July 28, 2017 8:24 AM ET

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Company Overview of Quirky, Inc.

Company Overview

On August 30, 2016, Quirky, Inc. went out of business as per its Chapter 11 liquidation filing under bankruptcy. Quirky, Inc. operates an online community of inventors. It sources product ideas from its online community, and develops new consumer products that are sold in stores and online shops. The company was founded in 2009 and is based in New York, New York. Quirky, Inc. operates as a subsidiary of Kluster, Inc.

606 West 28th Street

Floor 7

New York, NY 10001

United States

Founded in 2009

Phone:

305-710-2960

Fax:

212-213-5605

Key Executives for Quirky, Inc.

Quirky, Inc. does not have any Key Executives recorded.

Quirky, Inc. Key Developments

First Amended Liquidation Plan Approved for Quirky, Inc.

The US Bankruptcy Court approved the amended plan of liquidation of Quirky, Inc. on July 15, 2016. The debtor has filed its amended plan in the Court on June 20, 2016. As per the amended plan, Administrative Expense Claims, Priority Tax Claims, Professional Fees, Statutory Fee and Priority Non-Tax Claims of $0.05 million shall be paid in full in cash. Secured Claims of Comerica of $25.98 million shall receive a recovery of 46% and the deficiency portion of Secured Claim of Comerica shall receive recovery of up to 6% of its allowed claim. Other Secured Claims shall receive net proceeds of the sale or other disposition of any collateral which is pledged as security for such Allowed Secured Claim and which remains in possession and control of the Debtors' Estates, to the extent such holder of an Allowed Secured Claim has not released its Lien. General Unsecured Claims shall receive a recovery of 6% of their allowed claims under the plan from the remaining sale proceeds and cash from other sources. The Settling Noteholders of $31.5 million shall waive any right to payment or Distribution on account of the treatment of Subordinated Convertible Notes. Intercompany Claims shall be deemed extinguished and released, and shall not receive any Distributions under the Plan. Equity Interests shall be deemed extinguished and released and no Distributions shall be made on account of such Class 7 Equity Interests. The plan will be funded through cash in hand and assets sale proceeds.

First Amended Joint Amended Liquidation Plan and Disclosure Statement Filed by Quirky, Inc.

Quirky, Inc., along with its affiliates, filed first amended joint plan of liquidation with related disclosure statement in the US Bankruptcy Court on June 20, 2016. As per the amended plan filed, Secured Claim of Comerica shall receive a recovery of 46% and the deficiency portion of Secured Claim of Comerica shall receive recovery of up to 6% of its allowed claim. General Unsecured Claims shall also receive a recovery of 6% of their allowed claims under the plan. The debtor holds cash of $17.13 million which shall be used to fund the payment in the plan. There shall be no other changes in the treatment of any other claim class.

Liquidation Plan and Disclosure Statement Filed by Quirky, Inc.

Quirky, Inc., along with its affiliates, filed a joint plan of liquidation with related disclosure statement in the US Bankruptcy Court on May 26, 2016. As per the plan filed, Administrative Expense Claims, Priority Tax Claims, Professional Fees, Statutory Fee and Priority Non-Tax Claims of $0.05 million shall be paid in full in cash. Secured Claims of Comerica of $25.98 million are expected to recover $9.95 million in cash. As such, the Debtors estimate Comerica will be waiving a significant deficiency Claim of approximately of $16.03 million that benefits holders of General Unsecured Claims. Other Secured Claims shall receive net proceeds of the sale or other disposition of any collateral which is pledged as security for such Allowed Secured Claim and which remains in possession and control of the Debtors' Estates, to the extent such holder of an Allowed Secured Claim has not released its Lien. General Unsecured Claims shall receive remaining sale proceeds and cash from other sources. The Settling Noteholders of $31.5 million shall waive any right to payment or Distribution on account of the treatment of Subordinated Convertible Notes. Intercompany Claims shall be deemed extinguished and released, and shall not receive any Distributions under the Plan. Equity Interests shall be deemed extinguished and released and no Distributions shall be made on account of such Class 7 Equity Interests. The plan will be funded through cash in hand and assets sale proceeds. The debtor filed liquidation analysis related to the plan of liquidation on June 20, 2016. As per the liquidation analysis filed, the debtor holds cash of $17.13 million which shall be used to fund the payment in the plan.

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