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The patents were not assigned. JPMorgan merely recorded a security interest in the patents (although the USPTO does list this as an “assignment”, it’s not). This is completely customary for a secured loan.

You sometimes see secured lenders forego this type of filing since it’s a bit of a pain in the ass, but for a company like magic leap, you would definitely want to do it since that’s where most of the value is.

It’s hard to say more without knowing the terms of the loan. Perhaps they are struggling to raise more equity and had to resort to debt on bad terms, or perhaps it just made sense to raise debt instead of equity and they could do so on favorable terms.




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