding resulted in F + W’s books division selling for $5.6 million to Random House Penguin, the June 13 auction resulted in various periodicals being sold piecemeal to multiple bidders.

Should the sales be completed, F + W Media will benefit by approximately $7.75 million.

F + W Media filed for Chapter 11 bankruptcy protection March 10, citing more than $105.2 million in debts.

The book division included a number of former Krause Publications numismatic titles, including the Standard Catalog of World Coins and Standard Catalog of World Paper Money.

The highest bidder in the piecemeal sale of the periodicals  was Cruz Bay Publishing, a subsidiary of Active Interest Media, and Macanta Investments LLC, the investment venue for Terence O’Toole, co-managing partner of Tinicum Inc., a private investment concern that acquired majority interest in F + W Media in 2014.

Cruz Bay Publishing Inc.’s winning bid for the Collectibles periodicals, comprising six former Krause titles including Numismatic News and Bank Note Reporter, was $350,000.

Cruz Bay Publishing’s bid was good enough to edge out the underbidder, International Gem Society LLC.

The highest single price paid was Macanta Investment’s $2.85 million bid for the craft titles.

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