Asset Sales Databank - 3rd Circuit

In re Wave2Wave Commc’ns., Inc., Case No 12-13896 (DHS) (Bankr. D.N.J. Feb. 17, 2012)

Thu, 10 Oct 2013 17:29:37 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Steckroth

Sale of Substantially All Assets:

Yes

Description of Assets:

All assets, the most valuable of which are certain patents, copyrights, and trademarks.

6 years 19 weeks ago

Bid Procedures Approval Date:

Thu, 2012-08-23

Bid Deadline:

Thu, 2012-09-13

Date of Sale:

Thu, 2012-09-20

Sale Approval Date:

Thu, 2012-09-27

Price Range:

1M - 5M

Proposed Sale Price:

$3.5 Million plus assumed liabilities (with the assumed liabilities, asset purchase agreement was valued at $21.8 million).

Stalking Horse:

Yes

If yes, who?:

Company owned by Robert DePalo, the CEO of the first and second lien lenders and Managing Member of the DIP lender.

Credit Bid:

Qualified Bidder Requirements:

A Qualified bid (i) must be for nothing less than all of the debtor’s assets, (ii) must sign an APA, and (ii) pay the stalking horse bidder’s breakup fee

Due Diligence Limitations:

Due Diligence permitted but debtor would not make any representations or warranties

Required Deposit:

10% of minimum auction bid ($21.8 million)

Initial Over Bid Requirement and Bid Increment Data:

Bidder must bid at least $21.8 million (the amount the stalking horse’s bid was valued at when considering assumed liabilities).

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

Breakup fee equal to 3% of final transaction price.

Was Break-up fee allowed?:

Yes

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

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Numerous objections filed relating to various parties parochial rights, but not the sale procedures.

Proposed Terms Modified:

Yes

If yes, provide details:

Several paragraphs added to various sections to preserve rights of various entities.

Purchaser:

Single Point Corp. (an entity owned by Robert DePalo, the CEO of the First and Second Lien Lenders, and the managing member of DIP Lender)

Actual Sale Price:

$3.5 million (valued at $21.8 million when assumed liabilities factored in)

Reported Decision:

None

Submitter and Affiliation:

Kyle James Ortiz, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-10-10

In re Monmouth Excavators, Inc. (Bankr. D. N.J. March 1, 2012)

Wed, 18 Sep 2013 15:05:19 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Ferguson

Sale of Substantially All Assets:

Description of Assets:

Vehicles and surplus equipment

6 years 29 weeks ago

Bid Procedures Approval Date:

Tue, 2012-07-03

Date of Sale:

Thu, 2012-07-12

Price Range:

0-250K

Proposed Sale Price:

Public auction (no specified price)

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

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Not specified

Actual Sale Price:

$41,000 (aggregate)

Submitter and Affiliation:

Doron P. Kenter, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-09-18

In re Monmouth Excavators, Inc. (Bankr. D. N.J. March 1, 2012)

Wed, 18 Sep 2013 15:01:58 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Ferguson

Sale of Substantially All Assets:

Description of Assets:

2006 Acura

6 years 17 weeks ago

Sale Approval Date:

Tue, 2012-09-25

Price Range:

0-250K

Proposed Sale Price:

$6,000

Stalking Horse:

N/A

Credit Bid:

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Mary Barbagallo

Actual Sale Price:

$6,000

Submitter and Affiliation:

Doron P. Kenter, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-09-18

E Windsor, LLC, Docket No. 3:12-bk-13847 (Bankr. D. N.J. Feb. 16, 2012)

Thu, 29 Aug 2013 18:57:56 +0000

Status:

Completed

Judge:

Kaplan

Sale of Substantially All Assets:

Yes

Description of Assets:

Windsor Heights Shopping Center (130,000 sq. ft. shopping center, 440 Route 130 South, East Windsor, NJ 08250) (asserts bankruptcy was caused by anchor tenant’s lease rejection (The Great Atlantic & Pacific Tea Company, Inc.))

6 years 35 weeks ago

Bid Deadline:

Mon, 2012-05-14

Sale Approval Date:

Mon, 2012-05-21

Price Range:

500K - 1M

Proposed Sale Price:

$500,000.00 in cash at closing, in addition to other non-cash consideration (as described below).

Stalking Horse:

Yes

If yes, who?:

East Windsor Lender, LLC

Credit Bid:

Yes

If yes, identify capital stack position of debt:

The sale was being made pursuant to a settlement agreement with the debtor’s lender. Pursuant to that agreement, the debtor would convey to the lender title to the assets in exchange for: (i) the release of the debtor’s personal liability under a prepetition note and guarantee; (ii) the lender’s release, as of the date of the conveyance, of any claim to (a) rental revenue held by the debtor, and (b) net operating income, from the commencement date through closing; and (iii) the lender’s payment to debtor of $500,000.00 at closing. The debtor sought the settlement to effect a global resolution of various issues in its chapter 11 case as well as other forums, and the cash proceeds were anticipate to be adequate to satisfy the debtor’s pre and post-petition trade obligations, tax claims, and professional fees. The senior secured lender acted as stalking horse bidder; however, in the event of a competing bid, the lender reserved its right to credit bid its secured claim up to the fill amount of the outstanding balance due under the debtor’s prepetition loan documents (approx.. $13,000,000.00). From the docket, it appears that no bids were submitted, and therefore the auction was cancelled.

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

US trustee objected to certain non-debtor related third party releases that were being granted as part of the settlement agreement, and argued that the sale motion was a sub rosa plan, which sought to avoid the strictures of chapter 11. US trustee argued that it anticipated that the debtor would seek structured dismissal, so debtor should not be permitted to proceed in chapter 11, but rather covert its cases to chapter 7. It is unclear from the docket how the US trustee's objection was resolved, although it appears to have been settled on the condition that sale proceeds would be placed in escrow for distribution under a plan at a later time.

Proposed Terms Modified:

Purchaser:

East Windsor Lender, LLC

Actual Sale Price:

$500,000.00 in cash at closing, in addition to other non-cash consideration (as described above).

Submitter and Affiliation:

Andrea C. Saavedra, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-29

Etz Hayim, Inc., Docket No. 12-13864-KCF (Bankr. D. N.J. Feb. 16, 2012)

Thu, 29 Aug 2013 18:10:40 +0000

Status:

Completed

Judge:

Ferguson

Sale of Substantially All Assets:

Description of Assets:

Real property (21 Cedar Street, Lakewood, NJ)

5 years 41 weeks ago

Date of Sale:

Wed, 2013-04-24

Sale Approval Date:

Thu, 2013-04-04

Price Range:

0-250K

Proposed Sale Price:

$165,000.00

Stalking Horse:

N/A

Credit Bid:

N/A

Qualified Bidder Requirements:

N/A; property sold via private sale, therefore no auction process.

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Abe Nissim

Actual Sale Price:

$165,000.00

Submitter and Affiliation:

Andrea C. Saavedra, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-29

Joseph Grasso, Docket No. 12-11063-MDC (Bankr. E.D. Pa. Feb. 6, 2012)

Thu, 22 Aug 2013 18:27:18 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Coleman

Sale of Substantially All Assets:

Description of Assets:

Thirteen antique cars

5 years 48 weeks ago

Date of Sale:

Tue, 2013-05-21

Sale Approval Date:

Thu, 2013-03-07

Price Range:

0-250K

Proposed Sale Price:

Up to $70,000 (before deduction for costs, including approximately $8,000 in actual and necessary costs and 10% commission on gross sale proceeds for auctioneer)

Bid Protection Ratio:

N/A

Stalking Horse:

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:

Not listed.

Actual Sale Price:

$58,707.50 in gross proceeds, minus $11,986.03 in total expenses and commission due auctioneer; total net proceeds equals $46,721.47.

Reported Decision:

N/A

Submitter and Affiliation:

Jessica Liou, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-22

In re Dante Ragasa, 12-13182, (Bankr. D.N.J. Feb. 9, 2012)

Wed, 14 Aug 2013 22:09:03 +0000

Status:

N/A

Link to Docket:

Click here

Judge:

Kaplan

Sale of Substantially All Assets:

Description of Assets:

50% interest in premises at 8948 Valhalla Court, Naples, Florida

6 years 39 weeks ago

Price Range:

500K - 1M

Proposed Sale Price:

$525,000 in a short sale (of which the estate would receive 50%), but secured lender (Wells Fargo) was owed $736,143 and his consent would be required for sale to proceed.

Bid Protection Ratio:

n/a

Stalking Horse:

N/A

Credit Bid:

N/A

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

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

The secured lender wanted to block the short sale, as the proposed price was less than the total of his liens.

Proposed Terms Modified:

Yes

If yes, provide details:

The court denied the sale motion.

Purchaser:

n/a

Actual Sale Price:

n/a

Reported Decision:

None

Submitter and Affiliation:

Rahul K. Sharma, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-14

In re James Walter Lucas and Barbara Jean Lucas, 12-13360, (Bankr. D.N.J. Feb. 10, 2012)

Wed, 14 Aug 2013 21:46:58 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Steckworth

Sale of Substantially All Assets:

Description of Assets:

A house at 545 Norwood Street, East Orange, NJ.

6 years 1 week ago

Bid Procedures Approval Date:

Tue, 2013-02-26

Sale Approval Date:

Tue, 2013-02-26

Price Range:

0-250K

Bid Protection Ratio:

n/a

Stalking Horse:

N/A

Credit Bid:

N/A

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

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

The secured lender, Citimortgage, objected on the grounds that no sale should be approved unless Citimortgage consents.

Proposed Terms Modified:

Yes

If yes, provide details:

The court approved the motion to sell on the grounds that Citimortgage consent to the sale.

Purchaser:

unnamed

Actual Sale Price:

$30,000

Submitter and Affiliation:

Rahul K. Sharma, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-08-14

In re Domenico Centofanti, Docket No. 12-11076 (Bankr. E.D. Pa. Feb. 6, 2012)

Sat, 27 Jul 2013 02:41:05 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Frank

Sale of Substantially All Assets:

Description of Assets:

Real property located at 2133 Kimball Street, Philadelphia, PA

6 years 9 weeks ago

Sale Approval Date:

Wed, 2012-11-07

Price Range:

0-250K

Proposed Sale Price:

$83,000.00

Stalking Horse:

N/A

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

Was Break-up fee allowed?:

N/A

Procedures concerning contracts and leases (§365):

None

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

James J. Quinlan Group LLC

Actual Sale Price:

$83,000.00

Submitter and Affiliation:

Victoria Vron, Weil, Gotshal & Manges LLP

Today's Date:

Fri, 2013-07-26

In re Powerwave Technologies, Inc., Docket No. 12-10134 (Bankr. D. Del. Jan. 28, 2013)

Tue, 02 Jul 2013 20:18:06 +0000

Status:

Pending

Link to Docket:

Click here

Description of Assets:

Substantially all operating assets – wireless solutions

Price Range:

10M - 15M

Proposed Sale Price:

None

Qualified Bidder Requirements:

Determined by debtor; must submit financials and deposit, as well as other disclosures regarding contracts to be assumed, identity of bidder(s).

Supplemental Bid Requirements:

Back-Up Bid – irrevocable until the earlier of: (i) (a) 60 days after entry of a Sale Order approving the [initial] Successful Bid or (b) 90 days after entry a Plan Sponsor Order; and (ii) (a) the closing of the sale to the Successful Bidder or (b) the effective date of a plan of reorganization

Due Diligence Limitations:

Site access to be provided to each Potential Bidder upon reasonable request at the Debtor’s discretion within its reasonable business judgment; no site visits without the Debtor’s consent.

Required Deposit:

5% of proposed purchase price

Initial Over Bid Requirement and Bid Increment Data:

Unspecified; announced at Auction

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

Aggregate of breakup fee and expense reimbursement not to exceed 4% of the cash purchase price, exclusive of assumed liabilities or cure amounts

Procedures concerning contracts and leases (§365):

Bidder must identify contracts proposed to be assumed

Objection Filed to Proposed Terms:

Yes

Proposed Terms Modified:

Actual Sale Price:

$10,250,000

Reported Decision:

None

Submitter and Affiliation:

Doron P. Kenter, Weil, Gotshal & Manges LLP

Today's Date:

Tue, 2013-07-02