Hope this clarifies a few things for you Bruce. Below is the certification that shows how it was only certain debtor assets relating to Bert that were being abandoned. Crazy stuff. We still have a long road ahead of us. Be well. Hula Hula Cuckoo Penny
“ 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.”
