Asset Sales Databank - 2nd Circuit

In re Derecktor Shipyards Connecticut, LLC (Bankr. D. Conn. Jan. 20, 2012

Wed, 28 Aug 2013 22:26:24 +0000

Status:

Pending

Link to Docket:

Click here

Judge:

Alan H.W. Shiff

Sale of Substantially All Assets:

Description of Assets:

A boat: K-4 hull and keel, including existing cradles, as is, where is.

6 years 6 weeks ago

Price Range:

250K - 500K

Proposed Sale Price:

$400,000

Bid Protection Ratio:

None

Stalking Horse:

Credit Bid:

Qualified Bidder Requirements:

None

Supplemental Bid Requirements:

None

Due Diligence Limitations:

None

Required Deposit:

None

Initial Over Bid Requirement and Bid Increment Data:

None

Bid Protections (including break up fees, cost reimbursements, etc.):

None

Bid protections as percent of proposed price:

None

Was Break-up fee allowed?:

N/A

Procedures concerning contracts and leases (§365):

None

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Smeraldo Inc.

Actual Sale Price:

$400,000

Reported Decision:

None

Submitter and Affiliation:

Dana Hall, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-28

In re Derecktor Shipyards Connecticut, LLC (Bankr. D. Conn. Jan. 20, 2012

Wed, 28 Aug 2013 22:23:21 +0000

Status:

Pending

Link to Docket:

Click here

Judge:

Alan H.W. Shiff

Sale of Substantially All Assets:

Description of Assets:

Marine Travelift and all associated components, including all blocking and boat stands.

5 years 34 weeks ago

Price Range:

1M - 5M

Proposed Sale Price:

$1,750,000

Stalking Horse:

Yes

If yes, who?:

J. Goodison Company

Credit Bid:

Qualified Bidder Requirements:

TBD

Supplemental Bid Requirements:

TBD

Due Diligence Limitations:

TBD

Required Deposit:

TBD

Initial Over Bid Requirement and Bid Increment Data:

TBD

Bid Protections (including break up fees, cost reimbursements, etc.):

TBD

Bid protections as percent of proposed price:

TBD

Was Break-up fee allowed?:

N/A

Procedures concerning contracts and leases (§365):

TBD

Objection Filed to Proposed Terms:

Proposed Terms Modified:

N/A

Purchaser:

TBD

Actual Sale Price:

TBD

Reported Decision:

None

Submitter and Affiliation:

Dana Hall, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-28

In re Derecktor Shipyards Connecticut, LLC (Bankr. D. Conn. Jan. 20, 2012

Wed, 28 Aug 2013 22:20:22 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Alan H.W. Shiff

Sale of Substantially All Assets:

Description of Assets:

Machinery, equipment, and scrap.

5 years 34 weeks ago

Sale Approval Date:

Wed, 2013-05-15

Price Range:

0-250K

Proposed Sale Price:

Unknown - debtor retained a liquidating agent to auction property.

Bid Protection Ratio:

None

Stalking Horse:

Credit Bid:

Qualified Bidder Requirements:

None

Supplemental Bid Requirements:

None

Due Diligence Limitations:

None

Required Deposit:

25% - any bidder at the auction was required to furnish 25% of the purchase price.

Initial Over Bid Requirement and Bid Increment Data:

None

Bid Protections (including break up fees, cost reimbursements, etc.):

None

Bid protections as percent of proposed price:

None

Was Break-up fee allowed?:

N/A

Procedures concerning contracts and leases (§365):

None

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Objection filed by owner of land on which equipment resided seeking various protections, including insurance coverage and compensation for use of land.

Proposed Terms Modified:

Yes

If yes, provide details:

Sale order was modified to grant land owner various protections, including listing the land owner as a named insured and monetary compensation for the use of the subject property.

Purchaser:

Thomas Industries, Inc. (as liquidating agent)

Actual Sale Price:

Unknown - auctioneer entitled to 15% commission plus expenses.

Reported Decision:

None

Submitter and Affiliation:

Dana Hall, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-28

TBS Shipping Services Inc., Docket No. 12-22224 (Bankr. S.D.N.Y., Feb. 6, 2012)

Wed, 21 Aug 2013 14:11:02 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Drain

Sale of Substantially All Assets:

Description of Assets:

One ship and certain assets related thereto

6 years 42 weeks ago

Sale Approval Date:

Mon, 2012-03-19

Price Range:

1M - 5M

Proposed Sale Price:

Approximately $3,800,000 (which is net of certain sale costs and broker’s commission)

Stalking Horse:

N/A

Credit Bid:

Qualified Bidder Requirements:

N/A

Supplemental Bid Requirements:

N/A

Due Diligence Limitations:

N/A

Required Deposit:

N/A

Initial Over Bid Requirement and Bid Increment Data:

N/A

Bid Protections (including break up fees, cost reimbursements, etc.):

N/A

Bid protections as percent of proposed price:

N/A

Was Break-up fee allowed?:

N/A

Procedures concerning contracts and leases (§365):

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

NKD Maritime Ltd.

Actual Sale Price:

$3,966,864 (less certain costs and commissions)

Submitter and Affiliation:

Victoria Vron, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-21

In re The Connaught Group, Ltd., 12-10512, (Bankr. S.D.N.Y. Feb. 9, 2012)

Wed, 14 Aug 2013 21:53:03 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Bernstein

Sale of Substantially All Assets:

Yes

Description of Assets:

Substantially all assets, as a going concern.

6 years 44 weeks ago

Bid Procedures Approval Date:

Tue, 2012-03-06

Bid Deadline:

Thu, 2012-03-22

Date of Sale:

Fri, 2013-04-12

Sale Approval Date:

Thu, 2012-04-12

Price Range:

20M - 30M

Stalking Horse:

Credit Bid:

Qualified Bidder Requirements:

For a bid to be a Qualified Bid, it must meet the following requirements: (i) it is an all-cash bid, with no financing or other contingencies; (ii) it includes a signed writing that the bidder’s offer is irrevocable until the selection of the Successful Bidder, provided that if such bidder is selected as the Successful Bidder its offer shall remain irrevocable until the earlier of (i) the closing of the sale to the Successful Bidder, and (ii) the date that is five (5) business days after the Sale Hearing; (iii) it specifies no conditions precedent to the bidder’s ability to enter into a definitive agreement and all necessary internal and shareholder approvals have been obtained prior to the bid; (iv) it includes a duly authorized and executed copy of the APA, including the purchase price for the Assets expressed in U.S. Dollars (the “Purchase Price”), together with all exhibits and schedules thereto, together with copies marked to show any amendments and modifications to the form APA (“Marked Agreement”) and the proposed orders to approve the sale by the Bankruptcy Court; (v) it includes written evidence of the ability to consummate the proposed transaction, that will allow the Debtors to make a reasonable determination as to the Qualified Bidder’s financial and other capabilities to consummate the transaction contemplated by the APA; (vi) it identifies with particularity which executory contracts and unexpired leases the bidder wishes to assume and provides details of the bidder’s proposal for the treatment of related cure costs; (vii) it includes an acknowledgment and representation that the bidder: (A) has had an opportunity to conduct any and all required due diligence regarding the Assets prior to making its offer; (B) has relied solely upon its own independent review, investigation and/or inspection of any documents and/or the Assets in making its bid; (C) did not rely upon any written or oral statements, representations, promises, warranties or guaranties whatsoever, whether express or implied (by operation of law or otherwise), regarding the Assets or the completeness of any information provided in connection therewith or with the Auction (defined below), except as expressly stated in the APA; and (D) is not entitled to any expense reimbursement, break-up fee, or similar type of payment in connection with its bid unless so authorized by the Debtors and the Committee; (viii) it includes evidence, in form and substance reasonably satisfactory to the Debtors, of authorization and approval from the bidder’s board of directors (or comparable governing body) with respect to the submission, execution, delivery and closing of the APA; (ix) it is accompanied by a good faith deposit in the form of a wire transfer (to a bank account specified by the Debtors), certified check or such other form acceptable to the Debtors, payable to the order of the Debtors (or such other party as the Debtors may determine) in an amount equal to 10% of the Purchase Price; (x) it includes full disclosure of the identity of each entity that will be bidding for or purchasing all of or a portion of the Assets or otherwise participating in connection with such bid, and the complete terms of any such participation, including any agreements, arrangements or understandings concerning a collaborative or joint bid or any other combination concerning the proposed bid; (xi) it contains a description of how the Qualified Bidder intends to treat current employees of the Debtors; (xii) it contains a statement that the Qualified Bidder consents to the jurisdiction of the Court; (xiii) it contains sufficient information concerning the Qualified Bidder’s ability to provide adequate assurance of performance with respect to executory contracts and unexpired leases; (xiv) it contains other information reasonably requested by the Debtors; and (xv) it is received prior to the Bid Deadline.

Supplemental Bid Requirements:

None

Due Diligence Limitations:

None

Required Deposit:

10% of bid.

Initial Over Bid Requirement and Bid Increment Data:

$50,000

Bid Protections (including break up fees, cost reimbursements, etc.):

Expense reimbursement for any potential stalking horse purchaser, in an amount not to exceed $200,000.

Was Break-up fee allowed?:

Procedures concerning contracts and leases (§365):

As soon as reasonably practicable after entry of the Bid Procedures Order, the Debtors will file a notice, with the Court and serve such Assumption Notice on the non-Debtor counterparties to such Assumed Contracts and Assumed Leases. Any objection to the assumption, assignment, or cure amount must be filed by March 20, 2012.

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Certain landlords asked that the timeline be modified such that assumption and assignment objections be due 3 days after a successful bidder has been identified, rather than 2 days before the bids are due, as proposed by the Debtors.

Proposed Terms Modified:

Yes

If yes, provide details:

The objection deadline was pushed from March 20 to March 29.

Purchaser:

Forty-Three Eighty Company

Actual Sale Price:

$20,000,000 in cash, plus the assumption of the lease for the Debtor’s midtown Manhattan office space, removing the threat of a $1,900,000 lease rejection damage claim

Reported Decision:

None

Submitter and Affiliation:

Rahul K. Sharma, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-14

In re Savoy Condominium, LLC, Docket No. 12-22029 (Bankr. S.D.N.Y. Jan. 5, 2012)

Wed, 14 Aug 2013 13:21:11 +0000

Status:

Completed

Judge:

Drain

Sale of Substantially All Assets:

Yes

Description of Assets:

Real property located at 77 West 126th Street, New York, NY

6 years 34 weeks ago

Date of Sale:

Wed, 2012-10-10

Sale Approval Date:

Wed, 2012-10-10

Price Range:

0-250K

Proposed Sale Price:

$1,100,000.00, plus all closing costs and an amount not exceeding $100,000.00 to fund a 100% distribution to the debtor’s other creditors.

Stalking Horse:

N/A

Credit Bid:

N/A

Required Deposit:

$50,000.00

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Lenders Capital, LLC, a secured creditor, objected to the private sale [ECF No. 64], alleging that the debtor was attempting to “sidestep” creditor protections through its 363 sale which, according to Lenders Capital, constituted a sub rosa plan. In addition, Lenders Capital contended that the debtor failed to meet the standards of section 363(b) of the Bankruptcy Code because the notice of the proposed sale and the sale price were neither adequate nor reasonable and the sale could not be approved over the objection of the secured creditor. The objection was subsequently withdrawn.

Proposed Terms Modified:

Yes

If yes, provide details:

Purchase price revised to account for BH-P.W.G.R. LLC’s delay in closing the sale.

Purchaser:

BH-P.W.G.R. LLC

Actual Sale Price:

$1,365,000.00 plus accrued interest (at $460.00 daily)

Reported Decision:

Submitter and Affiliation:

Yvanna M. Custodio, Weil, Gotshal & Manges, LLP

Today's Date:

Wed, 2013-08-14

In re Ellington Condominium, LLC, Docket No. 12-22030 (Bankr. S.D.N.Y. Jan. 5, 2012)

Mon, 12 Aug 2013 22:22:02 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Drain

Sale of Substantially All Assets:

Yes

Description of Assets:

Real Property (three bedroom condominium)

6 years 27 weeks ago

Bid Procedures Approval Date:

Tue, 2012-07-17

Bid Deadline:

Fri, 2012-08-03

Date of Sale:

Mon, 2012-08-06

Sale Approval Date:

Thu, 2012-08-16

Price Range:

1M - 5M

Proposed Sale Price:

$1,290,000.00

Bid Protection Ratio:

N/A

Stalking Horse:

Yes

If yes, who?:

Sigrid Hahn

Credit Bid:

If yes, identify capital stack position of debt:

N/A

Qualified Bidder Requirements:

Any competing offer must: (i) be made in cash and not subject to financing unless accompanied by a pre-qualification letter to the debtor; (ii) be substantially in the form and contain all material provisions of the stalking horse contract of sale; (iii) be submitted to the debtor’s counsel by August 3, 2012; (iv) demonstrate to the satisfaction of the debtor that the bidder has the present financial capability to consummate the transaction; and (v) be a “firm offer” for the property on an “as is” basis and not contain any contingencies to the validity, effectiveness, and/or binding nature of the offer. If a competing bidder is deemed the successful bidder, such party will be required to immediately submit to the debtor a deposit in the amount of 10% of the successful bid in certified funds.

Supplemental Bid Requirements:

N/A

Due Diligence Limitations:

N/A

Required Deposit:

10% of the successful bid in certified funds.

Initial Over Bid Requirement and Bid Increment Data:

Competing offers will be accepted in increments of not less than $20,000. They must exceed the prior bid by at least $20,000.

Bid Protections (including break up fees, cost reimbursements, etc.):

No break up or topping fee required to be paid by the successful bidder.

Bid protections as percent of proposed price:

N/A

Was Break-up fee allowed?:

N/A

If so, list breakup fee as percent of proposed price:

N/A

Procedures concerning contracts and leases (§365):

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Secured creditor with a mortgage against the premises objected arguing, among other things, that (i) the debtor failed to provide sufficient information to determine that the sale process and the contract price were fair and reasonable; (ii) the debtor failed to provide details regarding how the sale proceeds would be allocated among the secured parties; (iii) the bidding procedures should require the debtor to consult with secured creditors in selecting the highest and best offer; and (iv) the debtor did not satisfy the requirements of section 363(f) because the lenders did not consent to the sale and the property was being sold for an amount less than the aggregate amount of claims secured by liens against the property; (v) the debtor has no business justification for conducting a sale under section 363 simultaneously with the confirmation of a chapter 11 plan.

Proposed Terms Modified:

If yes, provide details:

The order approving the sale states that the one objection to the sale motion was withdrawn on the record subject to the conditions and agreement set forth on the record. The docket does not provide a copy of this hearing transcript.

Purchaser:

Sigrid Hahn

Actual Sale Price:

$1,290,000.00

Reported Decision:

N/A

Submitter and Affiliation:

Jessica Diab, Weil, Gotshal & Manges LLP

Today's Date:

Mon, 2013-08-12

In re Jo-Lin Realty, LLC, Docket No. 12-22201 (Bankr. S.D.N.Y. Feb. 1, 2012)

Thu, 08 Aug 2013 20:51:55 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Drain

Sale of Substantially All Assets:

Description of Assets:

Real property located in Mount Vernon, New York (lot of commercial property); Debtor’s remaining real property (with a ROFR granted to the purchaser) (5 additional lots of commercial property)

6 years 18 weeks ago

Sale Approval Date:

Wed, 2012-11-28

Price Range:

250K - 500K

Proposed Sale Price:

$450,000

Stalking Horse:

N/A

Credit Bid:

Required Deposit:

An initial deposit in the amount of $22,500 is to be paid by the purchased upon execution of the contract of sale, and an additional $22,500 to be paid upon approval by the bankruptcy court of (i) the Sale Motion and (ii) the settlement with the City of Mount Vernon re-conveying certain property, including the property sold to the purchaser, to the Debtor, to be held in escrow pending closing

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

The Debtor’s second lien-holder objected to the sale on the basis that the Debtor failed to provide information to support its assumption that a sale of the individual lots of property would generate more cash for the estate than the sale of the lots as a whole.

Proposed Terms Modified:

Purchaser:

N&G Realty of Westchester, LLC

Actual Sale Price:

$450,000

Submitter and Affiliation:

Abigail Zigman, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-08

In re Daffy’s Inc., Docket No. 12-13312 (Bankr. S.D.N.Y. Aug. 1, 2012)

Tue, 02 Jul 2013 20:10:45 +0000

Status:

Pending

Description of Assets:

Substantially all assets – Retail (Fashion)

Price Range:

15M - 20M

Proposed Sale Price:

16,915,000

Qualified Bidder Requirements:

Prepetition Auction - Private Sale

Procedures concerning contracts and leases (§365):

No cure costs expected

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Actual Sale Price:

$16,915,000 (estimated)

Reported Decision:

None

Submitter and Affiliation:

Doron P. Kenter, Weil, Gotshal & Manges LLP

Today's Date:

Tue, 2013-07-02

In re Atari, Inc., Docket No. 13-10176 (Bankr. S.D.N.Y. Jan. 21, 2013)

Tue, 02 Jul 2013 19:55:03 +0000

Status:

Pending

Link to Docket:

Click here

Description of Assets:

Substantially all assets – video games

Proposed Sale Price:

n/a

Qualified Bidder Requirements:

Reasonably likely to submit a bona fide bid; deliver a letter of intent specifying the assets and a minimum bid price; acknowledge that the bid is not subject to other contingencies or conditions, including break-up fee or reimbursement of expenses (and that the offer is irrevocable); full disclosures and authorizations; affirmation that cure amounts will be the bidder’s responsibility; consent to jurisdiction of the bankruptcy court.

Due Diligence Limitations:

The Debtors may afford each Potential Bidder the time and opportunity to conduct reasonable due diligence; provided, however , that neither the Debtors nor any of their representatives shall be obligated to furnish any due diligence information (i) at any time, to any person or entity other than a Potential Bidder or (ii) after the Bid Deadline, to any Potential Bidder. The Debtors may, in the exercise of their business judgment, extend a Qualified Bidder’s time to conduct due diligence after the Bid Deadline until the relevant Auction; provided, however, that the Successful Bidder(s) and the Back-Up Bidder(s) shall be permitted to continue to conduct due diligence until the closing(s) of the Sale(s) (subject to the terms of the applicable Purchase Agreement(s)); provided, further, that no Qualified Bid shall be subject to any condition related to due diligence after the Bid Deadline.

Required Deposit:

10% of the minimum bid price for each category of assets

Initial Over Bid Requirement and Bid Increment Data:

None

Bid Protections (including break up fees, cost reimbursements, etc.):

Break-up fee not to exceed 5%

Procedures concerning contracts and leases (§365):

Buyer to assume all cure costs. Debtors will file and serve on each counterparty an Assumption and Assignment Notice, which shall include, among other things: (i) the title of each Designated Contract, (ii) the name of the non-Debtor party to such Designated Contract, (iii) the amount, if any, necessary to be paid to cure any existing default under such Designated Contract in accordance with Bankruptcy Code sections 365(b) and (f)(2) (the “Cure Amount”), and (iv) the deadline by which any non-Debtor party to such Designated Contract must object to the assumption and assignment of such Designated Contract. A list of the Designated Contracts and Cure Amounts shall be posted on the Website within two (2) calendar days after the Bid Deadline and updated as modified by each bidder.

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Actual Sale Price:

n/a

Reported Decision:

None

Submitter and Affiliation:

Doron P. Kenter, Weil, Gotshal & Manges LLP

Today's Date:

Tue, 2013-07-02