Lily Robotics Inc.

• 2/27/17 Recap: High-flying (ugh) drone startup that put together kick-a$$ production videos and crowdfunded tens of millions of dollars ($34.8mm to be exact) from tens of thousands of generous suckers (61.450 to be exact) filed for bankruptcy to implement an IP sale, a liquidating plan and avoid investigation and litigation. They'll probably throw in extensive releases for Spark Capital for good measure because, well, why the hell not? And next thing you know, the "revolutionary" and "disruptive" founders will end up fundraising for their next hair-brained scheme and convince yield-starved investors to back them again a la Fab.com's Jason Goldberg. No bubble to see here. Just the dumpster fire that is $13.8mm of Spark Capital's equity capital. 
• Jurisdiction: D. of Delaware
• Capital Structure: ~$4mm TL (Spark Capital, VC, successor to SVB Financial Group)   
• Company Professionals:
  • Legal: Orrick Herrington & Sutcliffe LLP (Laura Metzger, Jennifer Asher, Douglas Mintz) & (local) Morris Nichols Arsht & Tunnell LLP (Robert Dehney, Andrew Remming, Marcy McLaughlin)
  • Financial Advisor: Goldin & Associates (Curtis Solsvig III)
  • Independent Board Member: Drivetrain Advisors (Spencer Wells) 
  • Claims Agent: Prime Clerk LLC (*click on company name for docket)
• Other Parties in Interest:
  • Spark Capital (VC equity & successor term lender)
    • Legal: Nutter McClennen & Fish LLP (John Loughnane) & (local) Gellert Scali Busenkill & Brown LLC (Ronald Gellert)
• Silicon Valley Bank (DIP Lender)
  • Legal: Riemer & Braunstein LLP (Alexander Rheaume) & (local) Ashby & Geddes PA (Gregory Taylor)
• Official Committee of Unsecured Creditors
  • Legal: Lowenstein Sandler LLP (Kenneth Rosen, Bruce Buechler, Wojciech Jung, Philip Gross, Michael Papandrea) & (local) Richards Layton & Finger PA (Mark Collins, Amanda Steele, Brett Haywood)
  • Financial Advisor: The DAK Group Ltd. (Sheon Karol, Ari Fuchs, Alan Miller, Claudia Levine)

Update 5/31/17