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
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 firstname.lastname@example.org
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.
From the people that invented and developed Digital ICE®
"The Science of Imaging"
Products for digital
camera and scanner users from Image Trends:
Imaging Software and Plug-Ins
Image Trends, Inc. is a technology company providing software, hardware,
professional services and
system design services to our customers. Our strategy is to license and
imaging technologies in our offerings and embedded in original equipment manufacturers
products. We also adapt our technologies to serve the imaging professional and
advanced amateur markets by developing image correction and enhancement tools.
Our core competency is advanced image processing.
- Employees are responsible
for over 140 patents
- World class leadership
and development team
- Developing award-winning software for
- Develop specifications, design products
and subsystems, implement, test, and assist in marketing
- Skills include
algorithm and application development, device driver
development, embedded systems,
- We have developed custom algorithms
and systems to address unique problems in the imaging
An industry leader by applying "The
Science of Imaging".