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by charrington
2245 days ago
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I was a Sherwood Partners client in 2010. Oracle bought our startup, DataScaler. However, they bought the core assets of the company, not the corporate entity. That's a fairly common strategy for acquiring early-stage companies. The buyer gets the parts they want (in our case: the team, code, and patents) without any of the hassle or liabilities of the corporate entity or any assets that they don't want or need. That left us needing to wind down the DataScaler corporate entity. This is a fairly technical process and not something you do casually. We hired Sherwood Partners to do the wind down. They filed the appropriate paperwork with Delaware and California, since we were a Delaware C corp based in Cupertino. They stored our corporate files (lots of paper back then) in their warehouse for 7 years in case of any litigation, tax disputes, etc. The offered to connect us with a liquidator to sell off our desks, chairs, phones, etc. They don't actually do the liquidation themselves. Perhaps most importantly, they were legally the "Stockholder Representative" and ensured that the stockholders were properly taken care of, etc. We used Sherwood exclusively for the corporate wind-down part, as we already had a buyer. They also can help companies find buyers and they have lots of contacts in the valley. I am happy to answer questions if anyone has any. |
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