The DAK Group was selected as the investment bank and financial advisor to the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy case of San Francisco-based drone startup company Lily Robotics, Inc. Lily Robotics promoted an autonomous flying drone camera that would capture photos and videos; the camera would be waterproof, capable of being launched with a throw, and able to navigate itself around subjects while recording. On the same day that the company announced it would be shutting down due to lack of funds, the District Attorney of San Francisco filed a lawsuit, alleging the company had made false and misleading statements about its camera drone.
Lily Robotics filed for Chapter 11 protection in the United States Bankruptcy Court for the District of Delaware on March 15, 2016. Lily Robotics announced it will use this case “to pursue an auction of its intellectual property, to complete a sale transaction, and to wind down its estate in an orderly fashion”.
The DAK Group team is led by Sheon Karol, Managing Director. Karol states: “While Lily Robotics failed to develop the Lily Camera, it did develop an innovative concept. My goal is to facilitate a Chapter 11 sale of the company’s intellectual property and maximize proceeds to the unsecured creditors. We hope that savvy investors will find value in the intellectual property and the concept will finally catch flight.”
The Committee selected Lowenstein Sandler as counsel, led by Bruce Buechler, Partner, and Richards, Layton & Finger as local counsel, led by Mark D. Collins, Partner.
About The DAK Group
The DAK Group is a leading investment bank serving mid-market privately held businesses in the areas of mergers and acquisitions, business sale, financial restructuring, bankruptcy, capital advisory, valuations and fairness opinions. Since 1984, The DAK Group has executed hundreds of transactions across a wide range of industries, including food, industrial manufacturing and distribution, telecommunications and technology, business services, packaging, consumer products and healthcare. DAK offers a propriety process that allows clients to maximize the value of their business. The DAK Group is headquartered in Rochelle Park, NJ with offices in New York and Philadelphia. www.dakgroup.com
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