Lily Robotics Sells IP Assets For $750K In Ch. 11 Deal

Law360, Wilmington (June 15, 2017, 6:24 PM EDT) -- Bankrupt flying-camera drone company Lily Robotics Inc. received court approval Thursday in Delaware for a pair of sales of its intellectual property assets, including patents for its undelivered camera platform and brand trademarks, that will net the company $750,000.

During a hearing in Wilmington, attorneys for Lily said an auction last week resulted in several rounds of bidding that pumped up the sale prices significantly, with three entities making repeated topping offers to arrive at the combined deal price of $750,000.

"Today is a positive milestone in the case which we're happy to report," Lily attorney Douglas Mintz of Orrick Herrington...

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