Document:

ex107.htm

EXHIBIT 10.7

 

 

ESCROW AGREEMENT

 

 

           This Agreement is dated as of the 24th day of November, 2010 among Enter Corp., a Delaware corporation (the “Company”), the subscribers listed on Schedule 1 hereto (“Subscribers”), and Grushko & Mittman, P.C. (the “Escrow Agent”):

 

W I T N E S S E T H:

 

           WHEREAS, the Company and Subscribers have entered into a Subscription Agreement calling for the sale by the Company to the Subscribers of  secured convertible Notes and Warrants for an aggregate purchase price of up to $3,000,000; and

 

           WHEREAS, the parties hereto require the Company to deliver the Notes and Warrants against payment therefor, with such Notes and the Escrowed Funds to be delivered to the Escrow Agent, along with the other documents, instruments and payments hereinafter described, to be held in escrow and released by the Escrow Agent in accordance with the terms and conditions of this Agreement; and

 

           WHEREAS, the Escrow Agent is willing to serve as escrow agent pursuant to the terms and conditions of this Agreement;

 

           NOW THEREFORE, the parties agree as follows:

 

ARTICLE I

 

INTERPRETATION

 

           1.1.           Definitions.  Capitalized terms used and not otherwise defined herein that are defined in the Subscription Agreement shall have the meanings given to such terms in the Subscription Agreement.  Whenever used in this Agreement, the following terms shall have the following respective meanings:

 

§ “Agreement” means this Agreement and all amendments made hereto and thereto by written agreement between the parties;

 

§ “Collateral Agent” shall mean SNK Consulting Services LLC;

 

§ “Closing Date” shall have the meaning set forth in Section 1 of the Subscription Agreement;

 

§ “Debentures” shall have the meaning set forth in Section 13 of the Subscription Agreement;

 

§  “Escrowed Payment” means an aggregate cash payment of up to $3,000,000;

 

§ “FLM” means FLM Holdings LLC, a Nevada limited liability company, referred to in Section 13 of the Subscription Agreement;

 

§ “FLM UCC-3” shall have the meaning set forth in Section 13 of the Subscription Agreement;

 

  

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§ “Guaranty” shall have the meaning set forth in Section 3 of the Subscription Agreement;

 

§  “Legal Opinion” means the original signed legal opinion referred to in Section 6 of the Subscription Agreement;

 

§ “Lockup Agreement” shall have the meaning set forth in Section 9(x) of the Subscription Agreement;

 

§ “Note” shall have the meaning set forth in the second recital to the Subscription Agreement;

 

§ “Principal Amount” shall mean an aggregate of up to $3,000,000;

 

§ “Security Agreement” shall have the meaning set forth in Section 3 of the Subscription Agreement and shall include the deliveries required to be made therewith at the time of execution;

 

§  “Subscriber Legal Fees” shall have the meaning set forth in Section 8(b) of the Subscription Agreement;

 

§ “Subscription Agreement” means the Subscription Agreement (and the exhibits and schedules thereto) entered into or to be entered into by the Company and Subscribers in reference to the sale and purchase of the Notes and Warrants;

 

§ “Warrants” shall have the meaning set forth in Section 2(b) of the Subscription Agreement;

 

§ Collectively, the Debentures, FLM UCC-3, Guaranty, Legal Opinion, Lockup Agreements, Notes, Security Agreement, Warrants, and Subscription Agreement signed and executed by all signators thereto other than the Subscribers, and Subscriber Legal Fees are referred to as “Company Documents”; and

 

§ Collectively, the Escrowed Payment and the Subscribers executed Subscription Agreement and Security Agreement are referred to as “Subscriber Documents.”

 

           1.2.           Entire Agreement.  This Agreement along with the Company Documents and the Subscriber Documents to which the Subscriber and the Company or Subsidiary are a party constitute the entire agreement between the parties hereto pertaining to the Company Documents and Subscriber Documents and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties.  There are no warranties, representations and other agreements made by the parties in connection with the subject matter hereof, except as specifically set forth in this Agreement, the Company Documents and the Subscriber Documents.

 

           1.3.           Extended Meanings.  In this Agreement words importing the singular number include the plural and vice versa; words importing the masculine gender include the feminine and neuter genders.  The word “person” includes an individual, body corporate, partnership, trustee or trust or unincorporated association, executor, administrator or legal representative.

 

           1.4.           Waivers and Amendments.  This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by all parties, or, in the case of a waiver, by the party waiving compliance.  Except as expressly stated herein, no delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege hereunder preclude any other or future exercise of any other right, power or privilege hereunder.

 

  

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           1.5.           Headings.  The division of this Agreement into articles, sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement.

 

           1.6.           Law Governing this Agreement.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York without regard to conflicts of laws principles that would result in the application of the substantive laws of another jurisdiction.  Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in the state of New York.  Both parties and the individuals executing this Agreement and other agreements on behalf of the Company agree to submit to the jurisdiction of such courts and waive trial by jury.  The prevailing party (which shall be the party which receives an award most closely resembling the remedy or action sought) shall be entitled to recover from the other party its reasonable attorney’s fees and costs.  In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law.  Any such provision which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.

 

           1.7.           Specific Enforcement, Consent to Jurisdiction.  The Company and Subscribers acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached.  It is accordingly agreed that the parties shall be entitled to an injuction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof or thereof, this being in addition to any other remedy to which any of them may be entitled by law or equity.  Subject to Section 1.6 hereof, each of the Company and Subscribers hereby waives, and agrees not to assert in any such suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of such court, that the suit, action or proceeding is brought in an inconvenient forum or that the venue of the suit, action or proceeding is improper.  Nothing in this Section shall affect or limit any right to serve process in any other manner permitted by law.

 

ARTICLE II

 

DELIVERIES TO THE ESCROW AGENT

 

           2.1.           Company Deliveries.  On or before the Closing Date, the Company shall execute and deliver the Company Documents to the Escrow Agent.

 

 

           2.2.           Subscriber Deliveries.  On or before the Closing Date, Subscribers shall execute and deliver the Subscription Agreements and Security Agreement, and shall deliver the Escrowed Payment in cash, to the Escrow Agent.  The Escrowed Payment will be delivered pursuant to the following wire transfer instructions:

Citibank, N.A.

1155 6th Avenue

New York, NY 10036

ABA Number: 0210-00089

For Credit to: Grushko & Mittman, IOLA Trust Account

Account Number: 45208884

 

  

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           2.3.           Intention to Create Escrow Over Company Documents and Subscriber Documents.  The Subscribers and Company intend that the Company Documents and Subscriber Documents shall be held in escrow by the Escrow Agent pursuant to this Agreement for their benefit as set forth herein.

 

           2.4.           Escrow Agent to Deliver Company Documents and Subscriber Documents.  The Escrow Agent shall hold and release the Company Documents and Subscriber Documents only in accordance with the terms and conditions of this Agreement.

 

ARTICLE III

 

RELEASE OF COMPANY DOCUMENTS AND SUBSCRIBER DOCUMENTS

 

           3.1.           Release of Escrow.  Subject to the provisions of Section 4.2, the Escrow Agent shall release the Company Documents and Subscriber Documents as follows:

 

                      (a)           On the Closing Date, the Escrow Agent will simultaneously release the Company Documents to the Subscribers and release the Subscriber Documents to the Company, except that:

 

(i)           Subscriber Legal Fees will be released directly to the Subscriber’s attorneys, and

 

(ii)           the Security Agreement and FLM UCC-3 will be released to the Collateral Agent,

 

(b)           On the Closing Date, an amount equal to $900,000 of the Escrowed Payment will be retained in escrow and not released pursuant to Section 3.1(a).  Additional funds may be deposited and will be retained in escrow pursuant to this Section 3.1(b) as described in Section 1(c) of the Subscription Agreement.  Such portion of the Escrowed Payment will be retained in escrow by the Escrow Agent pursuant to this Agreement in a non-interest bearing account and released to the Company or on the Company’s behalf not more frequently than one time each ten days.  A request for release must be made in writing to the Escrow Agent and Collateral Agent.  The request must include a copy of unanimously adopted resolutions of the board of directors of the Company certified by the secretary of the Company and the Company’s chief financial officer that (i) the Company is requesting a release of funds and the details thereof including the amount, purposes, and wire delivery instructions, (ii) that such requested funds are for reimbursement of funds which were timely employed in conformity in all material respects with the use of proceeds set forth on Schedule 9(e) to the Subscription Agreement under the heading “Use of Proceeds to be reimbursed After Closing”, and (iii) an Event of Default, or an event that with the giving of notice or the passage of time could become an Event of Default, has not occurred.  The Company must provide to Collateral Agent reasonably satisfactory proof that the funds for which reimbursement is sought had been used for the purposes described in part (ii) of the previous sentence.  The Escrow Agent may not release any funds pursuant to this Section 3.1(b) if an objection to such release has been made by Collateral Agent.  Deviations from Schedule 9(e) to the Subscription Agreement may be made subject to the written approval of the Collateral Agent.  Unless postponed by the Company and Collateral Agent, any funds retained in escrow on the nine month anniversary of the Closing Date will be released to Subscribers requesting such release in proportion to the relative amount of Note principal held by all Subscribers as of such nine month anniversary date.  Upon release to the Subscribers, such sums shall be applied against amounts outstanding on the Notes in the manner set forth in the Notes.  The Escrow Agent may request any written representations, certifications and documents in Escrow Agent’s absolute discretion before releasing any funds from escrow.

 

(c)           Notwithstanding the above, upon receipt by the Escrow Agent of joint written instructions (“Joint Instructions”) signed by the Company and the Subscribers, it shall deliver the Company Documents and Subscriber Documents in accordance with the terms of the Joint Instructions.

 

  

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(d)           Anything herein to the contrary notwithstanding, upon receipt by the Escrow Agent of a final and non-appealable judgment, order, decree or award of a court of competent jurisdiction (a “Court Order”), the Escrow Agent shall deliver the Company Documents and Subscriber Documents in accordance with the Court Order.  Any Court Order shall be accompanied by an opinion of counsel for the party presenting the Court Order to the Escrow Agent (which opinion shall be satisfactory to the Escrow Agent) to the effect that the court issuing the Court Order has competent jurisdiction and that the Court Order is final and non-appealable.

 

           3.2.           A Closing may take place on or before December 15, 2010.  After December 15, 2010, the Escrow Agent will promptly return the applicable Company Documents to the Company and return the Subscriber Documents to the Subscriber except that the Debentures and FLM UCC-3 will be returned to FLM.

 

           3.3.           Acknowledgement of Company and Subscriber; Disputes.  The Company and the Subscribers acknowledge that the only terms and conditions upon which the Company Documents and Subscriber Documents are to be released are set forth in Sections 3 and 4 of this Agreement.  The Company and the Subscribers reaffirm their agreement to abide by the terms and conditions of this Agreement with respect to the release of the Company Documents and Subscriber Documents.  Any dispute with respect to the release of the Company Documents and Subscriber Documents shall be resolved pursuant to Section 4.2 or by agreement between the Company and Subscribers.

ARTICLE IV

CONCERNING THE ESCROW AGENT

4.1.           Duties and Responsibilities of the Escrow Agent.  The Escrow Agent’s duties and responsibilities shall be subject to the following terms and conditions:

 

                      (a)           The Subscribers and Company acknowledge and agree that the Escrow Agent (i) shall not be responsible for or bound by, and shall not be required to inquire into whether either the Subscribers or Company is entitled to receipt of the Company Documents and Subscriber Documents pursuant to any other agreement or otherwise; (ii) shall be obligated only for the performance of such duties as are specifically assumed by the Escrow Agent pursuant to this Agreement; (iii) may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction, instrument, statement, request or document furnished to it hereunder and believed by the Escrow Agent in good faith to be genuine and to have been signed or presented by the proper person or party, without being required to determine the authenticity or correctness of any fact stated therein or the propriety or validity or the service thereof; (iv) may assume that any person believed by the Escrow Agent in good faith to be authorized to give notice or make any statement or execute any document in connection with the provisions hereof is so authorized; (v) shall not be under any duty to give the property held by Escrow Agent hereunder any greater degree of care than Escrow Agent gives its own similar property; and (vi) may consult counsel satisfactory to Escrow Agent, the opinion of such counsel to be full and complete authorization and protection in respect of any action taken, suffered or omitted by Escrow Agent hereunder in good faith and in accordance with the opinion of such counsel.

 

  

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(b)           The Subscribers and Company acknowledge that the Escrow Agent is acting solely as a stakeholder at their request and that the Escrow Agent shall not be liable for any action taken by Escrow Agent in good faith and believed by Escrow Agent to be authorized or within the rights or powers conferred upon Escrow Agent by this Agreement.  The Subscribers and Company, jointly and severally, agree to indemnify and hold harmless the Escrow Agent and any of Escrow Agent’s partners, employees, agents and representatives for any action taken or omitted to be taken by Escrow Agent or any of them hereunder, including the fees of outside counsel and other costs and expenses of defending itself against any claim or liability under this Agreement, except in the case of gross negligence or willful misconduct on Escrow Agent’s part committed in its capacity as Escrow Agent under this Agreement.  The Escrow Agent shall owe a duty only to the Subscribers and Company under this Agreement and to no other person.

 

                      (c)           The Subscribers and Company jointly and severally agree to reimburse the Escrow Agent for outside counsel fees, to the extent authorized hereunder and incurred in connection with the performance of its duties and responsibilities hereunder.

 

                      (d)           The Escrow Agent may at any time resign as Escrow Agent hereunder by giving five (5) days prior written notice of resignation to the Subscribers and the Company.  Prior to the effective date of the resignation as specified in such notice, the Subscribers and Company will issue to the Escrow Agent a Joint Instruction authorizing delivery of the Company Documents and Subscriber Documents to a substitute Escrow Agent selected by the Subscribers and Company.  If no successor Escrow Agent is named by the Subscribers and Company, the Escrow Agent may apply to a court of competent jurisdiction in the State of New York for appointment of a successor Escrow Agent, and to deposit the Company Documents and Subscriber Documents with the clerk of any such court.

 

                      (e)           Other than in connection with the Subscriber Legal Fees, the Escrow Agent does not have and will not have any interest in the Company Documents and Subscriber Documents, but is serving only as escrow agent, having only possession thereof.  The Escrow Agent shall not be liable for any loss resulting from the making or retention of any investment in accordance with this Escrow Agreement.

 

                      (f)           This Agreement sets forth exclusively the duties of the Escrow Agent with respect to any and all matters pertinent thereto and no implied duties or obligations shall be read into this Agreement.

 

                      (g)           The Escrow Agent shall be permitted to act as counsel for the Subscribers in any dispute as to the disposition of the Company Documents and Subscriber Documents, in any other dispute between the Subscribers and Company, whether or not the Escrow Agent is then holding the Company Documents and Subscriber Documents and continues to act as the Escrow Agent hereunder.

 

                      (h)           The provisions of this Section 4.1 shall survive the resignation of the Escrow Agent or the termination of this Agreement.

 

  

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           4.2.           Dispute Resolution: Judgments.  Resolution of disputes arising under this Agreement shall be subject to the following terms and conditions:

 

                      (a)           If any dispute shall arise with respect to the delivery, ownership, right of possession or disposition of the Company Documents and Subscriber Documents, or if the Escrow Agent shall in good faith be uncertain as to its duties or rights hereunder, the Escrow Agent shall be authorized, without liability to anyone, to (i) refrain from taking any action other than to continue to hold the Company Documents and Subscriber Documents pending receipt of a Joint Instruction from the Subscribers and Company, or (ii) deposit the Company Documents and Subscriber Documents with any court of competent jurisdiction in the State of New York, in which event the Escrow Agent shall give written notice thereof to the Subscribers and the Company and shall thereupon be relieved and discharged from all further obligations pursuant to this Agreement.  The Escrow Agent may, but shall be under no duty to, institute or defend any legal proceedings which relate to the Company Documents and Subscriber Documents.  The Escrow Agent shall have the right to retain counsel if it becomes involved in any disagreement, dispute or litigation on account of this Agreement or otherwise determines that it is necessary to consult counsel.

 

                      (b)           The Escrow Agent is hereby expressly authorized to comply with and obey any Court Order.  In case the Escrow Agent obeys or complies with a Court Order, the Escrow Agent shall not be liable to the Subscribers and Company or to any other person, firm, corporation or entity by reason of such compliance.

 

ARTICLE V

 

GENERAL MATTERS

 

           5.1.           Termination.  This escrow shall terminate upon the release of all of the Company Documents and Subscriber Documents or at any time upon the agreement in writing of the Subscribers and Company.

 

           5.2.           Notices.   All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most recently by written notice.  Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur.  The addresses for such communications shall be:

 

(a)           If to the Company, to:

Enter Corp.

460 Brogdon Road, Suite 400

Suwanee, GA 30024

Attn: Tony Erwin, President and CEO

Fax: (678) 762-1122

With a copy by fax only to:

Sichenzia Ross Friedman Ference LLP

61 Broadway, 32nd Floor

New York, NY 10006

Attn: David B. Manno, Esq.

Fax: (212) 930-9725

 

  

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(b)           If to the Subscribers: to the addresses set forth on Schedule 1

With a copy by facsimile only to:

 

Grushko & Mittman, P.C.

515 Rockaway Avenue

Valley Stream, New York 11581

Fax: (212) 697-3575

(c)           If to FLM, to:

FLM Holdings LLC

8 Hop Brook Lane

Holmdel, New Jersey 07733

(d)           If to the Collateral Agent, to:

SNK Consulting Services LLC

6895 W. Nighthawk Drive

Post Fall, Idaho 83854

Attn: Susan U

Fax: (208) 930-4090

 

	
(e)

	
If to the Escrow Agent, to:

 

Grushko & Mittman, P.C.

515 Rockaway Avenue

Valley Stream, New York 11581

Fax: (212) 697-3575

 

or to such other address as any of them shall give to the others by notice made pursuant to this Section 5.2.

 

  

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           5.3.           Interest.  The Escrowed Payment shall not be held in an interest bearing account nor will interest be payable in connection therewith.  In the event the Escrowed Payment is deposited in an interest bearing account, the Subscribers shall be entitled to receive any accrued interest thereon, but only if the Escrow Agent receives from the Subscriber the Subscribers’ United States taxpayer identification number and other requested information and forms.

 

           5.4.           Assignment; Binding Agreement.  Neither this Agreement nor any right or obligation hereunder shall be assignable by any party without the prior written consent of the other parties hereto.  This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective legal representatives, successors and assigns.

 

           5.5.           Invalidity.  In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal, or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be in any way impaired thereby, it being intended that all of the rights and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law.

 

           5.6.           Counterparts/Execution.  This Agreement may be executed in any number of counterparts and by different signatories hereto on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument.  This Agreement may be executed by facsimile transmission and delivered by facsimile transmission.

 

           5.7.           Agreement.  Each of the undersigned states that he has read the foregoing Escrow Agreement and understands and agrees to it.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

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IN WITNESS WHEREOF, the udersigned have executed and delivered this Escrow  Agreement, as of the date first written above.

 

	 	
“COMPANY”

ENTER CORP.

a Delaware corporation

	 
	 	 	 	 
	 	
By: 

	/s/ John Benfield	 
	 	 	John Benfield	 
	 	 	CEO	 
	 	 	 	 
	 	
ESCROW AGENT:

 

GRUSHKO & MITTMAN, P.C.

	 
	 	 	 	 
	 	By: 	/s/ Grushko & Mittman, P.C.	 
	 	Name:	Grushko & Mittman, P.C.	 
	 	 	 	 

SUBSCRIBERS:

 

	ALPHA CAPITAL ANSTALT	 	WHALEHAVEN CAPITAL FUND LIMITED	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/ Konrad Ackerman

	 	By:	
/s/ Eric Weisblom

	 
	Name: 	
Konrad Ackerman   

	 	Name:	
Eric Weisblom

	 
	Title:	
Director   

	 	Title:	
POA

	 

 

	FLM HOLDINGS LLC 	 	FJD HOLDINGS LLC	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/ Sam DelPresto    

	 	By:	
/s/ Frank D’Angostino

	 
	
Name:

	Sam DelPresto	 	
Name:

	Frank D’Angostino	 
	
Title:

	Managing Member	 	
Title:

	
President

	 

 

	FLM HOLDINGS LLC 	 	FJD HOLDINGS LLC	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/

	 	By:	
/s/ 

	 
	
Name:

	 	 	
Name:

	 	 
	
Title:

	 	 	
Title:

	
 

	 

 

	BRIO CAPITAL L.P.  	 	EDWARD KARR	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/Shaye Hirsch

	 	By:	
/s/ Edward Karr

	 
	
Name:

	Shaye Hirsch 	 	
Name:

	 	 
	
Title:

	Managing Partner	 	
Title:

	
 

	 

                                                                                   

	ADVENTURE VENTURES LLC   	 	OSHER CAPITAL PARTNERS LLC	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/ Ari Kluger     

	 	By:	
/s/ Ari Kluger

	 
	
Name:

	Ari Kluger     	 	
Name:

	
Ari Kluger

	 
	
Title:

	 	 	
Title:

	 	 

                                                                                  

	MAIELLA INVESTMENT HOLDINGS LLC      	 	BRISTOL INVESTMENT FUND LTD	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/Gerard Adams   

	 	By:	
/s/ Paul Kessler

	 
	
Name:

	Gerard Adams     	 	
Name:

	Paul Kessler	 
	
Title:

	President 	 	
Title:

	
Director

	 

 

	BRISTOL CAPITAL, LLC	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/ Paul Kessler

	 	 	 	 
	
Name:

	Paul Kessler	 	 	 	 
	
Title:

	Authorized Signatore	 	 	
 

	 

 

	
BRISTOL CAPITAL PROFIT SHARING PLAN

	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
/s/ Paul Kessler

	 	 	 	 
	
Name:

	Paul Kessler	 	
 

	 	 
	
Title:

	Authorized Signatore	 	
 

	
 

	 

 

  

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SCHEDULE 1

(SUBSCRIBERS)

 

	
SUBSCRIBER AND ADDRESS

	
PRINCIPAL AMOUNT

	
CLASS A WARRANT

	
CLASS B WARRANT

	
ALPHA CAPITAL ANSTALT

Pradafant 7

9490 Furstentums

Vaduz, Lichtenstein

Fax: 011-42-32323196

	
$500,000.00

	
1,250,000

	
1,250,000

	
ADVENTURE VENTURES LLC

5 Sansberry Lane

Spring Valley, NY 10977

Fax: (917) 591-3401

	
$125,000.00

	
312,500

	
312,500

	
OSHER CAPITAL PARTNERS LLC

5 Sansberry Lane

Spring Valley, NY 10977

Fax: (917) 591-3401

	
$125,000.00

	
312,500

	
312,500

	
WHALEHAVEN CAPITAL FUND LIMITED

560 Sylvan Avenue

Englewood Cliffs, N.J. 07632

Fax: (201) 586-0258

	
$500,000.00

	
1,250,000

	
1,250,000

	
FLM HOLDINGS LLC

8 Hop Brook Lane

Holmdel, New Jersey 07733

 

 

 

 

	
$506,488.89 represented by the surrender of Debentures consisting of $500,000 of principal amount and $6,488.89 accrued principal

 

	
1,266,222

	
1,266,222

	
FJD HOLDINGS LLC

2005 Edenfield Place

Lakeland, FL 33801

Attn: Frank D’Agostino

Tax ID#: 27-1256035

	
$250,000.00

	
625,000

	
625,000

	
BRIO CAPITAL L.P.

401 E. 34th Street – Suite South 33C

New York, NY 10016

Attn: Shaye Hirsch

Fax: (646) 390-2158

	
$150,000.00

	
375,000

	
375,000

	
EDWARD KARR

Rampartners SA

19 Blvd., Georges-Favon

Geneva, Switzerland 1204

Fax: +41-22-310-8605

	
$100,000.00

	
250,000

	
250,000

 

  

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MAIELLA INVESTMENT HOLDINGS LLC

8100 River Road, Apt. 804

North Bergen, NJ 07047

Fax: (201) 917-5925

	
$150,000.00

	
375,000

	
375,000

	
BRISTOL INVESTMENT FUND, LTD.

c/o Bristol Capital Advisors, LLC

6353 W. Sunset Blvd., Suite 4006

Hollywood, CA 90028

Attn: Amy Wang, Esq.

Fax: (323) 960-3805

	
$280,000.00

	
700,000

	
700,000

	
BRISTOL CAPITAL ADVISORS PROFIT SHARING PLAN

c/o Bristol Capital Advisors, LLC

6353 W. Sunset Blvd., Suite 4006

Hollywood, CA 90028

Attn: Amy Wang, Esq.

Fax: (323) 960-3805

	
$40,000.00

	
100,000

	
100,000

	
BRISTOL CAPITAL, LLC

c/o Bristol Capital Advisors, LLC

6353 W. Sunset Blvd., Suite 4006

Hollywood, CA 90028

Attn: Amy Wang, Esq.

Fax: (323) 960-3805

	
$80,000.00

	
200,000

	
200,000

	
TOTALS

	
$2,806,488.89

	
7,016,222

	
7,016,222

 

 

 

 

 

 

12ex108.htm

EXHIBIT 10.8

 

	 	
MISC BK0001 IPG0323

	
FILED AND RECORDED 

CLERK SUPERIOR COURT 

GWINNETI COUNTY. GA

2010 SEP 23 PM 1: 33

TOM LAWLER. CLERK

	 	 	 
	 	 	 

 

 

 

 

 

	 STATE OF GEORGIA	 	Upon recording, please return to:
	 	 	Grisanti, Galef, Goldress
	COUNTY OF GWINNETT	 	5883 Glenridge Drive NE, Ste 160
	 	 	 Atlanta, GA 30328

 

 

DEED OF ASSIGNMENT

 

ASSIGNMENT, made 21st day of September, 2010, between The Brainy Baby Company, LLC a Georgia corporation with a principal place of business at 460 Brogdon Road, Suite 400 Suwanee GA 30024 ("Assignor") and Asset Recovery Associates, LLC, whose address is 5883 Glenridge Drive, Suite 160 Atlanta GA 30328 ("Assignee").

 

WHEREAS, the Assignor has been engaged in the producing and distributing DVDs and other products;

 

WHEREAS, the Assignor is indebted to creditors, as set forth in Exhibit A annexed hereto, is unable to pay its debts as they become due, and is desirous of providing for the payment of its debts, so far as possible, by an assignment of all of its assets for that purpose.

 

NOW, THEREFORE, the Assignor, in consideration of the Assignee's acceptance of this assignment, and for other good and valuable consideration, hereby grants, assigns, conveys, transfers, and sets over unto the Assignee, its successors and assigns, all of its assets, including, but not limited to, all personal property, fixtures, goods, stock, inventory, equipment, furniture, furnishings, accounts receivable, bank deposits, cash, promissory notes, cash value and proceeds

 

 

  

1

  

 

 

 

MISC 8K00011PG03214

 

 

of life insurance policies, trade names, good will, contracts, claims and demands belonging to the Assignor, books, records, books of account, choses in action, judgments, liens, and mortgages held or owned by Assignor, wherever such assets may be located (hereinafter, the "Estate") as such assets are, to the best knowledge and belief of the Assignor, set forth on Exhibit B annexed hereto.

 

The Assignee shall take possession of and administer the Estate in accordance with the provisions of O.C.G.A. § 18-2-40, et seq., and may continue to operate Assignor's business for a limited period of time, with reasonable dispatch, in order to liquidate and maximize the value of the assets of the Estate and convert the Estate into money, collect all claims and demands hereby assigned as may be collectible, and pay and discharge all reasonable attorneys fees, expenses, costs, and disbursements in connection with the execution and administration of this assignment (hereinafter, the "Administrative Expenses") from the proceeds of such liquidations and collections. The Administrative Expenses are agreed to be five thousand dollars only ($5,000.00).

 

The Assignee shall then pay and discharge in full, to the extent that funds are available in the Estate after payment of the Administrative Expenses as set forth above, all of the debts and liabilities now due from the Assignor, including interest on such debts and liabilities. If funds in the Estate are insufficient to pay all debts and liabilities in full, then proceeds shall be paid as follows according to the categories listed on Exhibit A attached hereto: (i) the Assignee shall first pay to creditors with valid and perfected liens on and security interests in the assets sold (the "Secured Creditors") (hereinafter, all such liens and security interests are referred to as "Liens") all proceeds of the sale of the assets to which such Liens attach in the order of priority established under applicable Georgia law; (ii) after payment in full of all creditors with Liens on

 

 

 

  

2

  

 

 

MISC BK0001 1PG0325

 

the assets sold, the Assignee shall pay any taxing authorities that do not have Liens on the assets sold (the "Taxing Authorities"); and (iii) after payment in full of the Taxing Authorities, the Assignee shall pay the remaining proceeds to general unsecured creditors (including any creditors holding Liens that have deficiency claims after payment of the proceeds from the sale of assets to which such Liens attach) (the "Unsecured Creditors") on a pro rata basis.

 

In the event all debts and liabilities are paid in full, any funds in the Estate shall be returned to the Assignor.

 

To accomplish the purposes of this assignment, the Assignor hereby appoints the Assignee its true and lawful attorney, irrevocable, with full power and authority to do all acts and things which may be necessary to execute the assignment hereby created; to demand and recover from all persons all assets of the Estate; to sue for the recovery of such assets; to execute, acknowledge, and deliver all necessary deeds, instruments, and conveyances; and to appoint one or more attorneys to assist in carrying out the Assignee's duties hereunder.

 

The Assignor hereby authorizes the Assignee to sign the name of the Assignor to any check, draft, promissory note, or other instrument in writing which is payable to the order of Assignor, or to sign the name of the Assignor to any instrument in writing, whenever it shall be necessary to carry out the purposes of this assignment.

 

At and from time to time following the date hereof, Assignor shall, and shall cause its respective affiliates, directors, officers, personnel, independent contractors, agents, and other representatives to execute, deliver, file, and record any and all agreements, instruments, certificates, or other documents and take such other actions as may be reasonably necessary or desirable to effectuate the assignment and transfer to Assignee.

 

 

 

  

3

  

 

MISC BK0001 1PG0326

 

 

The Assignee shall have all rights and powers available under Georgia law, including O.C.G.A. § 11-9-309 and O.C.G.A. § 18-2-54.

 

The Assignee shall be authorized to pay at the closing of a sale all valid claims of creditors holding Liens against the assets sold, such creditors not constituting "preferred creditors" as contemplated by O.C.G.A. § 18-2-53.

 

In accordance with O.C.G.A. § 18-2-46, annexed hereto is an affidavit executed by the Assignor stating that (i) this assignment conveys all property held, claimed, or owned by the Assignor, (ii) all recitals and all estimates of totals and values herein and the list of creditors annexed hereto are true and correct to the best of the Assignor's knowledge and belief, and (iii) this assignment was not made for the purpose of hindering, delaying, or defrauding creditors.

 

 

 

 

  

4

  

 

 

 

MISC BK0001 1PG0327

 

 

 

 

 

 

 

 

  

5

  

 

 

MISC BK0001 1PG0328

 

 

 

 

EXHIBIT "A"

 

(List of Creditors)

 

 

 

 

 

 

  

6

  

 

 

 

MISC BK0001 1PG0329

Secured Creditors

 

	
Creditor

	
Address

	 	
Balance total

	 
	
First Citizens Bank

	
3300 Cumberland Blvd., SE Atlanta, GA30339

	 	$	345,575.94	 
	
Hewlett-Packard Financial Services Co

	
P.O. Box 402582 Atlanta, GA 30384-2582

	 	$	40,077.00	 
	
JP Morgan Chase

	
Akron Centre, 9th Floor Oh2-510

Attention Roger Oliver 50 S. Main Street Akron, OH 44308

	 	$	49, 220.76	 
	
Total

	  	 	$	434,873.70	 
	  	  	 	 	 	 

 

 

Taxing Authorities

 

	
Authority

	
Address

	 	
Balance Total

	 
	
US Department of Treasury

	
Ogden, UT 84201-0005

	 	$	35,884.10	 
	
State of Georgia Department of Revenue

	
P.O. Box 105665 Atlanta, GA 30348-5665

	 	$	3,936.14	 
	
Georgia Department of Labor

	
PO Box 740234 Atlanta GA 30374

	 	$	0.00	 
	
Gwinnett County Tax Commissioner

	
75 Langley Dr, Lawrenceville, GA 30046

	 	$	0.00	 
	
Total

	  	 	$	39,820.24	 

 

 

Unseccured Creditors

 

	  

Name

	
Address

	
City

	
Stat

e

	 	
Zip

	 	 	
Amount

	 
	
Alan Luce

	
7 South Point Drive

	
Asheville

	
NC

	 	 	28804	 	 	$	2,720.14	 
	
Arochi,

Marroquin & Lindner

	
Insurgentes Sur 1605- Piso 20

	
Col. San

Jose

Insurgentes

	
MEX

ICO

	 	 	03900	 	 	$	5,086.97	 
	
AVS Computer

Services

	
4482 Commerce Drive, Suite 106

	
Buford

	
GA

	 	 	30518	 	 	$	6,387.23	 
	
Baby IQ Media

	
The Copper Room, The Deva Centre, Trinity Way

	
Manchester

	
U.K.

	 	
M37BG

	 	 	$	17,875.75	 
	
Howard Bowen do Robert N.

	
3490 Piedmont Rd NE, Suite 400

	
Atlanta,

	
GA

	 	 	30305-4808	 	 	$	350,000.00	 

 

 

 

  

7

  

 

 

MISC BK0001 1PG0330

 

 

	
Dokson, Ellis Funk, P.C.

	
One Securities Center

	  	  	 	 	 	 	 	 
	
Bozeman & Associates

	
9815 Gloucester Drive

	
Beverly Hills

	
CA

	 	 	90210	 	 	$	827.75	 
	
Business Mailing Services

	
163 Breakstone Drive

	
Dahlonega

	
GA

	 	 	30533	 	 	$	1,308.85	 
	
Casey Gilson P.C.

	
Six Concourse Pkwy., Suite 2200

	
Atlanta

	
GA

	 	 	30328	 	 	$	3,266.84	 
	
De Las Carreras & Chatoupka

	
Maipu 757, 5th Floor

	
Buenos

Aires

	
ARG

ENTI

NA

	 	
C1006AC1

	 	 	$	784.80	 
	
Deacons

	
5th Floor, Alexandra House, 18 Chater Rd., Central

	
Central 1

	
HON

G

KON

G

	 	
DX-009010

	 	 	$	359.12	 
	
Fedex (Account#

2519-2330-2)

	
P.O. Box 660481

	
Dallas

	
TX

	 	 	75266-0481	 	 	$	1,082.82	 
	
Fineline Technologies, Inc.

	
P.O. Box 921933

	
Norcross

	
GA

	 	 	30010	 	 	$	900.31	 
	
Fiscal Integrity

	
P.O. Box 464306

	
Lawrencevill

e

	
GA

	 	 	30042	 	 	$	15,100.02	 
	
FLM Group LLC

	
8 Hop Brook Lane

	
Holmdel

	
NJ

	 	 	07733	 	 	$	150,000.00	 
	
Gwinnett

Chamber of Commerce

	
6500 Sugarloaf Pkwy

	
Duluth

	
GA

	 	 	30097	 	 	$	3,500.00	 
	
Tracie Hicks

	
P.O. Box 1953

	
Loganville

	
GA

	 	 	30052	 	 	$	670.00	 
	
Lee B. Beitchman

	
PO Box 7929

	
Atlanta

	
GA

	 	 	30357	 	 	$	2,145.00	 
	
Mada Design Inc

	
630 Third Ave, Fourteenth Floor

	
New York

	
NY

	 	 	10017	 	 	$	7,500.00	 
	
Mary Meyer

	
1 Teddy Bear Lane, PO Box 275

	
Townsend

	
VT

	 	 	05353	 	 	$	673.00	 
	
Momsen, Leonardos & CIA

	
Rua Teofilo Ottoni, 63-10 Andar Centro

	
Rio De

Jeneiro- RJ

	
BRA

ZIL

	 	 	20.090-080	 	 	$	4,114.89	 
	
Multivision Productions Inc.

	
109 Agora Lane, Suite 5396

	
Ellijay

	
GA

	 	 	30540	 	 	$	73.52	 
	
Packaging & Design Co.

	
4600 Stonegate Industrial Blvd.

	
Stone

Mountain

	
GA

	 	 	30083	 	 	$	517.47	 
	
Plumfield

Financial

Services, LLC

	
P.O. Box 23

	
Grayson

	
GA

	 	 	30017	 	 	$	1,991.39	 
	
Productivity PR, Inc.

	
22801 Ventura Blvd., Suite 207

	
Woodland

Hills

	
CA

	 	 	91364	 	 	$	8,100.00	 
	
Ridout & Maybee

	
225 King Street West, 10th Floor

	
Toronto

	
ONT

ARI

0

	 	 	M5V 3M2	 	 	$	1,283.72	 
	
Salem Media of Georgia - The

Fish

	
2970 Peachtree Rd., NW, Suite 700

	
Atlanta

	
GA

	 	 	30305	 	 	$	3,960.00	 
	
Sally Randall Design

	
7840 Wilson Farm Rd.

	
Summerfield

	
NC

	 	 	27358	 	 	$	1,750.00	 
	
Sheppard, Mullin, Richter &

	
17th Floor, Four Embarcadero Center

	
San

Fransisco

	
CA

	 	 	94111-4106	 	 	$	100,000.00	 

 

 

 

  

8

  

 

MISC BK0001 1PG0331

 

	
Hampton

	  	  	  	 	 	 	 	 	 
	
Spoor Fisher

	
P.O. Box 454

	
Pretoria,

0001

	 	 	
SOUTH AFRICA

	 	 	$	858.00	 
	
STA, Inc.

	
52 Lorraine Drive

	
North York

	
ONT

ARI

0

	 	 	M2N 2E6	 	 	$	400.00	 
	
Stephen Gould Corporation

	
2940 Old Norcross Road # 500

	
Duluth

	
GA

	 	 	30096	 	 	$	26,780.48	 
	
Sycip Salazar Hernandez & Gatmaitan

	
4th Floor, SSHG

Law Centre, 105

Paseo de Roxas

	
Makati City

	 	 	
PHILIPPINES

	 	 	$	241.95	 

 

	
Technicolor

	
3233 Mission Oaks Blvd

	
Camarillo

	
CA

	 	 	93012	 	 	$	132,449.79	 
	
The Cannary

	
727 South Main Street

	
Burbank

	
CA

	 	 	91506	 	 	$	4,865.00	 
	
Tycoon Entertainment Grp

	
Presa Salinillas,

370-904

	
Col.

Irrigacion

	
MEXIC

0

	 	 	11500	 	 	$	6,334.00	 
	
University of Texas at Austin

	
Office of Accounting, PO Box 7159

	
Austin

	
TX

	 	 	78713-7159	 	 	$	26,074.21	 
	
Wildwood Lake

	
P.O. Box 3608

	
Suwanee

	
GA

	 	 	30024	 	 	$	14,707.35	 
	
Advanta Bank Corporation

	
P.O. Box 30715

	
Salt Lake

City

	
UT

	 	 	84130-0715	 	 	$	15,048.79	 
	
American Express

	
P.O. Box 981535

	
EL Paso

	
TX

	 	 	79998-1535	 	 	$	10,238.46	 
	
American Express

	
P.O. Box 981535

	
EL Paso

	
TX

	 	 	79998-1535	 	 	$	12,153.74	 
	
American Express

	
P.O. Box 981535

	
EL Paso

	
TX

	 	 	79998-1535	 	 	$	4,535.15	 
	
Bank of America

	
P.O. Box 15028

	
Wilmington

	
DE

	 	 	19850-5028	 	 	$	12,838.13	 
	
Bank of America

	
P.O. Box 15184

	
Wilmington

	
DE

	 	 	19850-5184	 	 	$	10,788.73	 
	
Bank of America

	
P.O. Box 15184

	
Wilmington

	
DE

	 	 	19850-5184	 	 	$	16,501.63	 
	
Bank of America

	
P.O. Box 15184

	
Wilmington

	
DE

	 	 	19850-5184	 	 	$	27,727.19	 
	
Bank of America

	
P.O. Box 15026

	
Wilmington

	
DE

	 	 	19850-5026	 	 	$	20,832.50	 
	
Bank of North Georgia

	
Commerical

Customer Support, PO Box 23061

	
Columbus

	
GA

	 	 	31902-3061	 	 	$	5,008.50	 
	
HSBC for Best Buy

	
P.O. Box 4160

	
Carol

Stream

	
IL

	 	 	60197-4160	 	 	$	931.10	 
	
Capital One Bank

	
P.O. Box 30285

	
Salt Lake

City

	
UT

	 	 	84130-0285	 	 	$	1,256.14	 
	
Capital One Bank

	
P.O. Box 30285

	
Salt Lake

City

	
UT

	 	 	84130-0285	 	 	$	1,367.03	 
	
Capital One Bank

	
P.O. Box 30285

	
Salt Lake

City

	
UT

	 	 	84130-0285	 	 	$	4,186.60	 
	
Chase Bank

	
P.O. Box 15298

	
Wilmington

	
DE

	 	 	19850-5298	 	 	$	14,175.67	 
	
Chase Bank

	
P.O. Box 15298

	
Wilmington

	
DE

	 	 	60120	 	 	$	3,336.31	 
	
Chase Bank

	
P.O. Box 15298

	
Wilmington

	
DE

	 	 	19850-5298	 	 	$	14,870.37	 
	
CitiCards

	
P.O. Box 6235

	
Sioux Falls

	
SD

	 	 	57117-6235	 	 	$	10,510.95	 
	
Home Depot Credit Services

	
P.O. Box 653002

	
Dallas

	
TX

	 	 	75265-3002	 	 	$	2,205.55	 
	
Home Depot Credit Services

	
P.O. Box 653002

	
Dallas

	
TX

	 	 	75265-3002	 	 	$	12,266.33	 

 

 

 

  

9

  

 

MISC BK0001 1PG0332

 

	
Home Depot Credit Services

	
P.O. Box 653002

	
Dallas

	
TX

	 	 	75265-3002	 	 	$	4,412.82	 
	
Home Depot

	
P.O. Box 689147

	
Des Moines

	
IA

	 	 	50368-9147	 	 	$	8,133.83	 
	
Lowe's Business Acct!GEMB

	
P.O. Box 981401

	
EL Paso

	
TX

	 	 	79998-1401	 	 	$	2,427.03	 
	
Office Max

	
P.O. Box 4160

	
Carol

Stream

	
IL

	 	 	60197-4160	 	 	$	2,616.96	 
	
Staples

	
P.O. Box 689020

	
Des Moines

	
IA

	 	 	50368-9020	 	 	$	1,512.14	 
	
Suntrust Bank

	
P.O. Box 4997

	
Orlando

	
FL

	 	 	32802-4997	 	 	$	25,204.95	 
	
Wells Fargo

	
WF Business Direct, P.O. Box 348750

	
Sacramento

	
CA

	 	 	95834	 	 	$	14,816.43	 
	
Total

	  	  	  	 	 	 	 	 	$	1,164,593.40	 

 

TOTAL SECURED, UNSECURED & TAXES: $1,639,287.34

 

 

  

10

  

 

MISC BK0001 1PG0333

 

 

 

EXHIBIT "B"

 

(List of Assets)

 

 

 

  

11

  

 

 

 

MISC BK0001 1PG0334

Real Estate None owned Cash

	
Description

	 	
Cash Balance

	 
	  	 	 	 
	
Cash on Deposit

	 	$	545.23	 
	  	 	$	545.23	 

 

Accounts Receivable

	
Company

	 	
Total

	 
	
Allied Trade Group

	 	$	20.40	 
	
Bayview Entertainment, LLC

	 	$	16,074.60	 
	
Big Kids Productions

	 	$	1,836.72	 
	
Blanchard's Office Supply

	 	$	169.70	 
	
Camp Fire Store (Meacham)

	 	$	235.57	 
	
Christian Book Distributors

	 	$	318.00	 
	
ConsumerVision

	 	$	4,617.60	 
	
Destination Rewards

	 	$	663.55	 
	
Greekshops.com

	 	$	100.40	 
	
Hiwcity/Branch4u, Inc.

	 	$	208.45	 
	
Kazoo & Co.

	 	$	250.74	 
	
Madera Video

	 	$	727.75	 
	
Right Start/ Little Rock NEW

	 	$	192.00	 
	
Right Start/Chino NEW

	 	$	432.00	 
	
Santa Barbara Museum of Art

	 	$	-60.50	 
	
Studio 4 Networks, Inc.

	 	$	500.00	 
	
The Teacher's Aid, Inc.

	 	$	329.48	 
	
Trinity Broadcasting Network

	 	$	15,000.00	 
	
UnbeatableSale. com , Inc.

	 	$	112.20	 
	
Total

	 	$	41,728.66	 

 

Inventory

 

	
Type

	 	
Book Value

	 	 	
Liquidation Value

	 
	  	 	 	 	 	 	 
	
Inventory

	 	$	129,883.55	 	 	 	 
	
Consgined to QVC

	 	$	23,400.00	 	 	 	 
	
Total

	 	$	153,283.55	 	 	$	25,000.00	 

 

 

 

 

  

12

  

 

 

MISC BK0001 1PG035

 

 

 

Fixed Assets

 

 

	
DescriptionLiquidation Value

	 	 	 
	 	 	 	 
	 Office  	 	$	10,000.00	 
	 	 	 	 	 
	 Total   	 	$	10,000.00	 
	 	 	 	 	 
	
Other

	 	 	 	 
	 	 	 	 	 
	
Certain intellectual property that has an undetermined value.

	 	 	 	 
	 	 	 	 	 
	 Total Cash, A/R, Inventory & Fixed Assets:	 	$	77,723.89	 

 

 

 

 

  

13

  

 

 

  

MISC BK0001 1PG036

AFFIDAVIT OF ASSIGNOR

 

The Brainy Baby Company, LLC

 

Georgia, Gwinnett County

 

And now comes The Brainy Baby Company, LLC.., by and through Dennis Fedoruk, its Managing Member, the Assignor named in the foregoing Deed of Assignment, and on oath says that (i) the said assignment conveys all property held, claimed or owned by it, the said Assignor, at the time of making the assignment; (ii) all recitals and all estimates of totals and values therein and all listed creditors are true to the best of his knowledge and belief; (iii) the debts set out as due to the secured and general unsecured creditors are bona fide, just, true and unpaid; and (iv) this assignment is not made for the purpose of hindering, delaying or defrauding creditors.

 

 

 

 

 

 

 

 

 

 

 

  

14

  

 

MISC BK0001 1PG036

 

ACCEPTANCE OF ASSIGNEE

 

Georgia, Gwinnett County

 

Asset Recovery Associates, LLC, the Assignee, hereby accepts the trust created by the foregoing Deed of Assignment and agrees that it will faithfully and without delay perform the conditions thereof and satisfy the duties imposed therein.

 

In witness whereof I have hereunto set my hand this 21st day of September, 2010.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15

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