Technology Incubator – Quirky Inc. Accepts a $2.3MM Stalking Horse Bid for Intellectual Property Assets

NEW YORK, N.Y., Nov. 5, 2015 (GLOBE NEWSWIRE) — Quirky, Inc. has accepted a Stalking Horse Bid of $2.3MM from Q Holdings LLCfor substantially all of its intellectual property. The assets include patents and applications, U.S and Foreign registered trademarks, the Quirky inventor platform, 130 registered domains – including “Quirky.com” and proprietary software. The sale is to be conducted pursuant to Section 363 of the Bankruptcy Code in the Chapter 11 case in the United States Bankruptcy Court for the Southern District of New York (Case No. 15-12596).

The bid deadline is November 13, 2015 at 12:00 Noon (EST) with an auction to take place on November 17, 2015 at the offices of Cooley LLP in New York, NY.

The $2.3MM stalking horse bid is subject to competition from other qualified bidders at the auction. The minimum overbid of $2.475MM can be the result of either, a single bid for some or all of the assets scheduled in the Stalking Horse Agreement that equals or exceeds $2.475MM; or, an aggregation of bids for individual assets that equal or exceed that amount. The minimum qualified bid for individual product IP assets is $25,000.

Interested parties are also encouraged to submit bids on remaining product inventory. Further information on remaining inventory is available in the online data room.

Quirky was a unique technology incubator that was responsible for the development of a wide array of products including Pivot Power®, Cordies® and the Broom Groomer®. By developing close relationships with retailers and inventors, Quirky earned a reputation of being both creative and business savvy and established itself as a trustworthy partner for inventors looking to bring their products to market.

Parties with interest in submitting a bid, or learning more about the sale process and other bidding requirements, should contact Hilco Streambank directly using the contact information provided below.

About Hilco Streambank

Hilco Streambank is a market leading advisory firm specializing in intellectual property disposition and valuation. Over the last three years Hilco Streambank has become a leader in the IP valuation and disposition market, representing brands across various industries. Having completed numerous transactions including sales in publicly reported Chapter 11 bankruptcy cases, private transactions, and online sales through HilcoDomains.com and IPv4Auctions.com, Hilco Streambank has established itself as the premier intermediary in the consumer brand, internet and telecom communities. Hilco Streambank is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), a worldwide financial services company and leader in helping companies maximize the value of their assets.

For questions or more information regarding the Quirky assets, please contact:

Gabe Fried
Chief Executive Officer
Hilco Streambank
(781) 471-1238
gfried@hilcoglobal.com

Dmitriy Chemlin
Director
Hilco Streambank
(212) 610-5642
dchemlin@hilcoglobal.com

Matt Helming
Director
Hilco Streambank
(781) 471-1240
mhelming@hilcoglobal.com

Counsel for the Debtors:

Jeffrey L. Cohen
Partner
Cooley LLP
absolutepriority.cooley.com  
(212) 479-6218
 

CONTACT: Gary C. Epstein
         EVP Chief Marketing Officer
         Hilco Global
         gepstein@hilcoglobal.com 
         (847) 418-2712