I respect the decision, and especially the thought process concerning the ongoing careers of the employees (digression - the best boss/company owner I ever had (lamentably deceased) had the same type of concerns when she sold her company, and in fact she took less money in order to protect her employees).
It is a shame that the Freddie Awards could not have found a new sponsor / home (certainly Randy's knowledge of the industry should have given him some ideas as to a suitable new home).
Under that scenario, 2010 could have served as a year of transition, in which Randy's staff worked with the new sponsor in order to facilitate a smooth handover for 2011 and beyond.