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PUBLIC NOTICE OF SALE BY AUCTION: Chapter 11 Debtor Educational Software Company Announces the Public Sale of All the Assets of the Debtor, Bid Deadline: 2/13/2017; Auction: 2/15/2017 in Chicago

PLEASE TAKE NOTICE THAT the Chapter 11 Debtor educational software company shall sell by auction substantially all of its assets, including flash-based software platform, trademarks, and logos.   The Bankruptcy Court has entered an order setting the following dates: Bid deadline: February 13, 2017; Auction: February 15, 2017; Sale Hearing: February 21, 2017.  The Auction will take place in Chicago, Illinois.

Overview

Educational software business available:

  • Developer and marketer of cognitive enhancement and learning improvement Flash-based software designed around a game concept
  • Education and learning programs target K-12 students as well as individuals and office practitioners
  • Over 5,500 users in the past 2 years
  • Assets include software Flash platform, trademarks and logos
  • Historically, Company has experienced years with annual revenues in excess of $300,000
  • Investment opportunity to upgrade software technology for mobile and tablet use
  • Legacy debts that precipitated costly litigation claims and precluded raising capital for upgrading technology have led company to seek protection under Chapter 11 of the US Bankruptcy Code

Sale Process and Additional Information

On December 6, 2017, an order establishing the procedures for the sale of the Company’s assets at auction was entered in bankruptcy court, Northern District of Illinois. The order sets forth various deadlines, including the deadline to submit bids for the Company’s assets (February 13, 2017), the date and location of the auction (February 15, 2017, in Chicago, Illinois), and a hearing to confirm the sale of the Company’s assets to the highest bidder (February 21, 2017).  

For more information, please follow this link.

Interested parties may receive further information upon qualification and signing a confidentiality agreement. Inquiries should be directed to:

Josh Arlow at (312) 945-8718 / josh@skutcharlow.com
The Skutch Arlow Group, LLC
10 S. LaSalle Street, Suite 3500
Chicago, IL 60603
Fax: (847) 881-0789

In addition, interested parties may wish to contact counsel for the Company in the bankruptcy proceedings. These inquiries may be directed to the following individuals:

Counsel for the Debtor:
Goldstein & McClintock
Attn: Matt McClintock & Sean Williams
208 S. LaSalle Street, Suite 1750
Chicago, IL 60604
Fax: (312) 277-2305
mattm@restructuringshop.com
seanw@restructuringshop.com

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