Auction Blog

KAR Auction Services, Inc. (the “Company”) today announced the final results of its previously announced cash tender offer (as defined in the Offer to Purchase dated November 30, 2009, as amended by the Press Release dated December 18, 2009, the “Tender Offer”) for its 10% Senior Subordinated Notes due 2015 (CUSIP No. 48238QAF2) (the […]

KAR Auction Services Announces Final Results of Tender Offer for a Portion of Its Debt

National Commercial Auctioneers, LLC, (NCA) (www.natcomauctions.com), is selling at a bankruptcy auction multiple oil and gas leases covering over 2,000 acres located in Creek, Wagoner, Tulsa, Muskogee, and Okmulgee Counties in Oklahoma, according to Stephen Karbelk, CAI, AARE, President of NCA and court-appointed auctioneer.
The leases produce 17+/- barrels of oil daily from 16 wells.
The sale […]

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Oklahoma Oil and Gas Leases Set for Bankruptcy Auction

Brunswick Corporation announced today that it has launched a cash tender offer (the “tender offer”) to purchase up to $75 million aggregate principal amount (the “tender cap”) of its outstanding 11.75 percent Senior Notes due 2013 (the “2013 notes”), on the terms and conditions set forth in an offer to purchase dated Sept. 2, 2009, and related letter of transmittal. As of July 4, 2009 (the end of Brunswick’s second fiscal quarter), 2013 notes in an aggregate principal amount of $250 million were outstanding.

The tender offer is scheduled to expire at midnight (EDT) on Sept. 30, 2009 (the “expiration date”), unless Brunswick chooses to extend or terminate the tender offer. The “early participation deadline” is 5 p.m. (EDT), on Wednesday, Sept. 16, 2009.

The total consideration for each $1,000 principal amount of 2013 notes validly tendered, and not validly withdrawn pursuant to the tender offer prior to the early participation deadline, and accepted for purchase by Brunswick will be equal to the “clearing price” determined as described below pursuant to a modified “Dutch Auction,” plus an “early participation payment” of $30. Holders who wish to receive the total consideration must validly tender, and not validly withdraw, their notes on or prior to the early participation deadline. Holders validly tendering their notes after the early participation deadline, and on or prior to the expiration date, will only be eligible to receive the tender offer consideration, which will be equal to the clearing price, and will not receive the early participation payment.

The tender offer is being conducted as a modified “Dutch Auction.” The prices specified by holders tendering their notes must be within a range between $930 and $990 per $1,000 principal amount of 2013 notes. The price specified by a holder is exclusive of any applicable early participation payment. Brunswick will accept 2013 notes validly tendered in the order of the lowest to the highest tender prices specified by tendering holders (in increments of $2.50), and will select the single lowest price (which will be the “clearing price”) per $1,000 principal amount of 2013 notes to enable Brunswick to purchase the principal amount of 2013 notes equal to the tender cap (or, if less than the tender cap are validly tendered, all 2013 notes so tendered). Brunswick will pay the same clearing price for all 2013 notes validly tendered at or below the clearing price and accepted for purchase in the tender offer.

If the aggregate amount of 2013 notes validly tendered at or below the clearing price and not validly withdrawn exceeds the tender cap, Brunswick will accept for purchase: first, all 2013 notes validly tendered at prices (in increments of $2.50) below the clearing price; thereafter, the 2013 notes validly tendered at the clearing price on a prorated basis according to the principal amount of such 2013 notes.

The 2013 notes tendered prior to the early participation deadline may be validly withdrawn at any time prior to the early participation deadline, but not thereafter, except as required by law. The 2013 notes tendered after the early participation deadline may not be withdrawn, except as required by law.

This tender offer is subject to the satisfaction of certain customary conditions, and is not conditioned on any minimum amount of 2013 notes being tendered.

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Brunswick Corporation Announces Modified Dutch Auction Tender Offer

Streambank, LLC today announced that a bid deadline and auction date have been finalized for the sale of intellectual property assets of Whitehall Jewelers Holdings, Inc. Bids may be entered until 4 p.m. EDT, Thursday, September 10. The auction will commence Tuesday, September 15, at 10 a.m. EDT, at the office of Proskauer Rose LLP in New York. Qualified bidders may participate in the auction by phone.

Among the notable IP assets for sale are four trademarks, three service marks and 15 foreign trade and service marks, including Whitehall, Lundstrom and Marks Bros, as well as eight URLs. Also available for purchase is Whitehall’s proprietary Whitestar™ cut of diamond.

“Whitehall Jewelers is nationally recognized, with a brand built over more than a century of providing high-quality engagement and wedding rings, as well as jewelry for other special occasions,” said Gabe Fried, Managing Member and Founder, Streambank, LLC. “We are optimistic about interest in these assets, particularly the well-known Whitestar™ brand.”

Also included in the sale is Whitehall’s customer mailing list, which is available to qualified bidders meeting certain Bankruptcy Court imposed restrictions.

Whitehall was founded in 1895 under the name Marks Bros. Jewelers. The national specialty retailer offered a selection of diamonds, gold, precious and semi-precious jewelry and watches. At the time of the bankruptcy filing, Whitehall reported it operated 373 stores in regional and super-regional malls in 39 states.

Chicago-based Whitehall filed voluntary Chapter 11 bankruptcy petitions in June 2008. A court-ordered liquidation followed unsuccessful attempts to sell the retail chain or obtain additional financing. Streambank was retained in June to undertake the marketing and sales efforts for Whitehall’s intellectual asset portfolio.

Interested parties may contact Streambank at 781.444.4940 to receive a copy of the Asset Purchase Agreement and Bid Procedures, or request additional information about the assets for sale.

About Streambank

Streambank is a financial advisory firm, specializing in intellectual asset valuation and disposition. The firm’s experience spans a broad range of industries including apparel, automotive, consumer products, food, manufacturing, medical technologies, retail and textiles. Through partnerships with brand consultancies, turnaround management firms, attorneys, and finance professionals, Streambank provides sound advice on value maximization strategies and liquidity options. Streambank is headquartered in Needham, MA. For more information, please visit www.streambankllc.com.

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Streambank Announces Bid Deadline and Auction Date for Whitehall Jewelers Intellectual Property Assets

IpAuctions (R), Inc. will auction three medical patents on behalf of the Technology Licensing Office at the University of Arkansas for Medical Sciences (UAMS).

The first patent (U.S. Patent #7,074,568) would enable the commercialization of a diagnostic test kit capable to detect Mycobacterium Other Than Tuberculosis (MOTT) and would produce a rapid diagnoses of infections in humans or animals.

Mycobacteria are persistent infections organisms that are involved in several of infectious diseases in addition to those involved in Tuberculosis. The rapid identification of mycobacteria is important to control these infections and their medical management. Arkansas investigators have developed a novel procedure that is PCR-based and is effective to diagnose Mycobacteria Other Than Tuberculosis (MOTT) infections directly from patient specimens in clinical testing. This method is far superior to classical testing methods and biochemical tests.

The second patent (U.S. Patent #6,993,377) discloses rapid multi-parametric methods of diagnosing heart disease. Specifically, this invention will predict impending sudden death, and analyze patients’ responses to treatments.

Roughly 12 million Americans are affected by coronary artery disease (CAD). In addition, 400,000 Americans die from sudden cardiac death each year. To date, no conventional diagnostic test can reliably predict which patients with cardiovascular disease are at risk for sudden death. The Struzik method of multifractal analysis was successful - yet, to date, no conventional diagnostic test (including highly invasive tests) can reliably predict which patients with cardiovascular disease are at risk for sudden death.

The salient novel features of the invention are:

1) Improved rapid method of MF Holder analysis with the associated
MFCC,
2) Rapid method of MF Alpha analysis,
3) Method of removing abnormal/ectopic beats that reduce
sensitivity/specificity of MF analysis,
4) Method of beat cluster analysis of value in predicting the
severity of abnormal/ectopic beats, and
5) Battery of 6 different diagnostic tests that may be performed on
a single EKG time series, which may have much greater diagnostic
and predictive value than that of each test alone.
The third patent (U.S. Patent #6,423,076) is a stereo tactic device for localizing an MRI-imaged mass using horizontal and vertical protractors on which a laser is mounted. This invention provides radiologists performing biopsies and ablations a visual guide reference for insertion of medical devices into a tissue mass that has been localized by magnetic resonance imaging. The laser apparatus is designed to guide surgical procedures based on location information derived from MRI imaging. This system can be adapted to any type of patient table used for delivering a patient to the bore of a MRI magnet or other imaging device. The device is battery powered and self contained, thus independent of any power requirements of the MRI system. After inputting angle measurements into the stereo tactic device, the radiologists are able to follow the laser beam with a biopsy needle to make consistent arrival at the mass site. Additionally, multiple pathways can be targeted from the same entry site or multiple approaches to the target.

About University of Arkansas for Medical Sciences (UAMS) - UAMS is Arkansas’ only comprehensive academic health center, with five colleges, a graduate school, a new 540,000-square-foot hospital, six centers of excellence and a statewide network of regional centers. UAMS has 2,652 students and 733 medical residents. Its centers of excellence include the Rockefeller Cancer Institute, Stephens Spine & Neurosciences Institute, the Myeloma Institute for Research and Therapy, Jones Eye Institute, the Psychiatric Research Institute and the Reynolds Institute on Aging. Visit www.uams.edu/bioventures).

About IpAuctions(R), Inc. (www.IpAuctions.com) is the leading online auction firm specializing in the sale of intellectual property assets. The firm has a proprietary database of thousands of IP attorneys, corporate and private buyers, and venture capitalists. IpAuctions Inc. is a member of the National Auctioneers Association and the ABI. The company is based in Reno, Nevada.

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IpAuctions, Inc. to Sell Medical Patents on Behalf of UAMS BioVenture