Immune Pharmaceuticals Inc (fka IMNPQ)

[trader59]

Today's motion was to abandon agreements with one company. If the trustee is going to do this for all of the agreements he's been studying for the last year or two, it'll be awhile to disposition them all. (underlining and bolding done by me)

Jeffrey A. Lester, Chapter 7 Trustee for Immune Pharmaceuticals, Inc. et al. in this case proposes to abandon property of the estate described below as being of inconsequential value. If you object to the abandonment, you must file a written objection with the Clerk of the United States Bankruptcy Court and serve it on the party named below not later than 7 days before the hearing date.
Address of the Clerk: U.S. Bankruptcy Court
PO Box 1352
50 Walnut Street
Newark, NJ 07102-1352
If an objection is filed, a hearing will be held before the Honorable Vincent F. Papalia on March 5, 2024 at 10:00 a.m. at the United States Bankruptcy Court, Courtroom no. 3B. (Hearing date must be at least 28 days from the date of this notice). If no objection is filed, the abandonment shall take effect on entry by the clerk of a Certification of No Objection.
Description and value of property: The property to be abandoned are all of the bankruptcy estates’ right, title and interest in certain agreements by and among some or all of the Debtors and Lonza Biologics PLC regarding manufacturing and licensing (collectively, the “Lonza Agreements”). The Lonza Agreements relate to the Debtors development of a product known as bertilimumab (“Bert”). The Lonza Agreements are subject to a confidentiality agreement
On October 21, 2019, the Bankruptcy Court entered an order approving the Debtors’ sale of all of its assets relating to Bert, including the Debtors’ contracts and licenses related to Bert. The assignment language contained in the sale agreements did not expressly identify the Lonza Agreements although it was sufficiently broad to include all such agreements related to Bert. The Trustee believes that the Lonza Agreements are related to Bert. Thus, pursuant to the sale agreements, it appears the Lonza agreements were assigned to Alexion Pharma International Operations Unlimited Company (“Alexion”). Upon information and belief, the Debtors’ sale of all of its assets relating to Bert, including possibly their interest in the Lonza Agreements, to Alexion closed in or about November 2019.
Based on the above, it appears that the bankruptcy estates have no remaining right, title or interest in the Lonza Agreements. As a result, abandonment is appropriate because the estates have no interest in the Lonza Agreements making administration of the Lonza Agreements burdensome to the estates and of inconsequential value and benefit to the estates