High Tech Research & Manufacturing
Debtor had coordinated research facilities in the U.S. and Russia, and manufacturing operations in the Bay Area. Assignee engaged the services of the debtor’s senior management to assist with an international marketing campaign to sell the debtor’s Intellectual Property. An Asian high-tech company eventually paid $5 Million for the Intellectual Property. Assignee facilitated the transfer of the Intellectual Property to the winning bidder. Debtor’s physical assets, located in the U.S. and Russia, were sold directly to buyers by the Assignee. Distribution of sale proceeds, net of creditor-approved sale commissions, was made to over 20 individual members of an international consortium headed by a major U.S. financial institution.