Asset Sales Databank - 4th Circuit

In re Penn Camera Exchange, Inc., Docket No. 12-10113 (Bankr. D. Md. Jan. 4, 2012)

Fri, 13 Sep 2013 13:11:04 +0000

Status:

Completed

Judge:

Mannes

Sale of Substantially All Assets:

Yes

Description of Assets:

For the store closing sale: Merchandise and, if debtor elects to include them, furniture, fixtures, and equipment. Thereafter, remaining assets will be auctioned to highest bidder or sold at private sale following the store closing sale or upon closing of the locations.

6 years 51 weeks ago

Sale Approval Date:

Wed, 2012-01-25

Price Range:

1M - 5M

Proposed Sale Price:

Approximately $2.4 million based on aggregate cost value of merchandise

Stalking Horse:

Credit Bid:

Was Break-up fee allowed?:

N/A

Procedures concerning contracts and leases (§365):

Consultant bound to comply with side-letter agreements with certain landlords, which agreements have been or will be executed by such applicable landlords and Consultant. To the extent a landlord agreement conflicts with any term in the order, the agreement shall control over any court-approved sale guidelines.

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Great American Group, LLC retained as consultant to assist in the selling and liquidation of the assets and paid 5% base fee on gross sales. If furniture, fixtures, and equipment, 25% commission of the proceeds generated from sale of such assets. Wells Fargo holds a first priority perfected lien against all of the debtor’s assets. Proceeds of the sale (after payment to Consultant) will satisfy the bank’s lien.

Submitter and Affiliation:

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

Today's Date:

Fri, 2013-09-13

In re J.O.C. Farms, 8:12-bk-01285 (Bankr. E.D.N.C. Feb. 20, 2012)

Tue, 27 Aug 2013 19:39:31 +0000

Status:

N/A

Link to Docket:

Click here

Judge:

Doub

Sale of Substantially All Assets:

Description of Assets:

Real property

6 years 21 weeks ago

Sale Approval Date:

Tue, 2012-08-14

Price Range:

500K - 1M

Proposed Sale Price:

$6,775 per acre, to be assessed by survey (~88 acres, or $600,000)

Stalking Horse:

N/A

Credit Bid:

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Debtor failed to provide sufficient information (e.g., purchase price, form of purchase agreement, etc) [ECF 142, 145]

Proposed Terms Modified:

Yes

If yes, provide details:

Purchase Agreement filed

Purchaser:

DEGS NC Solar LLC

Actual Sale Price:

Sale terminated by buyer on November 6, 2012

Submitter and Affiliation:

Doron P. Kenter, Weil, Gotshal & Manges LLP

Today's Date:

Tue, 2013-08-27

In re RF Youngblood Family LLC, Case No. 12-01187-8-RDD (Bankr. E.D.N.C. February 15, 2012)

Mon, 26 Aug 2013 14:20:09 +0000

Status:

Completed

Judge:

Doub

Sale of Substantially All Assets:

Yes

Description of Assets:

56-acre tract of real property of the debtor in a single-asset real estate case

6 years 13 weeks ago

Bid Procedures Approval Date:

Wed, 2012-10-24

Date of Sale:

Sat, 2012-11-10

Sale Approval Date:

Mon, 2012-11-19

Price Range:

0-250K

Proposed Sale Price:

$155,500.00

Bid Protection Ratio:

n/a

Stalking Horse:

Credit Bid:

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Limited objection filed by Branch Banking & Trust Co. (secured creditor with lien on property); Branch Banking & Trust Co. supported the sale but objected (i) to the extent that the sale does not result in payment of its prepetition claims on or before November 30, 2012 and (ii) to the extent any surcharges relating to the property are not authorized in the debtor’s confirmed plan

Proposed Terms Modified:

Purchaser:

Northern Investors Group, LLC

Actual Sale Price:

$155,500.00

Submitter and Affiliation:

Greg Capone, Weil, Gotshal & Manges LLP

Today's Date:

Mon, 2013-08-26

William Leon Strickland, Docket No. 12-10287 (Bankr. D. Md. Jan. 9, 2012)

Sat, 17 Aug 2013 20:29:49 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Catliota

Sale of Substantially All Assets:

Description of Assets:

Certain improved residential real property

5 years 46 weeks ago

Sale Approval Date:

Wed, 2013-02-27

Price Range:

500K - 1M

Proposed Sale Price:

$825,000

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

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:

Gregory L. Russell and Susan B. Russell

Actual Sale Price:

$825,000

Reported Decision:

None

Submitter and Affiliation:

Andriana Georgallas, Weil, Gotshal & Manges LLP

Today's Date:

Sat, 2013-08-17

In re Cox & Schepp, Inc. (aka Cox Schepp Construction, Inc.) Docket No. 12-30019 (Bankr. W.D.N.C. Jan. 5, 2012)

Mon, 12 Aug 2013 18:00:36 +0000

Status:

Completed

Judge:

Whitley

Sale of Substantially All Assets:

Description of Assets:

Miscellaneous assets used in the debtor’s general commercial contracting business (e.g., vehicles, machinery, and equipment), including sale of 35 ShoreTel IP230 handsets to specified purchaser.

6 years 43 weeks ago

Sale Approval Date:

Fri, 2012-03-30

Price Range:

250K - 500K

Proposed Sale Price:

With respect to motor vehicles, purchase price must equal or exceed the amount of any lien or security interest in such vehicle. All vehicles will be sold for at least 90% of the Kelly Blue book trade-in value. With respect to 35 ShoreTel IP230 handsets, $3,150 (at $90 each).

Stalking Horse:

Credit Bid:

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

With respect to 35 ShoreTel IP230 handsets, Vermeer Mid Atlantic, Inc.

Actual Sale Price:

$3,150, with respect to 35 ShoreTel IP230 handsets

Submitter and Affiliation:

Yvanna M. Custodio, Weil, Gotshal & Manges LLP

Today's Date:

Mon, 2013-08-12

In re Marc S. O’Brien, 12-01402 (Bankr. E.D.N.C. Feb. 9, 2012)

Thu, 25 Jul 2013 18:40:33 +0000

Status:

N/A

Link to Docket:

Click here

Judge:

Doub

Sale of Substantially All Assets:

Description of Assets:

Four separate private sales approved w/r/t rental property and real property

5 years 44 weeks ago

Sale Approval Date:

Fri, 2013-06-21

Price Range:

500K - 1M

Proposed Sale Price:

Sale #1 – Rental property [$75,000]; Sale #2 – Rental property [$75,000]; Sale #3 – Real Property ($187,000]; Sale #4 -- Real property [$663,000]

Stalking Horse:

Credit Bid:

Was Break-up fee allowed?:

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Town requested to be added to list of lienholders

Proposed Terms Modified:

Purchaser:

Private Sales

Actual Sale Price:

Sale #1 – Rental property [$75,000]; Sale #2 – Rental property [$75,000]; Sale #3 – Real Property ($187,000]; Sale #4 -- Real property [$663,000]

Submitter and Affiliation:

Doron P. Kenter, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-07-25

In re Harold Finn, Docket No. 12-00120-8-SWH (Bankr. E.D.N.C. Jan. 5, 2012)

Mon, 22 Jul 2013 16:04:01 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Humrickhouse

Sale of Substantially All Assets:

Description of Assets:

2002 Honda Accord

6 years 44 weeks ago

Sale Approval Date:

Thu, 2012-03-08

Price Range:

0-250K

Proposed Sale Price:

$2,000.00

Stalking Horse:

N/A

Credit Bid:

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Tamara Gist (individual)

Actual Sale Price:

$2,000.00

Reported Decision:

Submitter and Affiliation:

Yvanna M. Custodio, Weil, Gotshal & Manges LLP

Today's Date:

Mon, 2013-07-22

In re Movie Gallery II, Docket No. 07-33849 (Bankr. E.D. Va. Oct. 16, 2007)

Tue, 21 Jun 2011 22:13:24 +0000

Status:

Completed

Link to Docket:

Click here

Description of Assets:

Debtors' interests in certain real property leases.

11 years 11 weeks ago

Proposed Sale Price:

Varied.

Bid Protection Ratio:

N/A

Qualified Bidder Requirements:

Bid must: (1) be irrevocable until the earlier of (i) the closing date or (ii) 60 days after the auction; (2) state the allocation schedule if bidding on more than one lease; (3) state the intended use of each leased premises; (4) include financial information demonstrating bidder’s ability to promptly consummate the transactions contemplated in the bid including adequate assurance of future performance; (5) disclose the bidder’s principals (if bidder was formed for the purpose of acquiring a lease); (6) provide a commitment to be obligated for leasehold obligations and year-end adjustment payments under the lease; (7) provide full disclosure of the identity of each entity that is bidding or otherwise participating and the terms of such participation.

Supplemental Bid Requirements:

For bidders that are the landlords of the leases on which they are bidding, there are additional requirements: (1) bid must state gross amount offered for each lease, identifying any portion that is a credit bid; (2) bid must waive or release any and all claims against Debtors arising under or related to such lease; (3) credit bids are limited to the amount of the undisputed cure amount under each lease; (4) bid must at least equal any amounts owing from the landlord to the Debtors (excluding any credit bid).

Due Diligence Limitations:

Copies of leases available for inspection prior to the auction: (1) during regular business hours at the officers of Debtors’ real estate consultants; (2) on Debtors’ website; or (3) provided to the bidder upon written request.

Required Deposit:

Phase 1: The greater of (i) 10% of the bidder’s bid amount or (ii) $5,000 for each lease on which a bidder submits a bid. Deposit will be held to the earlier of (i) the closing or (ii) 60 days after the auction for both the successful bidder and the second-best bidder, i.e., the backup bidder. Successful and backup bidders may be asked to increase their deposit amounts to the greater of (i) 10% of the successful bid or backup bid or (ii) $5,000. For bids by landlords, the deposit required for each bid is only applied to the cash component of such bid. Phase 2: The greater of (i) 10% of the bidder’s bid amount or (ii) $5,000 for each lease on which a bidder submits a bid. Deposit will be held to the earlier of (i) the closing or (ii) 60 days after the auction for both the successful bidder and the second-best bidder, i.e., backup bidder. Successful and backup bidders may be asked to increase their deposit amounts to the greater of (i) 10% of the successful bid or backup bid or (ii) $15,000. For bids by landlords, the deposit required for each bid is only applied to the cash component of such bid.

Initial Over Bid Requirement and Bid Increment Data:

Opening bid amounts and bid increments will be established or modified by the Debtors in their sole discretion.

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

None.

Bid protections as percent of proposed price:

N/A

Procedures concerning contracts and leases (§365):

See above; cure amounts, if any, shall be determined according to the Lease Cure Procedures.

Objection Filed to Proposed Terms:

Yes

Proposed Terms Modified:

Yes

Actual Sale Price:

Varied.

Reported Decision:

None

Submitter and Affiliation:

Steven J. Reisman, Curtis, Mallet-Prevost, Colt & Mosle LLP

Today's Date:

Tue, 2011-06-21

In re Movie Gallery I, Docket No. 07-33849 (Bankr. E.D. Va. Oct. 16, 2007)

Tue, 21 Jun 2011 21:57:11 +0000

Status:

Completed

Link to Docket:

Click here

Description of Assets:

Certain of Debtors' non-core assets

11 years 11 weeks ago

Price Range:

1M - 5M

Proposed Sale Price:

$2,250,000

Bid Protection Ratio:

N/A

Qualified Bidder Requirements:

None.

Supplemental Bid Requirements:

None.

Due Diligence Limitations:

N/A

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:

N/A

Procedures concerning contracts and leases (§365):

None.

Objection Filed to Proposed Terms:

Yes

Proposed Terms Modified:

Actual Sale Price:

$2,250,000

Reported Decision:

None

Submitter and Affiliation:

Steven J. Reisman, Curtis, Mallet-Prevost, Colt & Mosle LLP

Today's Date:

Tue, 2011-06-21

In re Dormia, Inc., Docket No. 1:08-bk-18044 (Bankr. D. Md. June 18, 2008)

Mon, 09 May 2011 18:42:18 +0000

Status:

Completed

Link to Docket:

Click here

Description of Assets:

Under the going-out-of-business motion filed on 6/18/2008 (the “GOB Motion”), the property for sale included: merchandise (the “Merchandise”), inventory, furniture, fixtures, and equipment from the Debtor’s retail mattress business (collectively, the “Property”). Under the motion filed on 10/7/2008 (the “IP Motion”), the property for sale was the debtor’s intellectual property (the “IP”).

10 years 28 weeks ago

Price Range:

1M - 5M

Proposed Sale Price:

Under the GOB Motion, the agent conducting the going-out-of-business sales (the “Agent”) paid to the Debtor 49.5% of the cost value of the Merchandise (the “Guaranteed Amount”). To the extent that proceeds from the going-out-of-business sales (the “GOB Sales”) exceeded the Guaranteed Amount and all expenses, the remaining proceeds were divided as follows: 8% of the cost value of the Merchandise paid to the Agent, and the Debtor and the Agent shared in the remaining amount 50/50. The Guaranteed Amount was estimated to be around $1,300,000. Under the IP Motion, the proposed price was $337,727.50, which was to be paid by deeming satisfied the purchaser’s post-petition debt.

Bid Protection Ratio:

25,000/1,300,000

Qualified Bidder Requirements:

Not specified.

Supplemental Bid Requirements:

Not specified.

Due Diligence Limitations:

Not specified.

Required Deposit:

Under the GOB Motion, the Agent paid a deposit of 80% of the Guaranteed Amount within one (1) business day following the sale commencement date. The IP Motion did not specify a required deposit.

Initial Over Bid Requirement and Bid Increment Data:

Under the GOB Motion, in the event of an auction, the required initial overbid was an increase in the Guaranteed Amount of at least two percent (2.0%) of the aggregate cost value of the Merchandise. Each overbid thereafter had to be in an increment of at least one percent (1.0%) over the previous bid. The IP Motion did not specify an initial overbid requirement or bid increment data.

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

The GOB Motion provided for a break up fee of $25,000 in the event an auction was held and the Agent was not selected as the winning bidder (no auction was actually held). The IP Motion did not include any bidder protections.

Bid protections as percent of proposed price:

0.0192%

Objection Filed to Proposed Terms:

Yes

Proposed Terms Modified:

Actual Sale Price:

Under the GOB Motion, the agent conducting the going-out-of-business sales (the “Agent”) paid to the Debtor 49.5% of the cost value of the Merchandise (the “Guaranteed Amount”). To the extent that proceeds from the going-out-of-business sales (the “GOB Sales”) exceeded the Guaranteed Amount and all expenses, the remaining proceeds were divided as follows: 8% of the cost value of the Merchandise paid to the Agent, and the Debtor and the Agent shared in the remaining amount 50/50. The Guaranteed Amount was estimated to be around $1,300,000. The final price under the IP Motion was $337,727.50, which was to be paid by deeming satisfied the purchaser's post-petition debt.

Reported Decision:

None

Submitter and Affiliation:

Jason W. Harbour, Partner at Hunton & Williams LLP, Richmond, Virginia

Today's Date:

Thu, 2011-05-05