RobbyMN

$MMAT 🦋⚖️ BAILEYBRIDGE SALE PROPOSAL — REVISED TERMS 📅 Filed November 6, 2026 🏛️ In re Meta Materials Inc. — Chapter 7 District of Nevada • Case 24-50792-gs 📄 Docs. 3029–3032 and exhibits ⚠️ Not legal advice. 🔎 WHAT’S CHANGED? After the earlier private-sale request was denied, Trustee Christina Lovato is proposing competitive bidding for the estate’s claims against Authentix and 24M Technologies. BaileyBridge, a company in which Greg McCabe has a significant ownership interest, would set the opening offer. 🐎 “STALKING HORSE”—WHAT DOES THAT MEAN? It’s the buyer whose offer establishes the starting point for other qualified bidders to beat. Exhibit 3 is the term sheet summarizing BaileyBridge’s proposed deal. It does NOT mean BaileyBridge has already won. Court approval is still required. 💰 THE REVISED OFFER • $250,000 cash to the estate. • 30% of net recoveries, increased from 20%. • At least $1 million allocated to fund litigation. • At least $25,000 in collateral backing protection against covered litigation-related liabilities. • No break-up fee or expense reimbursement. “Net” means litigation fees and expenses are deducted before calculating the estate’s share. ⚖️ WHY SELL THE CLAIMS? The Trustee says pursuing these cases could cost $1.5 million or more. Her approach would preserve estate cash while retaining part of any recovery. BaileyBridge would fund and control the litigation. Other qualified buyers could submit better offers. 📋 COMPETING BIDDERS NEED MORE THAN AN OFFER The proposed requirements include a $315,000 minimum deposit, qualified lawyers, at least $1 million available for litigation, and sworn independence and good-faith commitments. 👀 ONE PROVISION TO WATCH The term sheet requires Trustee consent AND court approval for settlements. Assignment §7.2 instead describes Trustee consultation and court approval. That wording should be reconciled so settlement authority is clear. 🗓️ DECEMBER 9—GROUNDHOG DAY FOR MMAT & MMTLP SHAREHOLDERS 🐾 At 1:30 p.m. Pacific / 4:30 p.m. Eastern, via Zoom, Judge Spraker is scheduled to consider: ⚖️ The BaileyBridge sale motion involving Authentix and 24M. 💼 Fee applications for Hartman & Hartman, Schneider Wallace, SBW Law Group and Excelsis Accounting Group. These are separate matters within the MMAT bankruptcy. 📌 Sale objections: November 25. 📌 Proposed auction, if needed: December 17. 📌 Bid deadline: Still TBD. 🦋 FOR SHAREHOLDERS The revised offer gives the estate a larger potential share while another party funds the lawsuits. But the 30% belongs to the bankruptcy estate—these filings do not establish a shareholder payout or payment date. DOC 3029 Attached via Dropbox dropbox.com/scl/fi/kxilukg9u…