The Roof Caves In: HouseCanary Files Chapter 11 to Avoid UCC Foreclosure
“It appears that filing was timed to stave off Ocean II PLO LLC, secured creditor, that intended to conduct a public foreclosure sale in California on the same date as of the filing. The noticed collateral included substantially all of HouseCanary’s assets and property, including accounts, receivables, deposit and securities accounts, equipment, inventory, investment property, general intangibles, certain intellectual-property-related payment rights, and proceeds. The foreclosure notice excluded specified assets, most notably HouseCanary’s claims and proceeds from long-running Texas litigation involving Amrock Inc., and Quicken Loans Inc.”
Yikes!
