Deals from Disasters - Introduction and the UK
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1 LES US and Canada Session 5-C Deals from Disasters - Introduction and the UK Dr Stephen Potter The R&D Society Rte de Champ-Fleuri 9 Mobile: c/o The Royal Society CH-1823, Glion Skype: stephenpotter Carlton House Terrace Switzerland Fix line: London SW1Y 5AG stephen_potter@btinternet.com
2 Stephen Potter my career Academia Products Sheffield, Yale, Cambridge ICI (UK) - Section Manager Devex (CH) - Owner WR Grace (CH, DE, USA) CTO / Bus Dev CU Chemie Uetikon (CH, DE, USA) - CTO / Bus Dev Rexam (UK, Europe, USA) CTO, Europe Services Scipher QED Intellectual Property - Director Intellectual Ventures Adviser / Finder Pro-bono former Chairman, The R&D Society, London
3 Outline Insolvencies / restructuring European philosophies UK insolvency / restructuring processes UK insolvency / restructuring practitioners UK 2 cases: success and failure
4 Europe and the island Stephen Potter
5 Insolvencies / restructuring - philosophies Europe and the island UK pro debtor / pro creditor DE anti debtor / anti creditor FR pro debtor / anti creditor COMI Centre Of Main Interest for cross-border insolvencies / restructuring - EIR EC Regulation on Insolvency Proceedings 2000 May Cross-Border Insolvency Regulations 2006 enacting UNCITRAL - determines place of main insolvency proceedings: debtor conducts administration of his interests on a regular basis
6 UK insolvency / restructuring processes Administration try to rescue the business: 12 months + possible 6 month extension - administrator, typically accountant / insolvency practitioner (R3 their society) - pre-pack: very controversial: like Chapter 11 / 363 (?) - sell as a going concern Creditors Voluntary Liquidation ( CVL ) - assets realised and distributed to creditors / shareholders - administrator or creditors committee Compulsory Liquidation - Official Receiver or an appointed administrator Company Voluntary Arrangement ( CVA ) - Directors appoint an administrator: 28 days to provide a plan Members Voluntary Liquidation ( MVL ) - business is solvent but is wound down Personal Insolvency
7 UK administrators and insolvency practitioners Patents? do you sell by weight or by volume..? A real opportunity they re very happy selling old computers / office chairs - very few have any idea about IP in general -.I ll see if I can get a list for you and I d be interested in an offer as-is for completion in 28 days. - no conception of title and authority and encumbrances - either for patents from the society itself - or, worse, from any previous owners of the IP - little conception of price Good deals can be made but teaching of the administrators is required
8 UK case 1 Approached by a VC in mid 2006 portfolio of digital media patents and apps - an offer made that was rejected Re-approached : buy company or buy patents? Administrator appointed has all the rights over the company: : generous offer made - administrator wants as-is completion by teaching starts! - patent agent involvement Due diligence shows: - security interest from 2003 with no release papers - lack of title on several assets - unpaid annuities - lack of assignments - many documents / originals lacking Administrator / patent agent swapping responsibility Stephen please get them all in one room, read them the riot act and let s get this done! Deal closed end April 2007
9 UK and Europe Case 2 COMI doesn t apply to group re-structurings and insolvencies Interest in acquiring patents from an automotive supplier: UK, FR, DE Patents in the portfolio were domiciled in the 3 countries. The UK company went bankrupt their patents were available The DE company went bankrupt their patents were available The FR company stayed operating no patents were available Didn t complete the deal.
10 Some Questions One or two thoughts: - common points and differences between the two regions? - where will be the hot areas for acquiring technologies over the next couple of years from insolvencies? - and why? - how to find out about insolvencies and re-structuring in the different areas: simple, by chance contacts? - regional / national databases? - where will be the excesses of IP of interest? Cf. in the early '00's there was lots of optical IP around... - what are the chief difficulties in doing deals in this area?
11 Thank You! Dr Stephen Potter The R&D Society Route de Champ-Fleuri 9 Tel: c/o The Royal Society CH-1823 Glion Mobile: Carlton House Terrace Switzerland Skype: stephenpotter8228 London SW1Y 5AG stephen_potter@btinternet.com
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