Thinkstream, a Baton Rouge software company that allows law enforcement agencies to share information from their databases, received just one bid in a bankruptcy auction.
The sale of the company will go before a U.S. Bankruptcy Court on Tuesday.
Thinkstream Acquisition LLC, a group that included BIG Networks founder J. Smith Thomas and Matt Teague, the former president of First Call Network, a public safety software company, submitted a $1.405 million bid for Thinkstream, according to a court filing by David Rubin, who is serving as trustee. Bidding ended at 6 p.m. Wednesday and a minimum bid of $1.4 million was required. That money will go to pay administrative expenses, including a $750,000 loan Rubin obtained from First NBC Bank in August to keep Thinkstream operating.
Thomas confirmed the bid and said a Thinkstream acquisition team is being put in place. “We expect the sale will be confirmed on Dec. 22,” he said.
Teague will serve as CEO of Thinkstream Acquisition. “Our management team and employees look forward to revitalizing and establishing customer confidence in our technology and operations,” Teague said in a statement.
BIG Networks is an information technology consulting company, with a focus on the technical and consulting side, along with disaster recovery and onsite backup. The company primarily works with architectural, engineering, accounting and manufacturing firms.
Thinkstream has been operating at a loss for some time. The company fell $95,000 short of meeting expenses in October, according to the operating report filed with the bankruptcy court in November. The same report shows Thinkstream is carrying $21.7 million in debt, with First NBC owed $6.7 million and TSB Ventures Inc. of Folsom $9.9 million.
TSB and other creditors asked federal Bankruptcy Judge Douglas D. Dodd to force Thinkstream into Chapter 11 reorganization on May 11. Thinkstream converted to a voluntary bankruptcy in July. Last month, Rubin asked the court for permission to auction the company’s assets.