In re: IMAGE TRENDS INC. (W.D. Tex. Case No. 14-11583)
NOTICE OF SALE
On 1/21/15, Image Trends Inc. ("Debtor"), a debtor in a bankruptcy case under chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the Western District of Texas – Austin Division ("Court"), and Astral Images Corporation ("Buyer") entered an asset purchase agreement (as amended, "Agreement") for the sale ("Sale") of certain assets of Debtor ("Assets"). On that date, Debtor filed a motion with the Court, as amended on 2/9/15 ("Motion"), seeking an order ("Procedures Order") approving bidding procedures for the Sale ("Procedures") and an order ("Sale Order") authorizing the Sale free and clear of all claims, as set forth in the Motion.
The assets to be sold are detailed in the Agreement and include certain intellectual property rights of the Debtor, including Black Ice, a technology for digitizing and improving scans of film.
On 2/6/15, the Court entered the Procedures Order [Dk. 79], which establishes the Procedures. All bids must comply with the Procedures and be submitted so as to be received not later than 5:00 p.m. CST, on 2/27/15. In the event that competitive Qualified Bids (as defined in the Order) are received, the Court will conduct an auction to determine the highest or best bid for the Assets on 3/3/15, at U.S. Courthouse, 903 San Jacinto, Courtroom 1, Austin, Texas 78701, beginning at 8:00 a.m. CST. At the conclusion of the Auction, the highest and best bid shall be designated as the "Successful Bidder."
The Court will hold a hearing to approve the Sale of the Assets to the Successful Bidder ("Hearing") on 3/3/15 promptly following the Auction. The Hearing may be adjourned or rescheduled without notice by an announcement at the Hearing.
Copies of the Agreement and the Order are available from the Court's docket or may be obtained by sending a written request to the Debtor's counsel, Hohmann, Taube & Summers, L.L.P., Attn: Morris Weiss and Christopher Bradley, 100 Congress Ave., 18th Floor, Austin, Texas 78701, or by email to morrisw@hts-law.com and chrisb@hts-law.com.
Objections to any relief requested in the Motion, including Debtor's request to approve the Sale of the Assets free and clear of all claims to Buyer or another Successful Bidder must be made in writing, filed with the Court, and served so as to be received by 5:00 p.m. (CST) on 2/23/15 ("Deadline"); provided however, objections to the sale process can be made at the Hearing. Any objection must be served in accordance with the foregoing paragraph on each of the following parties: (i) the Debtor, Image Trends, Inc., Building One, Suite 450, 6300 Bridgepoint Parkway, Austin, TX 78730, (ii) counsel for the Debtor, Hohmann, Taube & Summers, L.L.P., Attn: Morris Weiss, 100 Congress Ave., 18th Floor, Austin, Texas 78701; and (iii) counsel for the Buyer, Sheppard Mullin Richter & Hampton LLP, Attn: Edward H. Tillinghast, III, 30 Rockefeller Plaza, New York, NY 10112.
Failure of any person or entity to file an objection on or before the Deadline shall be deemed a consent to the Sale of the Assets to Buyer or another Successful Bidder and the other relief requested in the Motion, and be a bar to the assertion, at the Hearing or thereafter, of any objection to the Motion, the Sale of the Assets, the Debtor's consummation and performance of the Agreement or other agreement with a different Successful Bidder.
This Notice is subject to the full terms and conditions of the Motion and the Procedures Order, which shall control in the event of any conflict. The Debtor encourages parties in interest to review such documents and consult an attorney.

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