Assignee for the Benefit of Creditors

• DSI served assignee for the benefit of creditors under California law
• Asset liquidated, including its intellectual property, through a sale to a former company principal when no other buyers came forward to acquire the company’s assets

DSI has acted as the assignee for the benefit of creditors of this San Diego, CA, based biotech firm. API developed software to analyze proteins and hundreds to thousands of biological features (pieces of proteins) through upgraded mass spectrometry. The API was initially funded by a private equity firm and made the ABC when funding was not renewed. One of the company’s principals made an offer to acquire the company’s assets from the assignee, which offer was accepted by both the assignee and the secured lender.