Assignee for the Benefit of Creditors
- Claims Analysis and Distribution
- Sale of Assets
CAMBRIOS TECHNOLOGIES, INC.
- Developer of silver nanotechology used in iPad/cell phone touch screen technology
- Liquidation of assets included wind down of foreign subsidiary
- Foreign secured creditor purchased assets in conjunction with the auction of the company's assets, including its patent portfolio
The company made an assignment for the benefit of creditors to DSI as a result in the delay in release of Apple’s iPhone 7 series and when additional funding could not be obtained. There was substantial interest in the company’s patent portfolio and the assignee scheduled a public auction of all assets to obtain the best price under the circumstances for the assets. The auction resulted in the secured creditor being the highest bidder.
The assignee also had to address the wind down of the company’s foreign subsidiary as part of the administration of the assignment estate and so that the company principal could be relieved of personal liability related to the closure of the foreign subsidiary. This was done with the secured creditor’s consent.