Assignment history

Inventors

• Michael Pratt: Employer at time of filing not explicitly stated, but patent rights were assigned to Fast IP LLC.
• Craig Cheney: Employer at time of filing not explicitly stated, but patent rights were assigned to Fast IP LLC.

The assignment of the inventors' interests to Fast IP, LLC was executed on 2022-12-30 and recorded on 2023-01-05 (Reel 061266/0155), following the application filing date of 2022-10-13. This is a common practice where formal assignment agreements finalize the transfer of IP rights to a corporate entity, even if the entity was the applicant from the outset.

Original assignee

Fast IP LLC

• Product Embodiment: Fast IP LLC is closely linked with Kizik Design, LLC, HandsFree Labs, Inc., and HandsFree Labs Licensing, LLC. Kizik Design, LLC manufactures and sells rapid-entry footwear that embodies the claims of US12274325.
• Primary Line of Business: Fast IP LLC appears to primarily engage in the holding and management of intellectual property, particularly for rapid-entry footwear technologies. HandsFree Labs Licensing LLC, a related entity, acts as the assertion arm for this IP.
• Current Status: Fast IP LLC is an active entity holding patent rights within a corporate family that includes product-shipping (Kizik) and licensing (HandsFree Labs Licensing) operations. It is currently involved in litigation, both as a patent owner whose patent is being challenged at the PTAB, and as an entity from which a security interest has been granted.

Assignment timeline

• 2022-12-30 (executed) / recorded 2023-01-05 — Reel 061266/0155

  • Conveyance: ASSIGNMENT OF ASSIGNORS INTEREST
  • Assignor: CHENEY, CRAIG, PRATT, MICHAEL
  • Assignee: FAST IP, LLC
  • Correspondent: HANSEN, JOHN C.; 302 N 400 W, BOUNTIFUL, UTAH, 84010.
  • Context: Initial transfer of patent rights from the named inventors to the corporate entity, Fast IP, LLC.

• 2025-06-13 (executed) / recorded 2025-07-08 — Reel 062638/0096

  • Conveyance: SECURITY AGREEMENT
  • Assignor: FAST IP LLC, HANDSFREE LABS LICENSING, LLC, HANDSFREE LABS, INC., KIZIK DESIGN, LLC
  • Assignee: SIENA LENDING GROUP LLC
  • Correspondent: MCDERMOTT WILL & EMERY LLP; 1251 AVENUE OF THE AMERICAS, NEW YORK, NEW YORK, 10020.
  • Context: Granting of a security interest by the patent owner (Fast IP LLC) and related entities to a lending group.

Timeline diagram

timeline
    title Ownership of US 12274325
    2019 : Priority date (Kizik tech)
    2022 : Application filed by Fast IP LLC
    2023 : Assigned to Fast IP LLC
    2025 : Issued to Fast IP LLC
         : Security agreement to Siena Lending
         : Litigation filed by HandsFree Labs
    2026 : IPR filed by Skechers

NPE / troll-pattern signals

1. Shell-entity transfer — Present. The patent was initially assigned from the inventors to "Fast IP, LLC" (Reel 061266/0155). The litigation associated with this patent (case 2:25-cv-00744) names "HandsFree Labs Licensing LLC" as the plaintiff [cite: The full patent text details this information]. This "HandsFree Labs Licensing LLC" is also listed as an assignor in the 2025-06-13 security agreement (Reel 062638/0096), suggesting it operates as a licensing or assertion arm within a broader corporate structure that includes product-shipping entities like Kizik Design, LLC. This separation of IP ownership/assertion from product manufacturing is characteristic of shell entities used for licensing.

2. Known asserter in the chain — Present. "HandsFree Labs Licensing LLC," explicitly identified as the plaintiff in the related litigation against Skechers USA Inc [cite: The full patent text details this information], is an assignor in the 2025-06-13 security agreement (Reel 062638/0096). This entity's role as a litigant indicates its function as a patent asserter.

3. Repeat correspondent across the chain — Unclear. There are two distinct correspondents for the two recorded transactions: John C. Hansen (Reel 061266/0155) and McDermott Will & Emery LLP (Reel 062638/0096). There is no evidence within the provided context of either correspondent recurring across multiple assignments for this specific patent, or of either being definitively associated with a known repeat NPE attorney for the specific purpose of patent assertion.

4. Cascading transfers — Not present. The assignment chain shows an initial transfer from inventors to Fast IP LLC, followed by a security agreement. There are no multiple consecutive assignments through chained LLCs within a short timeframe.

5. Pre-litigation transfer — Not present. The most recent transfer (a security agreement on 2025-06-13, Reel 062638/0096) precedes the litigation filing date of 2025-07-24 by over a month, not within the typical 6-month pre-litigation window suggesting a transfer solely to enable assertion.

6. Bankruptcy fire-sale — Not present. No information suggests Fast IP LLC or its related entities have undergone bankruptcy proceedings leading to the patent's sale.

7. Privateering — Unclear. While HandsFree Labs Licensing LLC (affiliated with Fast IP LLC and Kizik Design, LLC) is asserting this patent against Skechers, an operating company, the provided information does not explicitly confirm that this assertion is conducted on behalf of Kizik against a competitor in a privateering arrangement. It could simply be the designated licensing and assertion arm for the company's IP.

8. Defensive aggregator (anti-NPE) — Not present. The patent rights remain within the Fast IP LLC / HandsFree Labs / Kizik corporate family and have not been transferred to a defensive aggregator.

Verdict

NPE — moderate confidence

This verdict is supported by the existence of a distinct licensing entity, "HandsFree Labs Licensing LLC," which is the plaintiff in active litigation [cite: The full patent text details this information]. This entity, alongside "Fast IP LLC," manages the patent, as evidenced by the security agreement recorded on 2025-07-08 (Reel 062638/0096). This structural separation of IP ownership/assertion from product manufacturing (Kizik Design, LLC) and the active assertion against an operating company (Skechers) are strong indicators of an NPE strategy.

USPTO Patent Assignment Search for US12274325: https://assignmentcenter.uspto.gov/patents/12274325