The final chapter is being written, and the deals are done.
On July 9, National Jeweler reported that the deal for Gems TV Holdings Ltd. to purchase 32.7 percent of JTV for $60 million in cash, inventory and assets had been finalized. Gems TV Holdings Ltd now owns 10 million shares of JTV and a place on its board, while JTV has acquired proprietary technologies, brand and domain names, custom jewelry designs and ThaiGem.com.
It seems JTV has retained some of Gems TV’s employees and on air presenters, will incorporate the reverse auction format and is preparing for public offering. At this time, thaigem.com still states closure due to inventory reconfiguration, and gemstv.com remains closed with the investor relations section recently removed.
The fates of its other subsidiaries have also been decided.
Gems TV UK is now owned by Steve Bennet of The Colourful Company Group Limited, who also operates Rocks TV(another UK gem channel) while Gems London Co. Ltd (Gems TV Japan, gemstv.co.jp) was sold to Miyuki Co. Ltd. (MCL) for $400,000.00 in cash.
Bonus Checks and Balances Due
The fate of Gems TV USA’s unsecured creditors still hangs in the balance while the top two officers prepare their bonuses. According to Bloomberg, Gems TV (USA) ltd. received court authority last month to adopt a bonus program making the top two officers eligible to share $50,000 if a Chapter 11 plan is confirmed by Aug. 15. If confirmation doesn't’t occur before Oct. 15, a separate program gives them 2 percent of asset sale proceeds exceeding $14.5 million.
Gems TV (USA) filed under Chapter 11 on April 5 (case #10-11158) with assets less than $50 million while debt is expected to exceed $100 million. The parent company, Gems TV Holdings Ltd. is listed on the Singapore stock exchange with shares currently selling at .0364 cents each.