51% sure looks to me like another owner. I have lost all but 1 of my contacts inside the new Commodore so I can not get clarification on this.
Note that NEDFIELD is Tulip... they company that sold C= to YMV at Christmas 2004. There is talk that deal is for $1.00 per share but http://pinksheets.com/pink/quote/quote.jsp?symbol=cdrl shows the shares steady at $.10 a share and I think people are confusing Tulips offer LAST YEAR (2007) for $1.00 .
Strategic Agreement between Commodore International Corporation and Nedfield N.V.
Published: 17 September 2008 | 07:00h
USA, Foothill Ranch, September 17, 2008; Commodore International Corporation (CIC) (OTC: “CDRL”) announced today that it has signed a share purchase agreement with Nedfield N.V. in the Netherlands (“Nedfield”) regarding the sale and transfer of 51% of the outstanding shares in the capital stock of Commodore International B.V., a limited liability company construed under the laws of The Netherlands holding the rights to the trademark “Commodore”.
This transaction is the first and important step in the proposed overall refinancing and restructuring plan of CIC as presented by the board to the shareholders in the Special Shareholders Meeting held in Amsterdam on April 25, 2008.
Under the conditions of the aforementioned agreement, CIC will be able to continue to make use of the trademark “Commodore” in relation with various products and services on an exclusive and worldwide basis.
Additionally, Nedfield has been granted an exclusive option to acquire the remaining 49% of the shares in the capital stock of Commodore International B.V., whilst CIC has the possibility to buy-back the 51%-stake sold to Nedfield under this agreement. In the meantime, Nedfield and CIC have acknowledged and agreed that they will mutually and actively co-operate in the exploitation of the trademark “Commodore” on a worldwide basis in future.
CIC plans to call for a Special Shareholders Meeting to be held in October 2008 in order to inform its shareholders about further developments of its refinancing and restructuring plan.
And from the other side of the fence http://nedfield.com/?cms=17&news=176
Nedfield acquires majority stake Commodore International BV Doorn, 17 September 2008
Nedfield NV and Commodore International Corporation (CIC) have reached an agreement under which Nedfield will acquire a 51% majority stake in Commodore International BV (CIBV). CIBV is the company which holds the rights to the “Commodore” brand.
The agreement marks the completion of the first stage of talks between Nedfield and CIC about the future worldwide exploitation of the “Commodore” brand. Under the agreement, Nedfield will acquire, among other things, a 51% majority stake in CIBV and thus control over the company, as well as an option to buy up the entire share capital. CIC has also granted a right of lien on the remaining 49% of the CIBV shares it holds as guarantee that it will meet its obligations.
Nedfield is acquiring the 51% majority stake in CIBV and the option on the remaining CIBV shares in exchange for the settlement of € 19.7 million of the outstanding debt of CIC and the issuance of 733,333 new Nedfield shares to CIC which will be settled at € 7.50. The option can be exercised upon payment of € 14.5 million in cash or payment in shares at a value of € 7.50 per Nedfield share.
Nedfield’s objective is to sell the brand to a third party in the foreseeable future. Nedfield and CIC have reached agreement on a possible (partial) sale of a stake in CIBV to third parties. In the meantime, the value of the “Commodore” brand will be exploited via licensing agreements with third parties. CIC has made substantial investments, amongst others through CIBV, in the development of products and in the marketing of the “Commodore” brand name. This has considerably increased the worldwide market value of the brand name. The value of 100% of the shares in CIBV and its brand names has therefore been set at € 39.7 million.
For CIBV, this agreement is a key part of a new business plan aimed at revitalising the activities of Commodore. To this end, it is important for CIBV to first strengthen its own balance sheet and reach agreement with its creditors. The agreement offers Nedfield a permanent solution for a substantial part of CIC’s outstanding debt positions and provides Nedfield with a valuable asset.
Nedfield, with the approval of the Supervisory Board, has decided to cooperate with the solution and plans proposed by CIC and thus safeguard Nedfield’s interests. To this end, Nedfield has gathered extensive information about CIC’s premise and objectives and the plans for the further worldwide exploitation of the “Commodore” brand by CIC and – via licensing agreements – possible third parties. Nedfield partly based its decision on an independent valuation report on the value of the “Commodore” brand written at Nedfield’s request by an independent expert agency.