The unsecured creditors' committee of Personal Communications Devices LLC is asking a bankruptcy judge to toss the $105.3 million offer set to lead bidding at an auction for the wireless device supplier's assets, Dow Jones Daily Bankruptcy Review reported today. The offer's high value is "pure fiction," the committee said in court documents filed Friday, because only a small portion of it is cash, just enough to repay Personal Communications' $46 million bankruptcy loan and some transaction expenses. The rest of the value comes from assuming and refinancing two second-lien notes worth $25 million and $36.3 million respectively, the committee said.
