Hilco to Auction Advanta Intellectual Property Assets
FTI Consulting in its capacity as trustee for the AC liquidating trust, will auction the intellectual property assets of Advanta and certain of its former affiliates and subsidiaries on September 24, 2012.
After receiving expressions of interest to acquire Advanta’s intellectual property portfolio, FTI announced that it retained Hilco Streambank, an intellectual property advisory firm, to run an auction sale aimed at maximizing the value of Advanta’s intellectual property.
Prior to its 2009 Chapter 11 bankruptcy filing, Advanta was one of the largest issuers of business credit cards in the United States. When it operated its consumer credit card line, Advanta had seven million credit card holders. Advanta’s nationally recognized name – well known for everything from business and consumer credit cards to insurance, leasing and mortgage lending – is an attractive asset to a multitude of entities.
Jack Hazan, EVP at Hilco Streambank said, “This is a significant opportunity for interested buyers – whether they are new entrants seeking recognition in the U.S. market or current companies seeking to expand their audience. Beyond the 40 plus registered trademarks available, Advanta will also sell more than 600 domain names and 5 copyrights.”