All Magic Leap Patents Have Been Assigned to J.P. Chase Morgan as Collateral

Post by ineedasername » Mon, Nov 11, 2019, 2:46 AM UTC

Bud wrote: post #15

I'm amused that anyone ever took Magic Leap seriously. It's basically Apple's Newton; a good idea without the tech, without the infrastructure, without the content to sustain it and make it useful. Check back in after 10 years.

Post by [deleted] » Mon, Nov 11, 2019, 2:48 AM UTC

specialist wrote: post #11

SenHeng wrote: post #6

Earlier quoted context omitted.

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…

A buddy works for a permanent startup. Has never shown a profit. He's convinced it's a money laundering operation. He likes the work, so he doesn't ask too many questions.

Post by egdod » Mon, Nov 11, 2019, 2:57 AM UTC

kguttag wrote: post #27

berberous wrote: post #12

Earlier quoted context omitted.

It looks like Magic Leap just closed on a new loan in August, not that they defaulted. This filing ensures that if they ever _do_ default, JPM has the rights it expects in the IP as collateral.

I'm not a lawyer, but my understanding that the effectively J.P. Morgan now owns the patents (unless a court somehow unwinds the deal) and why the assignment was registered with the USPTO. The patents are then being licensed back to Magic Leap. In this way if Magic Leap defaults, J.P. Mogan simply owns the I.P. like if you pawn something and default on the payback terms.

Post by 75dvtwin » Mon, Nov 11, 2019, 2:59 AM UTC

arthurcolle wrote: post #26

TheSoftwareGuy wrote: post #19

I’m really hoping magic leap makes it in the long run. They’re a huge tech employer in south Florida, and frankly we could use more tech companies. I’m always afraid a recession will wipe them out and flood the market with experienced engineers.

Couple years back when I was dating a girl in Ft Lauderdale, I was looking at companies in Florida. Interestingly enough, it was the only (!) state that was cutting funding for the CS program across its state programs. Ended up in NYC, and now, Washington D.C. Don’t think a single company can save the tech economy of a state that doesn’t seem to think its worth the investment. That being said, I love Florida and it w…

  -    Establishing the “Florida Pathways to Career Opportunities Grant Program,” which provides competitive grants to eligible institutions to create or expand apprenticeship and pre-apprenticeship programs.

  -    Requiring a reverse transfer between Florida universities and colleges to award an associate in arts degree to students who have completed necessary requirements.
  
  -  Requiring career centers and Florida College System institutions to establish regional career pathways guaranteeing college credit toward an aligned associate degree program for eligible students who graduate with a certificate from a career center.
  
  -  Establishing the “Last Mile Scholarship Program,” that will pay for eligible individuals to finish their first associate or baccalaureate degree.
  
  -  Creating increased opportunities for students to take high quality computer science courses in high school by allowing students to count one course as either a require science or required math credit.
  
  -    Codifying Governor DeSantis’ required audit of career and technical education, from Executive Order 19-31, as an annual requirement to ensure high quality pathways for students.

Post by foob4r » Mon, Nov 11, 2019, 3:05 AM UTC

Jerry2 wrote: post #29

> Magic Leap is estimated to have over 1,800 employees and 19 office sites. For a company that has no consumer product and has no revenue, to have this many employees is quite shocking to me.