Asset Sales Databank - 5th Circuit

In re B.R.H. Consultants, Inc., Docket No. 12-10193 (Bankr. M.D. La. Feb. 20, 2012)

Mon, 07 Oct 2013 19:40:23 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Dodd

Sale of Substantially All Assets:

Description of Assets:

Real property – unimproved immovable lot

6 years 25 weeks ago

Sale Approval Date:

Fri, 2012-08-10

Price Range:

0-250K

Proposed Sale Price:

$62,000

Bid Protection Ratio:

N/A

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:

Joe G. Moore

Actual Sale Price:

$62,000

Submitter and Affiliation:

Victoria Vron, Weil, Gotshal & Manges LLP

Today's Date:

Mon, 2013-10-07

In re Colonial Golf & Country Club, Inc. (Bankr. E.D. La. Feb. 21, 2012)

Thu, 12 Sep 2013 18:40:33 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Magner

Sale of Substantially All Assets:

Yes

Description of Assets:

Golf course and country club; all assets except for avoidance actions, deposits as of the petition date, and cash on hand at the sale closing

6 years 33 weeks ago

Bid Procedures Approval Date:

Mon, 2012-06-04

Sale Approval Date:

Mon, 2012-07-16

Price Range:

5M-10M

Proposed Sale Price:

$8.5 million

Bid Protection Ratio:

3% (if auction was required, which it was not)

Stalking Horse:

Yes

If yes, who?:

Private purchase agreed to serve as stalking horse bidder if court ordered an auction

Credit Bid:

Due Diligence Limitations:

If auction were ordered: Bid must not be subject to any due diligence or other contingencies of the bidder other than (i) the delivery by the Debtor of merchantable title (subject to any exceptions or conditions set forth in Colonial Finance’s policy of title insurance) and (ii) entry of an order by the Bankruptcy Court authorizing the sale of the property

Required Deposit:

In the event of an auction: $275,000

Initial Over Bid Requirement and Bid Increment Data:

If auction were required, initial bid would need to aggregate at least $9.31mm (~$800K over the stalking horse bid); bid increments at auction would be at least $50K

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

Only in the event of an auction: $250,000 breakup fee and expense reimbursement

Was Break-up fee allowed?:

N/A

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

Objection Filed to Proposed Terms:

Proposed Terms Modified:

If yes, provide details:

No auction was necessary; court approved private sale

Purchaser:

JW Colonial Group LLC

Actual Sale Price:

$8.5 million

Submitter and Affiliation:

Doron P. Kenter, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-09-12

Tulsi Lodging LLC, Docket No. 12-30603 (Bankr. S.D. Tex. Jan. 27, 2012)

Wed, 04 Sep 2013 15:45:23 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Jones

Sale of Substantially All Assets:

Yes

Description of Assets:

Real property located at 15319 Eastex Freeway, Humble, Texas 77396 along with the hotel operated by the Debtor at that location

6 years 5 weeks ago

Bid Procedures Approval Date:

Wed, 2012-11-21

Bid Deadline:

Sat, 2012-01-07

Sale Approval Date:

Tue, 2013-03-05

Price Range:

1M - 5M

Proposed Sale Price:

The purchase price is $1,400,000.00 (original offer of $1,425,000 was later terminated)

Stalking Horse:

Yes

If yes, who?:

Kuldeep Patel

Credit Bid:

Qualified Bidder Requirements:

(i) Deliver to the Trustee an executed contract for the purchase of the Property in substantially the same form as the Sale Agreement and in an amount that is at least $50,000 higher than the current Purchase Price; (ii) deposit $50,000 in earnest money with the Title Company; and (iii) provide financial and other reasonable information, as may be requested, to the Trustee, that allows the Trustee and his counsel to make a reasonable determination as to such bidder’s ability to consummate the sale

Supplemental Bid Requirements:

None

Due Diligence Limitations:

Upon execution of the Sale Agreement, the Proposed Buyer shall have 30 days to conduct due diligence

Required Deposit:

$50,000

Initial Over Bid Requirement and Bid Increment Data:

$50,000 (initial overbid) $50,000 (minimum bid increment)

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:

Yes

If yes, provide details:

A creditor filed an objection to the minimum bid increment asserting that it was too high and would chill bidding and argued that the sale was not in the best interests of the estate (objection filed in response to original and modified sale motions)

Proposed Terms Modified:

Purchaser:

Original bidder - Kuldeep Patel – terminated the original sale agreement. Alisha & Ishan Lodging Group LLC purchased the property

Actual Sale Price:

$1,400,000.00

Reported Decision:

Submitter and Affiliation:

Abigail Zigman, Weil, Gotshal & Manges LLP

Today's Date:

Wed, 2013-09-04

Dominic J. Carlone, Docket No. 12-10339 (Bankr. E.D. La. Feb. 7, 2012)

Thu, 22 Aug 2013 19:18:50 +0000

Status:

Pending

Link to Docket:

Click here

Judge:

Brown

Sale of Substantially All Assets:

Description of Assets:

Movable property, furniture and furnishings located at 15078 Chickasaw Road and 15084 Chickasaw Road in Hancock County, Mississippi, 39556

5 years 25 weeks ago

Price Range:

0-250K

Proposed Sale Price:

Estimated $5,000 to $6,000 (before deduction for costs, including up to $500 for auctioneer’s actual and necessary advertising 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:

Yes

If yes, provide details:

Objection filed by non-debtor wife of debtor. Non-debtor wife alleged that Trustee’s auctioneer removed her property, along with the debtor’s property, from the homes they jointly owned and that the auctioneer left the homes in disarray after removing the property. Non-debtor wife requested the court (i) protect or compensate her for the value of her property, (ii) segregate the proceeds of former community property, (iii) require the Trustee and auctioneer to remedy the damage to the homes from which the property was removed, and (iv) deny the sale motion.

Proposed Terms Modified:

Yes

If yes, provide details:

Final court approval is still pending; however, the court entered an interim order that provides that the non-debtor wife shall meet with the Trustee to identify the items of property that constitute her separate property and reach agreement upon the treatment of same. If an agreement is reached, then the court may approve the sale motion. If an agreement is not reached, the court will hold an additional hearing to resolve the issue of separate property before approving the motion.

Purchaser:

N/A

Actual Sale Price:

N/A

Reported Decision:

N/A

Submitter and Affiliation:

Jessica Liou, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-22

Dominic J. Carlone, Docket No. 12-10339 (Bankr. E.D. La. Feb. 7, 2012)

Thu, 22 Aug 2013 19:05:19 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Assigned judge is Brown, but judge who signed Sale Order is Magner

Sale of Substantially All Assets:

Description of Assets:

Sale of real property with all buildings and improvements thereon located at 100 Labarre Road in Jefferson Parish, Louisiana

5 years 32 weeks ago

Date of Sale:

Mon, 2013-06-24

Sale Approval Date:

Mon, 2013-06-24

Price Range:

1M - 5M

Proposed Sale Price:

$2,725,000

Stalking Horse:

Yes

If yes, who?:

Dorsey Development, LLC

Credit Bid:

Qualified Bidder Requirements:

The sale motion attached bid procedures for court approval in the event the court determined bidding procedures and an auction were required. Ultimately, the court did not require either and therefore did not approve the bid procedures and did not schedule an auction. Instead, the court approved the sale of the real property directly to the proposed purchaser, Dorsey Development, LLC. Nonetheless, the terms of the proposed bid procedures are summarized below. Irrevocable offer must (i) be made in writing; (ii) be accompanied by a clean and duly executed copy of the asset purchase agreement (“APA”), which may not be materially more burdensome to the estate than the provisions of the stalking horse bidder’s APA or inconsistent with the bid procedures; (iii) be accompanied by a mark-up of the APA reflecting amendments and modifications compared to the stalking horse bidder’s APA; (iv) provide sufficient and adequate information to demonstrate that the potential bidder has the financial wherewithal and ability to consummate the sale with readily available funds, including executed copies of any financing agreements, letters or commitments not subject to any contingency; (v) not be conditioned on any due diligence or other contingencies of the bidder other than (a) the delivery by the debtor of merchantable title and (b) entry of an order by the Bankruptcy Court authorizing the sale of the property; (vi) remain irrevocable for 48 hours after the sale hearing or longer, if the potential bidder is selected as the back-up bidder; (vii) provide a commitment to close the sale within 15 days after the entry of the sale order; (viii) disclose the identity of each entity that will directly or indirectly bid for, purchase, or obtain possession of the assets or otherwise participate in connection with the bid; (ix) disclose the complete terms of any participation, along with sufficient evidence that the bidder is legally empowered to complete the transaction; (x) not request any transaction or break-up fee, expense reimbursement, termination or similar type of fee or payment and include a representation that it has had an opportunity to conduct all due diligence and that it has relied solely upon its own review and investigation in making its bid; and (xi) comply with the overbid, deposit and due diligence requirements.

Supplemental Bid Requirements:

N/A

Due Diligence Limitations:

Bids cannot be conditioned on any due diligence or other contingencies other than (i) the delivery by the debtor of merchantable title and (ii) entry of an order by the Bankruptcy Court approving the sale.

Required Deposit:

Stalking horse bidder deposited $25,000; qualified bidders are required to deposit $75,000 in certified funds by wire transfer.

Initial Over Bid Requirement and Bid Increment Data:

$2,875,000 million cash initial overbid; subsequent bidding increment at $10,000.

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

$50,000 break-up fee and an expense reimbursement equal to the stalking horse bidder’s reasonable costs and expenses in connection with all real estate due diligence, the sale, auction and negotiation thereof, not to exceed $50,000.

Bid protections as percent of proposed price:

>1.83%

Was Break-up fee allowed?:

N/A

Procedures concerning contracts and leases (§365):

Two leases were to be assumed and assigned to the purchaser in connection with the purchase of the property but no procedures were proposed or approved. Ultimately, the court approved the assumption and assignment of one lease, the other lease was to be terminated by the Trustee prior to closing.

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Objection filed by secured creditor Home Bank (f/k/a Guaranty Savings Bank). Home Bank held the first priority mortgage on the real property and an assignment of leases and rents generated by the property. Home Bank requested that the court deny the sale motion, unless the Trustee could show that the proceeds of the sale would be sufficient to cover both Home Bank’s claim and the Trustee’s claim for reimbursement and leave funds available for distribution to unsecured creditors.

Proposed Terms Modified:

Yes

If yes, provide details:

Trustee and Home Bank agreed to satisfy the Trustee’s claim for reimbursement by reducing Home Bank’s allowed secured claim by $30,000, provided that the sale closes no later than July 31, 2013.

Purchaser:

Dorsey Development, LLC

Actual Sale Price:

$2,725,000

Reported Decision:

N/A

Submitter and Affiliation:

Jessica Liou, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-22

Dominic J. Carlone, Docket No. 12-10339 (Bankr. E.D. La. Feb. 7, 2012)

Thu, 22 Aug 2013 18:43:13 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Brown

Sale of Substantially All Assets:

Description of Assets:

One 1994 Jeep Wrangler, 190 racks, one 1998 Toyota forklift, one 1995 Caterpillar forklift, and one 1993 Durapack shrink wrap machine

5 years 38 weeks ago

Date of Sale:

Mon, 2013-05-13

Sale Approval Date:

Mon, 2013-05-13

Price Range:

0-250K

Proposed Sale Price:

$9,000

Bid Protection Ratio:

N/A

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:

Karl Carlone

Actual Sale Price:

$9,000

Reported Decision:

N/A

Submitter and Affiliation:

Jessica Liou, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-22

Abhijot, Inc., Docket No. 12-10038-RLJ (Bankr. N.D. Tex. Feb. 6, 2012)

Thu, 22 Aug 2013 18:21:07 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Jones

Sale of Substantially All Assets:

Yes

Description of Assets:

Sale of real and personal property (hotel) located at 3111 West Walker, Breckenridge, Texas 76424

6 years 25 weeks ago

Date of Sale:

Wed, 2012-08-01

Sale Approval Date:

Wed, 2012-08-01

Price Range:

250K - 500K

Proposed Sale Price:

$260,000

Bid Protection Ratio:

N/A

Stalking Horse:

N/A

Credit Bid:

Qualified Bidder Requirements:

N/A

Supplemental Bid Requirements:

N/A

Due Diligence Limitations:

Purchaser has up to 15 days after Effective Date (June 26, 2012) to inspect property and terminate the contract for any reason.

Required Deposit:

$26,000

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:

Yes

If yes, provide details:

Objections filed by: (i) County of Stephens (taxing authority), (ii) Vantage Hospitality Group (contract counterparty), and (iii) Vaibhay Laxmi, Inc. (secured creditor). County of Stephens: Did not oppose sale, so long as proceeds of sale would be used to satisfy delinquent 2011 real and business personal property taxes before they would be used to satisfy any other creditor. Vantage Hospitality Group (“Vantage”): Did not oppose the sale but sought clarification regarding the debtor’s proposed treatment of a contract that the debtor and Vantage were parties to. The debtor owed Vantage $7,524.70 under the Americas Best Value Inn (“ABVI”) Brand Membership Application and Agreement (“Agreement”). Vantage requested that the debtor either (i) assume and assign the agreement and cure the prepetition and postpetition payment defaults and quality defaults or (ii) reject the agreement and immediately cease using anything bearing the ABVI name, brand logos, signage, etc. Vaibhay Laxmi, Inc. (“Laxmi”): Requested the court deny the sale motion and offered to pay $400,000 for the hotel property and related personal property.

Proposed Terms Modified:

Yes

If yes, provide details:

Docket No. 66 [Agreed Order Authorizing Sale]: The debts owed to Stephens County Tax Jurisdictions for real and personal property and tax assessments for 2012 and earlier will be paid in full from the sale proceeds at the time of the closing. To the extent that the taxes for the 2012 tax year are not paid at closing, the Stephens County Tax Jurisdictions shall retain their statutory liens until payment in full of their 2012 taxes, plus any penalties or interest that may ultimately accrue. Docket No. 67 [Agreed Order Resolving Limited Objection and Amended Limited Objection]: Authorized the debtor to reject the Agreement upon the earlier of August 31, 2012 or the closing date. Within 5 business days of the termination date, the debtor and the purchaser are required to cease using anything bearing the ABVI name, brand logos, signage, etc. Vantage may file a proof of claim for rejection damages within 30 days of the entry of the Order and shall have an allowed postpetition administrative claim for $8,193.10.

Purchaser:

Tarlochan Banwait

Actual Sale Price:

$260,000

Reported Decision:

N/A

Submitter and Affiliation:

Jessica Liou, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-22

In re El Paso Lighthouse for the Blind, 12-30264 (Bankr. W.D. Tex. Feb. 8, 2012)

Thu, 15 Aug 2013 20:37:51 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Mott

Sale of Substantially All Assets:

Description of Assets:

Real property (offices)

5 years 46 weeks ago

Sale Approval Date:

Fri, 2013-03-22

Price Range:

500K - 1M

Proposed Sale Price:

$1 million

Stalking Horse:

N/A

Credit Bid:

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Disputed lienholder objected to the extent that its lien had not yet been determined.

Proposed Terms Modified:

Yes

If yes, provide details:

A portion of the proceeds were put in escrow subject to a determination of the nature and extent of the lien; objection was accordingly withdrawn.

Purchaser:

Bingham Investments, Inc.

Actual Sale Price:

$1 million

Submitter and Affiliation:

Doron P. Kenter, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-15

In re Prabhjot, Inc., Docket No. 12-10037 (Bankr. N.D. Tx. Feb. 6, 2012)

Thu, 01 Aug 2013 17:21:19 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Jones

Sale of Substantially All Assets:

Yes

Description of Assets:

Hotel and all personal property in the hotel

6 years 25 weeks ago

Sale Approval Date:

Wed, 2012-08-01

Price Range:

250K - 500K

Proposed Sale Price:

$350,000

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

Procedures concerning contracts and leases (§365):

None

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Vantage Hospitality Group, Inc., which licensed the use of the hotel name to the debtor, objected to the sale to the extent the debtor does not simultaneously assume or reject the licensing agreement. A taxing authority sought a clarification in the sale order that the real and personal property taxes, which are secured by the hotel, be paid to it at the time of closing. A secured creditor filed an objection arguing that the proposed purchased price was not highest and best and offering to purchase the hotel and the personal property therein for $400,000.

Proposed Terms Modified:

Yes

If yes, provide details:

Debtor agreed with Vantage Hospitality Group, Inc. to reject the license agreement and for the buyer to rename the hotel. The sale order provided that that claims of the taxing authority would be paid in full from sale proceeds. The secured creditor’s objection, to the extent not withdrawn, was overruled.

Purchaser:

Tarlochan Banwait

Actual Sale Price:

$350,000

Submitter and Affiliation:

Victoria Vron, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-01

In re Wenaco Terrace, L.L.C., 12-40345 (Bankr. E.D. Tex. Feb. 9, 2012)

Thu, 25 Jul 2013 18:36:42 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Rhoades

Sale of Substantially All Assets:

Yes

Description of Assets:

Real Property (Apartments)

5 years 42 weeks ago

Sale Approval Date:

Mon, 2013-04-01

Price Range:

500K - 1M

Proposed Sale Price:

$599,900

Stalking Horse:

Credit Bid:

Qualified Bidder Requirements:

Debtor located back-up bidder willing to purchase assets if primary sale could not close.

Was Break-up fee allowed?:

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

108 [Fannie Mae] – limited objection to prior failed sale motion to ensure payment before distribution to holders of junior claims; 109 [Wenaco Enterprises] – limited objection to failed sale motion, notes the existence of a higher and better offer

Proposed Terms Modified:

N/A

If yes, provide details:

Proposed sale withdrawn; new sale approved without objections

Purchaser:

MLP Properties, Inc.

Actual Sale Price:

$599,900

Submitter and Affiliation:

Doron P. Kenter, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-07-25