LifeHealth, LLC was a manufacturer of point-of-care (“POC”) diagnostic products that provided critical information to aid in the diagnosis, treatment and monitoring of illness and diseases. The company manufactured the IRMA TRUPOINT® Blood Analysis System. The company sought additional funding and sales opportunities, when those failed to materialize the company’s leadership determined that the company would cease operations and enter into an assignment to liquidate its assets. The company commenced a Minnesota statutes pursuant to chapter 577. DSI Assignments, LLC was named as Assignee for the Benefit of Creditors.
The assignee worked quickly and diligently to ensure the company’s saleable assets would have meaningful value because (1) the company had ceased operations and terminated all employees prior the assignment, (2) key customers (located worldwide) were running low on product and (3) inventory and raw material on hand had a limited shelf life.
The assignee reinvigorated the sale process and updated the diligence material as part of the sales effort. After several weeks of pursuing leads, engaging in negotiations with interested parties, the assignee entered into a stalking horse purchase agreement that was also subject to higher and better bids. At the conclusion of the sale a hearing to approve the sale to the purchaser was heard and approved by the court.