October 16, 2018 / 11:52 PM / a month ago

Gump's lender pans offer for IP, hints at liquidation

A lender to Gump’s has dropped its support for the bankrupt San Francisco department store’s sale of its intellectual property, calling the sole $150,000 offer a pittance and suggesting a Chapter 7 trustee could raise far more.

Sterling Business Credit LLC in a filing on Monday in U.S. Bankruptcy Court for the District of Nevada criticized the marketing campaign for the company’s IP assets, which include websites and domain names, for bringing in an offer far below the $2 million estimate given by Gump’s in August.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2NHuILe

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