Kenilworth Systems sells principal assets back to ACL Group, extinguishing $300M note

Global Asset Management Group, Inc.

On March 17, 2022, Kenilworth sold its proprietary IP and databases to ACL Group for cancellation of a $300M secured promissory note.
The assets were originally acquired from ACL on Sept 23, 2021 for the same $300M note; cash flow from commercialization was insufficient to service the debt.
The $300M principal plus accrued interest at 5% was satisfied and extinguished upon the sale.
Kenilworth's management determined the assets would not generate enough cash flow to meet debt service obligations, prompting the reversal.
The sale constitutes a disposition of all of Kenilworth's principal assets, leaving the company with no major operating assets.

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