Bankruptcy Judge OKs $6M Circuit City Patent Sale

Law360, New York (August 29, 2011, 7:10 PM EDT) -- A Virginia bankruptcy judge on Friday approved the $6 million sale of Circuit City Stores Inc.’s intellectual property assets to Innovative Video Security LLC, the highest bidder at an Aug. 16 auction.

U.S. Bankruptcy Judge Kevin R. Huennekens signed off on the transaction, which is for six dozen patents and other intellectual property. The liquidating trust will distribute proceeds of the sale to certain creditors and interest holders.

The $6 million price tag was an eightfold increase over the stalking horse bid of just $750,000 from...
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