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About The DailyDAC Editors

The DailyDAC Editors

The editors and editorial board of DailyDAC include preeminent restructuring and insolvency professionals, journalists, and editors. They are devoted to providing reliable and plain English education and deal intelligence about assignments, corporate bankruptcy, receiverships, out-of-court workouts and similar topics.

Articles by The DailyDAC Editors

Metavine Inc. filed for Chapter 11 bankruptcy on January 3, 2024 in the U.S. Bankruptcy Court for the Central District of California. Metavine Inc. is the developer of Crowd Machine, an enterprise-grade, no-code platform that enables continuous digital evolution by driving collaborative partnership between the IT department and the business user. The platform Integrates applications and microservices with legacy systems, builds new applications faster and easier with no-code, and delivers speed, security, sophistication, and digital agility like no other platform can. Bids must be submitted by April 19, 2024 at 5:00 pm PT. The auction will be held at 11:00 am PT on April 23, 2024. Professionals Involved: Jonathan Wernick of B.Riley Advisory Services

The assets of Ribon Therapeutics Inc. will be sold in a UCC Article 9 sale on May 9th at 12:00 pm ET via online videoconference. Ribon Therapeutics Inc. is a clinical stage biopharmaceutical company involved in the development of novel small molecules targeting stress support pathways in cancer and inflammation using a proprietary platform technology. The company has discontinued all material operations as of the date hereof. The Sale Assets consist primarily of intellectual property registered in the name of Debtor and other assets related to Debtor’s product candidate, RBN-2397 (PARP7 inhibitor), RBN-3143 (PARP14 inhibitor) and preclinical follow-on program (including PARP14 degrader), and Debtor’s interest in certain deferred and contingent milestone payments owed to Debtor by Boehringer Ingelheim pursuant to an existing asset sale transaction of the CD38 program (a preclinical asset). Interested parties must submit their bid and a proposed asset purchase agreement together with a deposit in accordance with the bid procedures, and provide other qualifying information such as proof of ability to fund the purchase no later than Friday May 3rd at 5 p.m. ET. Professionals Involved: Heidi Lipton of Rock Creek Advisors

The Commercial Receivers Association Prepares to Celebrate its Second Annual Conference in Palm Beach, FL August 18-21, 2024

What benefits creditors more? When considering federal court receivership vs. bankruptcy, bankruptcy is often more predictable, but costly.

OCHO Candy is an organic fair trade chocolate confection manufacturer. The company ceased business operations and entered into an Assignment for the Benefit of Creditors on February 8, 2024. The Assignee is now soliciting bids for the acquisition of OCHO Candy’s portfolio of intellectual property. All interested parties wishing to make competitive offers for the Assets must submit a qualified bid to the Assignee for the Benefit of Creditors no later than April 19, 2024, at 5:00 om CT. Professionals Involved: Tom Frey and Matthew Sorenson of DSI Consulting.

Civetta Therapeutics is a pioneering bio-tech research firm focused on exploiting the therapeutic potential of β-propeller proteins. Civetta ceased business operations and entered into an Assignment for the Benefit of Creditors on December 22, 2023. The Assignee is now soliciting bids for the acquisition of Civetta Therapeutics’ extensive portfolio of intellectual property, a treasure trove of groundbreaking research and innovation in the field of biotechnology. The available intellectual property portfolio encompasses research by Civetta in a niche area of biotechnology, offering a unique opportunity for entities interested in this field to acquire a comprehensive portfolio of intellectual property with vast therapeutic and commercial potential. Offers must be made no later than April 30, 2024, at 5:00 pm CT. Professionals Involved: William G. Brandt and Matthew Sorenson of DSI Consulting.

Filing an involuntary bankruptcy petition is a powerful collection tool, but an involuntary petition can also come with fees and liability.

Tronox LLC, as a secured party, will sell the assets of American Titanium Works LLC at a public sale to be conducted at 11:00 am PT on April 2nd, 2024 via Zoom. Pre-qualified bidders may participate in the online Sale. Contact Brian Testo for more details. Any party wishing to bid should pre-register at www.btesto.com before 11:00 am PT, on April 2nd, 2024. Professionals Involved: Joseph C. Barsalona II of Pashman Stein Walder Hayden, Counsel to Tronox LLC and Brian Testo of Brian Testo Associates, LLC, Auctioneer.

The assets of Infinity Energy, Inc. will be sold by WESCO Distribution, Inc. in a secured party sale on March 29th at 11 am. The Debtor’s goods for sale and other goods, including inventory, described as balance of system for solar installation and further detailed on the attached Exhibit B, will be sold. Interested bidders may inspect the Collateral on March 27, 2024. Professionals Involved: Brian Boito, Business Manager of WESCO Distribution, Inc., Robert Schwartz of Poindexter & Doutré, Inc.

NOTIFICATION OF DISPOSITION OF COLLATERAL BY PUBLIC SALE YOU ARE HEREBY NOTIFIED pursuant to Sections 610 & 611 of revised Article 9 of the Uniform Commercial Code (the “UCC”) that Traffic Acquisition Corporation, a Delaware corporation (“Secured Party”), P.O. Box 147, Vero Beach, Florida 32963, will sell all right, title and interest of Traffk, LLC (“Debtor”), located at 316 East 63rd St., Suite IA, New York, New York 10065, United States of America, in, to and under the “Collateral” described in Exhibit A hereto (the “Subject Collateral”). The sale of the Subject Collateral (the “Sale”) pursuant to this Notification of Disposition of Collateral by Public Sale (this “Notification”) will be in exercise of the rights granted by Debtor under applicable commercial law and the Secured Promissory Note, Security Agreement and duly filed UCC Financing Statement executed by the Debtor in favor of the Secured Party (the “Security Documents”). The Subject […]

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