All Magic Leap Patents Have Been Assigned to J.P. Chase Morgan as Collateral
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Re: All Magic Leap Patents Have Been Assigned to J.P. Chase Morgan as Collateral
#2As expected. I don’t feel they will ever deliver anything.
Re: All Magic Leap Patents Have Been Assigned to J.P. Chase Morgan as Collateral
#3How did they ever raise such capital?
I want in on it. Capex for R&D is prohibitive.
Re: All Magic Leap Patents Have Been Assigned to J.P. Chase Morgan as Collateral
#4Big businesses taking over, yet again.
Re: All Magic Leap Patents Have Been Assigned to J.P. Chase Morgan as Collateral
#5The title and tone of this article make it sound unusual that the company used its IP as collateral.
You can get better loan terms (such as the interest rate) if your loan is secured. If you are going to get a secured loan, the default is that it's secured by 'all assets', which includes IP. In order to perfect a security interest in IP, you need to make this type of filing -- and a lender will be especially sure to do so when making a secured loan to this type of company because the company likely has little other assets of value with which to secure the loan.
Re: All Magic Leap Patents Have Been Assigned to J.P. Chase Morgan as Collateral
#6How did they ever raise such capital? I want in on it. Capex for R&D is prohibitive.
A company I used to work for was recently acquired because they were supposedly working on some kind of block chain technology. After the acquisition, all ‘work’ on the block chain was stopped and everyone reassigned to other, more mundane projects. Word is, the ex-CEO somehow sweet talked the acquirers with some fancy PowerPoint slides. He spends most of his time coming up with these proposals and shops them around to unsuspecting VCs and acquirers. Took him a few years but seems like he finally got one to bite.
I suspect many smaller tech firms are similar.
Re: All Magic Leap Patents Have Been Assigned to J.P. Chase Morgan as Collateral
#7The title and tone of this article make it sound unusual that the company used its IP as collateral. You can get better loan terms (such as the interest rate) if your loan is secured. If you are going to get a secured loan, the default is that it's secured by 'all assets', which includes IP. In order to perfect a security interest in IP, you need to make this type of filing -- and a lender will be especially sure to…
Yes, I suppose the more salient thing here is that they did take out a large loan to meet their opex while (likely) trying to raise a rather large round to keep going and release the next device. I wonder if softbank's current precarity is causing some general difficulties, independent of Magic Leap's viability. The scale of their cash needs going forward are.. rather large
Re: All Magic Leap Patents Have Been Assigned to J.P. Chase Morgan as Collateral
#8The title and tone of this article make it sound unusual that the company used its IP as collateral. You can get better loan terms (such as the interest rate) if your loan is secured. If you are going to get a secured loan, the default is that it's secured by 'all assets', which includes IP. In order to perfect a security interest in IP, you need to make this type of filing -- and a lender will be especially sure to…
So did Magic Leap default, or is the loan newly made with JPM to hold the patents while the loan is outstanding? Seems like the IP in this case isn't very valuable to JPM* and this is more just another way to guarantee the seniority of JPM's loan.
* Didn't read the patents themselves, but Oculus, Hololens and others are doing just fine without them. So, hard to imagine they have too much auction value.
Re: All Magic Leap Patents Have Been Assigned to J.P. Chase Morgan as Collateral
#9How did they ever raise such capital? I want in on it. Capex for R&D is prohibitive.
A company I used to work for was recently acquired because they were supposedly working on some kind of block chain technology. After the acquisition, all ‘work’ on the block chain was stopped and everyone reassigned to other, more mundane projects. Word is, the ex-CEO somehow sweet talked the acquirers with some fancy PowerPoint slides. He spends most of his time coming up with these proposals and shops them around…
Did this individual used to work in the identity space? Canadian?
Re: All Magic Leap Patents Have Been Assigned to J.P. Chase Morgan as Collateral
#10Looks like his server is in damage control, Web Archive has a copy but is in the same state for me: https://web.archive.org/web/*/https://www.kguttag.com/2019/1...