Chicago-Based Tailwind Services LLC Announces Sale of Secure Messaging Patents
Mar 5, 2022
CHICAGO - March 5, 2022 - (Newswire.com)
Chicago-based Tailwind Services LLC announced today that pursuant to an order entered by the Circuit Court of Cook County, Illinois, he will conduct a judicial sale of certain patents related to "secure messaging products" developed by Loment, Inc. Details of the sale included in Tailwind's notice of sale are as follows:
Sale of Assets: On July 19, 2022, at 10:30 a.m. (Central), Tailwind Services LLC, not individually but solely as the sale agent ("Sale Agent") in the above captioned case, shall sell at a public judicial sale pursuant to an Order of the Circuit Court of Cook County in favor of the plaintiff judgment holder (the "Judgment Holder") the Defendant's right, title, and interest in and to the following U.S. Patents: nos. 10,038,735; 10,009,305; 9,760,867; 9,684,887; 9,331,972; 9,231,900; 8,924,495, 8,880,625; 8,799,386; 8,799,385; 8,150,385; D667,441; D667,440; D667,439; D667,438; D667,437; D667,436; andD667,435 (collectively, the "Patents"). The Patents are the intellectual property rights of the Defendant for "secure messaging products" for use by retailers and others to permit mobile device chat communications with customers, with security features similar to those used by users on social media platforms, for enterprise-driven applications. The secure messaging products enable brands to easily and rapidly integrate privacy, security and identity management into their current infrastructure. The target audience for these products is FinTech, HealthTech, GovTech and InsureTech companies. The sale would also include a non-exclusive copy of the source code (the "Source Code") for these applications. Interested parties should contact the Sale Agent below for additional information regarding the sale and the Assets.
Terms and Conditions: At the sale, all of the Patents, a non-exclusive copy of the Source Code and any and all "white papers" or other documents in the Sales Agent's possession (collectively, the "Assets") will be sold in a single lot. The Assets are not offered separately at this time. The Sale Agent makes no representations or warranties whatsoever, including merchantability or fitness for a particular purpose, as to the condition or value of the Assets, and the sale is "AS IS, WHERE IS." As a condition to participate in the sale, bidders (other than the Judgment Holder) must submit an initial written bid and post a $10,000 deposit via bank or cashier's check by the close of business on July 12, 2022. Initial written bids shall clearly state they are "all-cash bids", have no contingencies and be addressed to Sale Agent at the address listed below. All potential bidders are advised that the Judgment Holder intends to submit an initial credit bid in the amount of $200,000 and may increase its credit bid up to the full amount of its judgment plus accrued interest totaling approximately $1,000,000. The written bids shall include the bidder's financial statements and other information sufficient to support the financial ability of the bidder to close the sale in the full amount said bidder intends to bid. The sale will be conducted by the Sale Agent via Zoom, and Zoom instructions will be provided to all qualified bidders and any shareholder, creditor or interested party of Defendant prior to the sale. The higher of (a) the Judgment Holder's initial credit bid or (b), a competing cash bid will be the opening bid at the live auction sale. Minimum increments for further bids will be announced by the Sale Agent at the time of the sale. Following the conclusion of the bidding process, the Sale Agent will announce the winning bid and the next highest bid as a backup bid, and he shall retain the deposits of each, and release the deposits of all other bidders. Within three (3) business days of the conclusion of the sale, the Sales Agent shall present the sale to the Circuit Court of Cook County for approval. The final sale price must be paid by successful bidder in full by cashier's check, wire transfer or other means satisfactory to the Sale Agent at the closing. No closing shall take place until and unless the sale is approved by Order of the Court, and all sale proceeds shall be deposited by successful bidder with the registry of the Circuit Court of Cook County and shall be held pending further order of Court. The closing shall take place within five (5) business days of the entry of the Order approving the sale. If the successful bidder fails to pay the balance of the purchase price at closing, the initial deposit will be forfeited and, at the Sale Agent's option, the Assets may be sold to the next highest bidder without prejudice to or waiver of any rights and remedies against the defaulting bidder. Any creditor, shareholder or other interested party of Defendant may attend and observe the sale via Zoom.
Interested parties should contact the Sale Agent below for additional information regarding the sale and the Assets.
Sale Agent
Gregg Szilagyi
Tailwind Services LLC
209 South LaSalle Street
Chicago, Illinois 60601
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Press Release Service by Newswire.com
Original Source: Chicago-Based Tailwind Services LLC Announces Sale of Secure Messaging Patents
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