Billion Law recently achieved a significant victory in the bankruptcy case involving Lucira Health Inc., successfully reopening the auction for Lucira's assets after concerns were raised by Pearsanta Inc., the backup bidder. The auction initially awarded Pfizer Inc. the winning bid for Lucira’s assets, despite Pearsanta offering a higher bid. Pearsanta, represented by Billion Law, challenged the auction results, arguing that Pfizer had received preferential treatment.

In a formal objection, Pearsanta’s attorney, Mark Billion, noted that Pearsanta’s bid of $23.8 million, including $13.4 million in cash, was not only higher than Pfizer’s but also offered better terms. Despite this, Lucira opted to accept Pfizer’s $21.2 million offer, which initially included only $5 million in cash and was later revised to potentially include as much as $12 million. Lucira’s financial advisor, Jeffrey Nerland, explained that although Pearsanta’s bid was higher, Pfizer’s “significantly superior financial capacity” made Pfizer’s offer more likely to close.

The unsecured creditors committee backed Pfizer’s bid, arguing it was the “best bid” under the circumstances. However, it acknowledged that Pfizer’s offer brought in as little as $5 million in cash, which led to Pearsanta’s challenge.

Despite these challenges, Billion Law secured a ruling reopening the auction.

‍