The sale of the majority of Converse Inc's assets to Footwear Acquisition Inc has been approved by the US Bankruptcy Court in Delaware. Footwear will acquire Converse's trademarks and other intellectual property and assets for a cash purchase price of $117,500,000. Footwear is led by Marsden Cason, William Simon and Perseus Acquisition/ Recapitilization Fund LLC. Cason and Simon have extensive experience owning and operating branded sporting goods companies. Most recently, the two successfully revitalised The North Face Inc, taking it public in 1996.