SAN ANTONIO, Sept. 17, 2022 /PRNewswire/ — Pursuant to Section 9-610 of the Uniform Commercial Code, GEMCAP SOLUTIONS, LLC, as servicer and attorney-in-fact for secured party GEMCAP HOLDINGS, LLC (the “Secured Party”), will hold a secured party public sale to the highest and best bidder for cash, with reserve, will be conducted telephonically by the Secured Party on Wednesday, September 28, 2022 at 12:00 p.m. Central Standard Time (the “Public Sale”). Qualified Bidders (defined below) may attend the Public Sale telephonically.
The Secured Party is conducting the Public Sale to foreclose the security interest held by the Secured Party in and to substantially all of the personal property assets of BEDFORD VENTURES, INC., a California corporation (the “Borrower”), including, without limitation, (i) inventory (“Inventory”), (ii) intellectual property, including, but not limited to the following trademarks and trade names: ACTIVE, ACTIVE COMPOSITE, ACTIVE RIDE SHOP, TRIANGLE DESIGN; the following domain name: www.activerideshop.com; and the Borrower’s customer list (collectively, the “Intellectual Property”), (iii) accounts receivable, (iv) trade fixtures, and (v) equipment and machinery (collectively, the “Collateral”).
The Secured Party is conducting the Public Sale to foreclose the lien and security interest held by the Secured Party in and to the Collateral. At the Public Sale, all of Borrower’s right, title and interest in and to the Collateral will be sold “as is” and “where is” and the Secured Party shall make no representation or warranty, either express or implied, relating to title, use, quiet enjoyment, possession, merchantability or fitness for a particular purpose, completeness, condition or the like, all of which are hereby disclaimed, in the sale or disposition of the Collateral. In addition, the Collateral is being sold (i) free and clear of Secured Party’s liens and any subordinate security interests, and (ii) without recourse to Secured Party, its attorneys and representatives. The Public Sale of the Collateral, if made, shall be to the highest and best bidder.
The Secured Party reserves the right to adjourn or cancel the Public Sale.
In order to participate in the bidding process, each person or entity (a “Potential Bidder”) must deliver to the undersigned (i) an executed confidentiality agreement in form and substance acceptable to Secured Party, (ii) current financial statements of the Potential Bidder or other evidence acceptable to Secured Party that will show the financial ability of the Potential Bidder to purchase the Collateral, (iii) a completed and executed Asset Purchase Agreement in the form provided by Secured Party, and (iv) a deposit in an amount equal to ten percent of the bid amount which will be held in escrow. A Potential Bidder that complies with the foregoing requirements shall be deemed a “Qualified Bidder”. Those Qualified Bidders participating at the Public Sale shall be provided with the telephone number and passcode to attend the Public Sale and shall be given the opportunity to bid on a competitive basis.
At the Public Sale, each of the Inventory and the Intellectual Property will be offered for sale in separate lots and the Collateral will be offered as a single lot. At the conclusion of the Public Sale, the successful bidder(s) must pay the final bid amount in full by a wire transfer of funds to the Secured Party. The Secured Party reserves the right to credit bid on any or all of the Collateral at the Public Sale. The Secured Party reserves the right to reject all bids, adjourn or cancel the Public Sale.
For further details regarding the Collateral, obtaining the confidentiality agreement and the form asset purchase agreement, and information regarding the Public Sale, you may contact GemCap Solutions, LLC, 9901 I.H. 10 West, Suite 800, San Antonio, TX 78230 Attn: David Ellis, or by telephone at (310) 494-1437.
SOURCE GemCap Solutions