Going once. Going twice. Edison Price is Auctioned.
GE Current and Lumenwerx bid on the assets of Edison Price Lighting.
On Monday October 12, an auction was conducted to purchase the main assets of Edison Price Lighting. There were a number of unqualified bidders, but the final auction came down to two well known lighting brands: GE Current, a Daintree Company and Lumenwerx.
- Going into the auction, Current held the lead bid of $1.11M.
- The only two qualified bidders at the auction were Current and Lumenwerx.
- When Current bid $1,318,300, Lumenwerx dropped out.
- Current continues to be in the lead position to purchase the assets of Edison Price.
- Lumenwerx is the backup bidder.
Technically speaking, the assets of Edison Price Lighting are being sold – not the company. Edison Price Lighting, the company, will continue with its bankruptcy proceedings. But the brand will belong to the new owner as will equipment, raw materials, finished goods, trade names, corporate names, product names, service marks, patents, copyrights, logos, URLs, domain names, etc.
Next Steps:
October 13: The deadline to object to the sale.
October 14: Court hearing approve the asset sale.
October 29: If approved by the court, this is the deadline to close the transaction.
Related: Edison Price Agrees to Sell Business (Oct 5, 2020)
Related: Edison Price Files Bankruptcy (May 6, 2020)
Summary by Edison Price Lighting:
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