Elliott Greenleaf has been selected as Special Intellectual Property Counsel to the Creditors’ Committee in the In re: Ames Holding Corp., et al., Case No. 09-14406 (CSS) bankruptcy cases pending in the United States Bankruptcy Court in Wilmington, Delaware. The Debtors estimated the value of its intangible and intellectual property at approximately $140 million as of filing of the petitions.
The Georgia-based Debtors are the leading designers, manufacturers, marketers and distributors of “automatic taping and finishing” (“ATF”) tools used to increase productivity in interior drywall finishing. Ames’ main customers for ATF are residential and commercial construction companies.
The company is currently for sale and the stalking horse bid includes $18 million in new term loans and a 21.5 percent ownership stake in the company. Proceeds from the sale will pay off Ames’ pre-bankruptcy lenders and allow the company to be recapitalized.
Elliott Greenleaf was selected based on the Firm’s intellectual property and bankruptcy litigation experience. Managing Shareholder of the Firm’s Delaware office, Rafael X. Zahralddin-Aravena, Counsel and patent attorney Kenneth (Ken) L. Dorsney, and Darcy A. White are leading the Firm’s efforts in this matter.