Attorney Larry Young, who is representing Wolfgang in bankruptcy proceedings, said he expects to finalize the deal by tomorrow.
The North York-based company, perhaps best known for its products’ use in group fundraising efforts, filed for Chapter 11 bankruptcy protection in March.
There were no other bidders before the U.S. Bankruptcy Court for the Middle District of Pennsylvania in Harrisburg this morning.
Going into the hearing, Wolfgang had proposed to sell substantially all of its assets — excluding real estate, cash and accounts receivable— to Divine Serendipity for $885,000, according to an Aug. 3 filing.
Divine Serendipity President and CEO William “Wayne” Sellers previously offered to buy substantially all of the company’s assets for $1.5 million with the intent of continuing to operate the business under the Wolfgang name.
The revised offer included a proposed lease agreement for Wolfgang’s real property, according to the court filing.
Competing bidders had until 5 p.m. Tuesday to submit offers ahead of this morning’s hearing, the court previously said.