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PUBLIC NOTICE OF ARTICLE 9 SALE: Spring Marketplace, Inc.

PUBLIC SALE UNDER ARTICLE 9 OF THE UCC OF COLLATERAL ASSETS INVOLVING SPRING MARKETPLACE, INC

Certain assets of Spring Marketplace, Inc. (the “Company”) described below (the “Assets”) are to be auctioned at a public sale under UCC Article 9 by the secured lender Hoban Road Ventures LLC.

The Assets consist of substantially all of the personal property of the Company, including the Company’s technology platform, which enables payment connected marketing and rewards solutions for merchants, and certain intellectual property.

The time and place for the auction shall be as follows.

  • Time: August 26, 2019, at 10:00 a.m. PT.
  • Place: Offices of Sheppard Mullin, 333 South Hope Street, 43rd Floor, Los Angeles, CA 90071-1422, Attn: Ted Cohen (213 617 4237), counsel to the secured lender.

Additional information may be gained by contacting Bruce Mitchell at (415) 525-2854 or brucemitchell3@yahoo.com on or before August 19, including certain auction participation procedures and how to attend in person or remotely.

If / when any interested parties contact us, they will be provided with additional information regarding certain auction or bid procedures that will be required including the requirement that interested bidders place a cash deposit of $50,000 to an escrow account held by a third party at least 5 business days prior to the auction.

Interested parties will also be given the opportunity to execute an NDA and gain access to materials or a data room that allow them to evaluate the Assets, including technical information regarding the platform. A more precise and detailed description of the Assets will also be included in the information provided.

Please note the following additional information regarding the auction:

  • Hoban Road Ventures LLC is the secured creditor with a lien on the items being auctioned and may credit bid at the auction. All other interested bidders must pay by cash or cashier’s check, or such other means that the secured creditor may agree to, in its sole discretion, in advance of the auction.
  • THE SALE OF THE AUCTIONED ITEMS SHALL BE “AS IS”, “WHERE IS”, “WITH ALL FAULTS”, WITHOUT EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, QUALITY OR FITNESS OR ANY OTHER EXPRESS OR IMPLIED WARRANTIES OR REPRESENTATIONS OF ANY KIND. THE SECURED CREDITOR MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, REGARDING THE AUCTIONED ITEMS.
  • Any sales taxes will be the responsibility of the buyer or buyers. Bids will be subject to the terms of a Secured Party Bill of Sale that the buyer or buyers will be required to acknowledge and execute.
  • Secured Party reserves the right to announce procedures governing the process of the sale at the commencement of the sale and further reserves the right to add or delete collateral from the sale at the time of the scheduled sale. If the highest cash bidder fails to tender payment immediately after the conclusion of the sale (which Secured Party may extend until two (2) hours after the sale), Secured Party reserves the right to declare the next highest bidder the successful bidder of the Assets.
  • The sale may be adjourned from time to time and notice of any adjourned sale date will be given only at the time of the scheduled sale and to those who attend the sale.
  • The auction and sale may be cancelled, postponed, or continued at any time.

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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.

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