American Heritage Billiards, LLC (AHB) was a leading seller and distributor of billiard tables, recreational products, and certain indoor and outdoor furniture. On June 25, 2020, KeyBank, National Association, the senior secured lender for AHB, filed a lawsuit in the Common Pleas Court of Cuyahoga County (Case Number CV-20-934277) and sought the appointment of a receiver over AHB. On July 2, 2020, Inglewood Associates LLC, through its CEO/Managing Director, John K. Lane, was appointed receiver (the “Receiver”) over AHB. The Receiver has been charged with liquidating the company’s inventory and related business assets to satisfy secured creditors. The Receiver has commenced a sale and auction process for AHB’s assets, including the identification of certain stalking horse bidders for various classes of AHB’s inventory and intellectual property. The three classes of AHB’s assets currently available for sale are listed below. All inventory is located in the company’s warehouse at 630 Mondial Parkway, Streetsboro, OH
The Receiver has entered into Asset Purchase Agreements (APA) with three separate parties who are serving as stalking horse bidders. Each of those APAs is subject to overbids and the approval of the Court. The deadline for any overbid submission for each asset class is 12:00 p.m. (Eastern Time) on October 12, 2020. If the Receiver receives any overbids by that date, he will hold an auction for the particular asset class on October 14, 2020. Details on the bidding procedures and auction for each of the asset classes are available from the Receiver.
If you have any questions or are interested in submitting a bid for any of the asset classes, please contact John K. Lane at [email protected]
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