Google Inc. (Nasdaq: GOOG) has offered NIS 7 million for the patents of failed mobile phone developer modu. Google submitted the offer to the Tel Aviv District Court, which is handling modu's liquidation. Google topped the previous offer of NIS 5 million made by Kensington Technology Corporation in late March.
In December 2010, the court appointed a receiver for modu, founded by Dov Moran, and the company's employees petitioned for its liquidation.
modu owes its creditors, including banks, tens of millions of shekels, after losing NIS 450 million. After failing to hold an IPO on the Tel Aviv Stock Exchange (TASE), financially-strapped modu ceased operations and began the sale its assets. The company registered over 100 patents in its three years of operations, and they constitute its main asset.
modu receiver Adv. Hanit Nov was about to submit Kensington's offer for approval by the court when a higher bid was received at the last moment, and she petitioned the court for a new pricing round. Today it was learned that the offer was made by Google.
Published by Globes [online], Israel business news - www.globes-online.com - on April 26, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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