New Delaware Chapter 11 Filing – Lily Robotics, Inc.
Lily Robotics, Inc. filed a petition for relief under Chapter 11 (including a list of its top 29 creditors) in the Bankruptcy Court for the District of Delaware earlier this morning (Case No. 17-10426-KJC). Lily Robotics, based in San Francisco, CA, is a startup that has been developing a waterproof, autonomous, self-navigating flying drone capable of taking pictures and video (the “Lily Camera”). According to the First Day Declaration, Lily has suffered repeated setbacks as it has attempted to develop the Lily Camera and can no longer raise additional funding. Lily’s setbacks came to a head on January 11, 2017, when the District Attorney of San Francisco brought an action against Lily, asserting claims for Lily’s failure to deliver Lily Cameras to preorder customers. Lily will seek to liquidate its operations, refund customer deposits and attempt to sell its intellectual property assets through the Chapter 11 process. Prime Clerk, LLC is the proposed claims and noticing agent. The case has been assigned to the Honorable Kevin J. Carey.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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