Please be advised that on September 12, 2018, Theranos, Inc.
(“Company” or “Theranos”) entered into an Assignment for the Benefit of
Creditors (“Assignment”) and appointed Theranos (assignment for the benefit of
creditors), LLC as assignee (“Assignee”). An Assignment is a state level
insolvency proceeding undertaken under state law, in this case California, with
the primary governing law found in California Code of Civil Procedure sections
493.010 to 493.060, sections 1800 to 1802, and section 1204.
Under California law, creditors will be notified within 30 days of the Assignment by a written notice. This notice will outline the process by which creditors may file a proof of claim to establish a claim for any obligations due.; the deadline to file a claim is approximately 180 days (as required by law) from the date of the Assignment (March 11, 2019). All inquiries should be directed to TheranosABC@proofofclaims.com.
For the Company, the Assignee will compile all claims of creditors and distribute recoveries, if any, on a pro-rata basis to creditors based on each claim’s priority following the filing deadline.
The Assignment entity is a California limited liability company, Theranos (assignment for the benefit of creditors), LLC (“Assignee”). The Assignee is a special purpose entity established to liquidate the assets of the Company, compile claims, and distribute proceeds, if any, to creditors according to the priority established in the California Code and is affiliated with Sherwood Partners, Inc. Except for the relationship created by the Assignment, the Company and Assignee have no corporate affiliations to each other.