The ballyhooed Ocean Tomo patent auction fell flat at the Ritz-Carlton in San Francisco. After selling $12.8 million worth of patents at its last auction in November, Ocean Tomo could barely get people to bid Friday. By Legal Pad’s count, only six of more than 80 lots of patents were sold, for a total of $2.785 million.
A crestfallen Jim Malackowski, Ocean Tomo’s CEO, blamed the recession for the poor showing after the auction.
Cal Law will post a complete report late Monday.
— Zusha Elinson