The gavel is about to drop on the auction for the assets of the Rubie’s Costume Co. as it prepares to emerge from Chapter 11 Bankruptcy protection.
As reported last month, Rubie’s II LLC is leading the charge as the Stalking Horse bidder to take over operations of the company. In Court filing No. 375 yesterday, the general manager of Rubie’s II was revealed to be Joel Weinshanker, majority owner of Elvis Presley Enterprises; managing partner of Graceland Holdings; and the sole member, chairman, and founder of the National Entertainment Collectibles Association Inc., best-known to those in the toy industry as NECA.
Weinshanker is the “strategic operator” mentioned in the Aug. 4 filing with Wingspire Capital LLC and Atalaya, emerging as the “major, well-capitalized investment fund” that signed a letter of intent (LOI) to purchase the company on July 31.
Should the deal be approved, the Beige Shareholders (the current ownership) will take a 30% stake in the new company. Pending court approval, Weinshanker and Rubies II hope to complete the transaction by Sept. 30.
The one competing bid from another U.S. toymaker was determined not to be a Qualified Bid and was thrown out, paving the way for a sale to the Stalking Horse.