GEMCAP SOLUTIONS, LLC AND MONTGOMERY CAPITAL PARTNERS IV, LP TO AUCTION THE PERSONAL PROPERTY OF AXIAL GLOBAL, LLC AND WPM CAPITAL III, LLC VIA PUBLIC SALE
HOUSTON, Jan. 4, 2024 /PRNewswire/ -- Pursuant to Section 9-610 of the Uniform Commercial Code, GemCap Solutions, LLC, as servicer and attorney-in-fact for secured party GemCap Holdings, LLC ("GemCap), and Montgomery Capital Partners IV, LP ("Montgomery, and together with GemCap, the "Secured Party") will hold a secured party public sale to the highest and best bidder for cash, with reserve, to be conducted telephonically by the Secured Party on January 22, 2024 at 12:00 p.m. Central Standard Time (the "Public Sale"). Qualified Bidders (defined below) may attend the Public Sale telephonically.
The Secured Party is conducting the Public Sale to foreclose the security interest held by the Secured Party in and to substantially all of the personal property assets of AXIAL GLOBAL, LLC, a Texas limited liability company, and WPM CAPITAL III, LLC, a Texas limited liability company, jointly and severally (the "Borrower"), including, without limitation, (i) inventory ("Inventory"), (ii) accounts receivable ("Accounts Receivable"), (iii) certain machinery and equipment owned by the Borrower all as set forth on the schedule prepared by Secured Party (collectively, the "FF&E"), (iv) the following trademarks and trade names: "Axial" and "Axial Global"; the following domain names: axial.global.com and expressbng.com and derivations thereof; the Borrower's customer list; and any and all other conveyable intellectual property (collectively, the "Intellectual Property"), and (v) trade fixtures ("Trade Fixtures"). The Inventory, Accounts Receivable, FF&E, Intellectual Property, and Trade Fixtures are collectively referred to as the "Public Sale Collateral".
At the Public Sale, all of Borrower's right, title and interest in and to the Public Sale Collateral will be sold "as is" and "where is" and the Secured Party shall make no representation or warranty, either express or implied, relating to title, use, quiet enjoyment, possession, merchantability or fitness for a particular purpose, completeness, condition or the like, all of which are hereby disclaimed, in the sale or disposition of the Public Sale Collateral. In addition, the Public Sale Collateral is being sold (i) free and clear of Secured Party's liens and any subordinate security interests, and (ii) without recourse to Secured Party, its attorneys and representatives. The Public Sale of the Public Sale Collateral, if made, shall be to the highest and best bidder.
In order to participate in the bidding process, each person or entity (a "Potential Bidder") must deliver to the undersigned (i) an executed confidentiality agreement in form and substance acceptable to Secured Party, unless waived by Secured Party, (ii) current financial statements of the Potential Bidder or other evidence acceptable to Secured Party that will show the financial ability of the Potential Bidder to purchase the Public Sale Collateral, (iii) a completed and executed Asset Purchase Agreement in the form provided by Secured Party, and (iv) a deposit in an amount equal to ten percent of the bid amount which will be held in escrow by Secured Party. A Potential Bidder that complies with the foregoing requirements shall be deemed a "Qualified Bidder". Those Qualified Bidders participating at the Public Sale shall be provided with the telephone number and passcode to attend the Public Sale and shall be given the opportunity to bid on a competitive basis.
At the Public Sale, each of the Inventory, Accounts Receivable, FF&E, the Intellectual Property, and the Trade Fixtures may be offered for sale in separate lots or in combination lots and the Public Sale Collateral will be offered as a single lot. At the conclusion of the Public Sale, the successful bidder(s) must pay the final bid amount in full by a wire transfer of funds to the Secured Party. The Secured Party reserves the right to credit bid on any or all of the Public Sale Collateral at the Public Sale. The Secured Party reserves the right to reject all bids, adjourn or cancel the Public Sale.
For further details regarding the Public Sale Collateral, obtaining the confidentiality agreement and the form asset purchase agreement, and information regarding the Public Sale, you may contact GemCap by contacting either Richard Ellis by email at [email protected] or by telephone at (310) 494-1424 or Michael Berens, Esq. by email at [email protected] or by telephone at (530) 304-6922 or Montgomery by contacting Carlos Lacoya by email at [email protected] or by telephone at (917) 902-1506 or Isaac J. Brown by email at [email protected] or by telephone at (214) 740-4037.
Media Contact:
Richard Ellis
Email: [email protected]
Direct: 310-494-1424
SOURCE GemCap Solutions, LLC
![](https://rt.prnewswire.com/rt.gif?NewsItemId=DA04722&Transmission_Id=202401041558PR_NEWS_USPR_____DA04722&DateId=20240104)
Share this article