Each day that passes brings Reactrix, already in receivership, closer to the point of no return. As you will recall when we first wrote about their demise back in October, the Redwood City, California based company had retained business consultants Sherwood Partners to “manage the restructuring process and find buyers for the company’s media and technology assets”.
The last we heard is that there are two companies (if you can call them that) both claiming to have secured ‘a deal’ to buy the Reactrix Intellectual Property (IP) BUT they both seem to be shopping around for capital to actually try and pull off the deal (yeah, like that is seriously going to work in the current climate).
For sure, players like Clear Channel and Neo Advertising are looking at the mall networks but this whole episode is still a super massive disaster and does the image of our industry no good whatsoever.
Neither Clear Channel or Neo of course are dumb enough to dive into a mall deal until there is a certainty with what is happening elsewhere and neither of the buyers for the IP have the capital to close the deal unless they have a confirmed media partner!
One possible bidder we are told is Jeff Storey.
We have also heard that the Mall owners, who of course are the real victims in all of this are extremely ‘pissed off’ and many if not all are considering options including removing and trashing the Reactrix systems which are already in-place.
Reactrix may have been the first of the gang to die but they are certainly taking far too long to get themselves buried.