GemCap Solutions, LLC to Auction Bedford Ventures, Inc. Inventory and Intellectual Property via Public Sale
SAN ANTONIO, September 17, 2022 /PRNewswire/ — Pursuant to Section 9-610 of the Uniform Commercial Code, GEMCAP SOLUTIONS, LLC, as administrator and attorney for Secured Party GEMCAP HOLDINGS, LLC (the “Secured Party”), will hold a guarantee the public sale to the highest cash bidder, subject to reservation, will be carried out by telephone by the Guarantor on Wednesday, September 28, 2022 at 12:00 p.m. Central Standard Time (the “Public Sale”). Qualified Bidders (defined below) may attend the Public Sale by telephone.
The secured party proceeds to the public sale to seize the security interest held by the secured party in and over substantially all of the personal property of BEDFORD VENTURES, INC., a California company (the “Borrower”), including without limitation (i) inventory (“Inventory”), (ii) intellectual property, including but not limited to trademarks and following trade names: ACTIVE, ACTIVE COMPOSITE, ACTIVE RIDE SHOP, TRIANGULAR DESIGN; the following domain name: www.activateideshop.com; and list of Borrower’s customers (collectively, the “Intellectual Property”), (iii) accounts receivable, (iv) business fixtures and (v) equipment and machinery (collectively, the “Collateral”) .
The secured party conducts the public sale to seize the lien and security held by the secured party in and on the security. At the Public Sale, all right, title and interest of Borrower in and to the Collateral will be sold “as is” and “where found” and the Secured Party makes no representations or warranties, express or implied, regarding title, use, quiet enjoyment, possession, merchantability or fitness for a particular purpose, completeness, condition or the like, all of which are hereby disclaimed, in the sale or warranty provision. Further, the Security is sold (i) free and clear of the liens of the Secured Party and any subordinated security interest, and (ii) without recourse against the Secured Party, its attorneys and agents. The public sale of the guarantee, if it is carried out, will be made to the highest bidder and the highest bidder.
The Secured Party reserves the right to postpone or cancel the Public Sale.
In order to participate in the bidding process, each person or entity (a “Prospective Bidder”) must deliver to the undersigned (i) a signed confidentiality agreement in a form and substance acceptable to the Secured Party, (ii) the Prospective Bidder Bidder’s current financial statements or other evidence acceptable to the secured party that will demonstrate the potential bidder’s financial ability to purchase the collateral, (iii) a completed and executed asset purchase agreement in the form provided by the secured party guarantee, and (iv) a deposit in an amount equal to ten percent of the bid amount which will be held in escrow. A Potential Bidder who complies with the above requirements will be considered a “Qualified Bidder”. Qualified Bidders participating in the Public Sale will receive the telephone number and access code to attend the Public Sale and will have the opportunity to bid on a competitive basis.
At the Public Sale, each of the Inventory and the Intellectual Property will be offered for sale in separate lots and the Guarantee will be offered in a single lot. At the end of the public sale, the successful bidder(s) must pay the final bid amount in full by bank transfer to the secured party. The guaranteed party reserves the right to credit a bid on all or part of the guarantee during the public sale. The Secure Party reserves the right to reject all bids, adjourn or cancel the Public Sale.
For further details regarding the warranty, obtaining the confidentiality agreement and asset purchase agreement form, and information regarding the public sale, you may contact GemCap Solutions, LLC, 9901 IH 10 West, Suite 800, San Antonio, TX 78230 Attention: david ellisor by phone at (310) 494-1437.
E-mail: [email protected]
SOURCE GemCap Solutions