Assignee for the Benefit of Creditors

• The business as part of a larger group of companies, one of which, MachineryLink, Inc. also executed a Missouri common law assignment for the benefit of creditors
• The assets were marketed and when no buyer came forward, the secured lender credit bid against its debt

DSI was hired to be the assignee for the benefit of creditors of a start up designed to aid farmers with crop analysis for future planting and crop rotation. The company did not meet expectations and the private equity sponsor chose to shut the business down. After marketing efforts failed to find a buyer for the technology, the secured lender credit bid its debt.