Rhino Communications, Inc. entered into an asset purchase agreement to acquire the assets of Pegasus Rural Broadband, LLC from Xanadoo, LLC for $3 million on April 11, 2012. Under the terms of the agreement, a deposit of $0.1 million shall be paid by wire transfer of immediately available funds to be paid to Xanadoo on or before April 30, 2012, the balance of the purchase price by wire transfer of immediately available funds at the closing. The transaction is subject to bankruptcy court and FCC approvals. The transaction is expected to get completed by September 30, 2012. As on June 28, 2012, Judge Peter J. Walsh of the U.S. Bankruptcy Court for the District of Delaware has approved the sale and the deal is expected to close till September 30, 2012. Rafael X. Zahralddin-Aravena, Shelley A. Kinsella and Jonathan M. Stemerman of Elliott Greenleaf & Siedzikowski, P.C acted as the legal advisor for Xanadoo. Theresa M. Mehringer of Bums Figa & Will, P.C. acted as legal advisor for Rhino Communications. Cantor Fitzgerald, L.P. acted as financial advisor for Pegasus.