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Stirling Energy's $2.2 million sale of assets receives court approval
By Jim Witters
Wilmington, Del., July 26 - Stirling Energy Systems, Inc.'s trustee received approval for the $2.2 million sale of the company's remaining assets to Michigan-based Stirling Biopower, Inc. during a hearing July 26 in the U.S. Bankruptcy Court for the District of Delaware.
The sale hearing had been postponed from July 10 to allow the Chapter 7 trustee time to work out an objection and to allow potential bidder Echempower, Inc. time to complete due diligence.
Katharine L. Mayer, representing the Chapter 7 trustee, said Echempower elected not to submit a bid.
Other bids were received, but all except Stirling Biopower's were subsequently withdrawn, she said.
Linamar objection
At the July 10 hearing, Linamar Solar Systems, Inc. lodged an objection to the sale, claiming that intellectual property being transferred to the purchaser could not be sold without Linamar's consent.
Linamar initially asserted that the Chapter 7 trustee would have to assume the contract, pay all existing defaults and provide adequate assurance that the buyer can perform under the contract in the future. The company staked claim for $19 million.
At the July 26 hearing, Mayer said that Stirling Biopower and Linamar reached agreement to simply part ways.
Under a stipulation approved by the court, each company is permitted to use the intellectual property as it deems necessary without concurrence or other involvement of the other party, Mayer said.
Stirling Energy, a Scottsdale, Ariz.-based solar energy company, filed for liquidation through bankruptcy on Sept. 22, 2011. Its Chapter 7 case number is 11-12991.
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