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Revenue Sharing Rights for Commercialization of Inverter Systems for Photovoltaic Installations

Pursuant to Section 9-610 of the Uniform Commercial Code, as adopted by the State of Ohio, GG Capital, LLC, as collateral agent for the secured parties, shall conduct a sale by public auction of the remaining non-tangible assets an Ohio corporation in which the collateral agent holds a security interest (the “Debtor”), including all of the Debtor’s deposit accounts, accounts, contracts, contract, rights, instruments, obligations or indebtedness owed to the Debtor from whatever source, and cash-on-hand (estimated to be approximately $130,000), and any and all proceeds of any of the foregoing (collectively, the “Collateral”).

The Collateral is being sold ‘as is, where is’ without warranties or covenants, express or implied.

All interested and qualified purchasers are invested to attend and bid at the auction. Persons wishing to review a list of the Debtor’s Collateral may contact Joseph Finn Co., Inc. at (617) 964-1886 during normal business hours.

Auction type:
Onsite Only

Sale Date:
Thursday, March 24, 2016 at 11:00 AM

Location
The Law Offices of
Burns & Levinson LLP
125 Summer Street
Boston, Massachusetts 02110

Principal Assets:

  • Revenue sharing rights with a maximum value of $2MM under an Asset Purchase Agreement with an Ohio-based solar energy retailer, pursuant to which the retailer will pay 5% of all net revenue in excess of $2,500,000 generated from the sale of certain intellectual property used in utility-scale grid-tie inverter systems for photovoltaic installations (details and copy of such agreement to be furnished upon request and execution of NDA)
  • Rights under that certain Security Agreement entered into securing certain repurchase rights under the Asset Purchase Agreement (details and copy of such agreement to be furnished upon request and execution of NDA)
  • All deposit accounts, accounts, contracts, contract, rights, instruments, obligations or indebtedness owed to the Debtor from whatever source, and cash-on-hand (estimated to be approximately $130,000)
  • All other remaining, non-tangible assets of the debtor company

Terms of Sale:

  • All assets of the Company will be sold as a single unit
  • All assets are being sold “as-is, where is”
  • No warranties of any kind provided by Secured Party seller (e.g., no warranty of title or non-infringement)
  • Minimum bid is $325,000. 10% must be deposited with Joseph Finn Co., Inc. in escrow prior to auction in order to be a qualified bidder
  • No contingent bids allowed
  • Full payment of the purchase price due in immediately available funds upon conclusion of the auction
  • Credit bids are authorized (no deposit will be required, so long as demonstrable credit exceeds 10% of bid)
  • Secured party seller reserves the right to adjourn or cancel the auction
  • Bill of Sale will be provided to the successful purchaser upon receipt in full of the purchase price.