Expedited hearing sought for sale of Lincoln mill's IP rights
The attorneys of Lincoln Paper and Tissue LLC filed a notice of private sale and expedited hearing motion with the U.S. Bankruptcy Court in Portland, a motion that would allow the paper and tissue company to sell $75,000 of its intellectual property rights as early as Feb. 23 in an effort to find a buyer to operate one of the mill’s paper machines.
The buyer, Gordon Brothers Group of Boston, bought the Lincoln mill for $5.95 million during the paper company’s Chapter 11 bankruptcy filing in December. The Boston-based investment firm plans to sell the intellectual rights to an unknown third party, according to The Bangor Daily News.
According to the court motion, the sale to the unknown third-party buyer because “certain of the [intellectual property] assets are needed to operate the machine at issue and the buyer is conditioning the sale on certain of the [intellectual property] assets relating to the paper machine being made available as part of the sale.”
“Further, the debtor has determined that a private sale is preferred for the [intellectual property] assets given that the costs attendant with a public auction would increase the burden to the estate and decrease any return of the sale to the estate.”
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