The U.S. Bankruptcy Court approved the sale of substantially all of the property of the estate of Stratitude (a wholly-owned subsidiary of Quadrant 4 Systems) to JA Tech, free and clear of liens, claims, encumbrances and interests.
The order states, “The Acquired assets are the assets owned by the Debtor and used in the Business generally consist of the Debtor’s intellectual and intangible property, receivables, customer contracts, employee contracts…certain books and records, fixed assets, licenses, rights in certain executory contracts and unexpired leases, and other assets pertaining to the Business….As a result of the competitive bidding at the Auction: (1) the offer of the Purchaser in the amount of $1,700,000 for the Business, as evidenced by the APA, was declared by the Debtor…as the Prevailing Bid for the Business.”
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