Force 10 Partners is pleased to announce the sale of the majority of the assets, including the intellectual property of EarthOne Circuit Technology Corporation (dba eSurface) under section 363 of the United States Bankruptcy Code. eSurface was established in August 2010 to develop and market an evolutionary, patented technology for applied conductive materials on virtually any surface. eSurface focused on the circuit board (PCB).
eSurface filed for Chapter 11 bankruptcy protection on June 21, 2017, and operated as a debtor-in-possession until October 17, 2017 when the case was converted to Chapter 7 and Richard Marshack was appointed Chapter 7 Trustee. The Trustee employed Force 10 to maximize the value of assets for the benefit of all creditors. Concurrent with running a process to find the highest and best offer, Force 10 negotiated a stalking horse bid with the secured lenders which included cash consideration in addition to all of their secured debt. Force 10 then confirmed with other potential interested parties that there were no overbidders and the sale proceeded on December 12th, 2017. After the statutory appeal period expires, the transaction will close. Force 10 is also engaged to investigate and help pursue other liquidated and unliquidated assets of eSurface.
Force 10 partners have completed over 100 engagements. Force 10’s recent Chapter 11 success includes the Chapter 11 confirmations of AirFastTickets, Inc., Turnberry/MGM Grand Towers, and a $17 million individual real estate asset case. Other current engagements include the Creditor’s Committee of East Coast Foods (dba Roscoe’s Chicken and Waffles), Financial Advisor to the Trustee of Don Rose Oil and CRO roles with XS Ranch Fund and Pacific Mortgage Fund as well as numerous other debtors and creditors.
Force 10 Partners, LLC, is based in Newport Beach, California. The advisory firm has deep domain knowledge in financial and operational corporate restructuring, valuation, forensic accounting, complex litigation support, and computations involved in court proceedings and dispute resolution. Force 10 serves middle-market companies as well as their creditors, stakeholders, and professionals, in roles including financial advisor, interim manager, fiduciary services, expert witness, financier, and M&A advisor.
Force 10 Partners, LLC
20341 SW Birch Street
Newport Beach, CA 92660