PUBLIC NOTICE OF RECEIVERSHIP SALE: American Heritage Billiards, LLC

PUBLIC NOTICE OF RECEIVERSHIP SALES: American Heritage Billiards LLC (dba GreatGatherings)

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

• Game Room Inventory and AHB Intellectual Property (IP) – A wide variety of billiard tables, air hockey, foosball, and other game tables and bar and other interior furniture related to game and entertainment rooms (the “Game Room Inventory”). Examples of the items available can be found at https://www.americanheritagebilliards.com/. Some items are assembled and included in the warehouse showroom. This class of assets also includes all IP pertaining to the “American Heritage” business line, including customer and vendor lists, trademarks, domain names and social media accounts. A stalking horse bid of $1,550,000 has been received for this asset class. It is believed that the retail value of the product within the Game Room Inventory is approximately $6,500,000.00 with additional component parts of an approximate value of $2,000,000.00
• Outdoor Patio Furniture and Related Items – This asset class includes fire pits, seating sets, dining sets and other outdoor patio furniture and related items (the “Patio Inventory”). There are no grills or BBQ related equipment. Examples of the items available can be found at https://www.greatgatherings.com/patio. A stalking horse bid of $150,000 has been received for the Patio Inventory. It is believed that the retail value of the product within the Patio Inventory is approximately $5,000,000.00 with additional component part of approximate value of $160,000.00.
• GreatGatherings IP – Prior to its closure, AHB operated five retail stores in the Maryland-Virginia-Washington DC area. The inventory in those stores has previously been disposed of. This class of assets includes all IP pertaining to AHB’s “GreatGatherings “ business line, including customer and vendor lists, trademarks, domain names and social media accounts (the “GreatGatherings IP”). A stalking horse bid of $65,000 has been received for the GreatGatherings IP.

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].