Asset Sales Databank - 6th Circuit

Darrell A. Homan and Tracy A. Homan, Docket No. 12-11000 (Bankr. S.D. Ohio Feb. 29, 2012)

Tue, 08 Oct 2013 22:30:19 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Buchanan

Sale of Substantially All Assets:

N/A

Description of Assets:

Vacation rental real estate property, including personal property associated therewith

6 years 21 weeks ago

Sale Approval Date:

Mon, 2012-10-29

Price Range:

250K - 500K

Proposed Sale Price:

$367,000

Stalking Horse:

N/A

Credit Bid:

N/A

Qualified Bidder Requirements:

None

Supplemental Bid Requirements:

None

Due Diligence Limitations:

None

Required Deposit:

$10,000

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:

N/A

Purchaser:

Chester and Jennifer Wooten

Actual Sale Price:

$367,000

Reported Decision:

None

Submitter and Affiliation:

Andriana Georgallas, Weil, Gotshal & Manges LLP

Today's Date:

Tue, 2013-10-08

In re JT Enter. LLC, No. 4:12-bk-30691 (Bankr. E.D. Mich. Feb. 20, 2012)

Fri, 04 Oct 2013 18:05:06 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Opperman

Sale of Substantially All Assets:

Yes

Description of Assets:

Various Rollerskating Venues

6 years 16 weeks ago

Bid Procedures Approval Date:

Wed, 2012-10-03

Bid Deadline:

Thu, 2012-10-18

Date of Sale:

Thu, 2012-10-25

Price Range:

1M - 5M

Proposed Sale Price:

$1.3 Million

Stalking Horse:

Yes

If yes, who?:

SKT Rollerskating Properties, LLC

Credit Bid:

Qualified Bidder Requirements:

To be a Qualified Bid, a bid (i) must be in the form of a legally binding asset purchase agreement signed by the proposed purchaser, (ii) if bidding for more than one rollerskating venue, must state price offered for each venue, (iii) must be irrevocable until the closing, (iv) must be accompanied by evidence of financial ability to consummate sale by October 31, 2012, (v) include a statement that there are no conditions precedent to bidder’s ability to enter into and consummate purchase, (vi) must not contain any financing or due diligence contingency, and (vii) and must be accompanied by a cash deposit of $25,000.

Supplemental Bid Requirements:

None

Due Diligence Limitations:

Yes, due diligence contingencies prohibited by bidding procedures. Property sold As-Is.

Required Deposit:

$25,000

Initial Over Bid Requirement and Bid Increment Data:

$50,000

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

Break-up fee for the stalking horse bidder of $25,000

Bid protections as percent of proposed price:

1.9%

Was Break-up fee allowed?:

Yes

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

1.9%

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Limited Objection by secured lender asserting that the order needed to provide for more robust marketing and provide a longer bidding period to ensure the maximum bid price was received.

Proposed Terms Modified:

Yes

If yes, provide details:

Bidding period extended and marketing efforts expanded.

Purchaser:

Metro Skating 13, LLC

Actual Sale Price:

$1,450,014

Reported Decision:

None

Submitter and Affiliation:

Kyle James Ortiz, Weil, Gotshal & Manges LLP

Today's Date:

Fri, 2013-10-04

G.L. & Associates, L.L.C. (Docket No. 4:12-bk-30631 (Bankr. E.D. Mich., Feb. 16, 2012))

Thu, 29 Aug 2013 17:53:07 +0000

Status:

Completed

Judge:

Opperman

Sale of Substantially All Assets:

Yes

Description of Assets:

Going concern sale of debtor’s real estate brokerage firm, inclusive of principal assets such as office equipment etc. and assignment of franchise agreement with Prudential

6 years 29 weeks ago

Bid Procedures Approval Date:

Fri, 2012-08-03

Bid Deadline:

Fri, 2012-08-17

Date of Sale:

Fri, 2012-08-24

Sale Approval Date:

Fri, 2012-08-24

Price Range:

0-250K

Proposed Sale Price:

Approximately $85,000, consisting of (i) an initial cash payment of $25,000.00 plus (ii) eight quarterly payments of 5% of gross commissions minus costs (projected to be $60,000)

Stalking Horse:

Yes

If yes, who?:

OLOS, LLC (another Michigan-based Prudential franchisee real estate brokerage firm)

Credit Bid:

Qualified Bidder Requirements:

To be a qualified bidder, bidder must: (i) be a licensed broker legally authorized to own and operate a Michigan real estate brokerage; (ii) meet the qualifications necessary to operate as a Prudential Real Estate franchisee (and/or any successor entity), or demonstrate its ability to close the sale without operating as a franchisee; (iii) have the background and legal qualifications necessary to operate the title company associated with debtor’s business; and (iv) be able to close within 21 days of its offer being approved.

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):

None, except as set forth with respect to becoming a qualified bidder.

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

UST objected to initial sale procedures on basis that there was inadequate notice and disclosure of sale. Debtor amended to appease UST's concerns in advance of moving forward with sale.

Proposed Terms Modified:

Purchaser:

OLOS LLC

Actual Sale Price:

$100,000, consisting of (i) $35,000 at closing plus (ii) $75,000 to be paid over 8 payments based on an estimated share of gross revenues.

Submitter and Affiliation:

Andrea C. Saavedra, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-29

In re Hays, 12-01605 (Bankr. M.D. Tenn. Feb. 21, 2012)

Thu, 29 Aug 2013 15:59:15 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Lundin

Sale of Substantially All Assets:

Description of Assets:

Vehicle (Chevy Pickup)

6 years 30 weeks ago

Sale Approval Date:

Tue, 2012-07-03

Price Range:

0-250K

Proposed Sale Price:

$5,000

Stalking Horse:

N/A

Credit Bid:

Was Break-up fee allowed?:

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Don Crook

Actual Sale Price:

$5,000

Submitter and Affiliation:

Doron P. Kenter, Weil, Gotshal & Manges LLP

Today's Date:

Thu, 2013-08-29

Investico Dev. Corp., Docket No. 12-40376-pjs (Bankr. E.D. Mich. Jan. 8, 2012)

Fri, 16 Aug 2013 20:54:06 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Shefferly

Sale of Substantially All Assets:

Description of Assets:

Improved real property (retail building and eight parking spaces) located at 136 East Walled Lake Drive, Walled Lake, Michigan

6 years 4 weeks ago

Sale Approval Date:

Fri, 2012-11-30

Price Range:

0-250K

Proposed Sale Price:

$200,000, free and clear of liens, claims, encumbrances and other interests.

Stalking Horse:

Credit Bid:

N/A

Due Diligence Limitations:

60 day inspection period. If purchaser is unsatisfied by inspection, then purchaser may terminate with full refund of deposit and without further liability.

Required Deposit:

$1,000

Was Break-up fee allowed?:

Objection Filed to Proposed Terms:

Proposed Terms Modified:

N/A

If yes, provide details:

Flagstar Bank, which had opposed an earlier sale of the same property and sought relief from the automatic stay to foreclose on the property in question, later agreed to permit the sale and release its lien on the property conditioned upon the receipt of $220,000 by December 1, 2012. In the Court’s Order, Flagstar was not required to release its first mortgage lien until and unless it received $220,000 at the time of closing on the sale, which closing was required to occur no later than December 1, 2012. If it did not receive the money by the deadline, Flagstar would be permitted to foreclose pursuant to the Court’s earlier order.

Purchaser:

Cornerstone Properties, LLC

Actual Sale Price:

$200,000

Reported Decision:

N/A

Submitter and Affiliation:

Katherine Doorley, Weil, Gotshal & Manges LLP

Today's Date:

Fri, 2013-08-16

Investico Dev. Corp., Docket No. 12-40376-pjs (Bankr. E.D. Mich. Jan. 8, 2012)

Fri, 16 Aug 2013 20:49:53 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Shefferly

Sale of Substantially All Assets:

Description of Assets:

Improved real property (office building) located at 28552 Orchard Lake Road, Farmington Hills, Michigan.

5 years 44 weeks ago

Sale Approval Date:

Wed, 2013-03-20

Price Range:

500K - 1M

Proposed Sale Price:

$561,489.65 (net to the Bank of Michigan, in addition to its costs, attorneys’ fees, and closing costs), plus any outstanding real and personal property taxes.

Stalking Horse:

N/A

Credit Bid:

Was Break-up fee allowed?:

N/A

Procedures concerning contracts and leases (§365):

The debtor proposed to assume certain related leases and assign those leases to the purchaser. The debtor asserted in the sale motion that the purchaser had sufficient wherewithal to continue performance under the leases and stated that the purchaser would demonstrate such capabilities at a sale hearing. The debtor further requested that the anti-assignment provisions in the leases be deemed not to restrict, limit or prohibit the assumption, assignment and sale of the lease and that the provisions be deemed unenforceable pursuant to section 365(f) of the Bankruptcy Code.

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

An entity to be formed by Nadim Hakim

Actual Sale Price:

$561,489.65 plus outstanding interests, costs, attorney fees and closing costs, estimated quarterly fees owed to the United States Trustee, and all unpaid real property taxes.

Reported Decision:

N/A

Submitter and Affiliation:

Katherine Doorley, Weil, Gotshal & Manges LLP

Today's Date:

Fri, 2013-08-16

Investico Dev. Corp., Docket No. 12-40376-pjs (Bankr. E.D. Mich. Jan. 8, 2012)

Fri, 16 Aug 2013 20:46:58 +0000

Status:

N/A

Link to Docket:

Click here

Judge:

Shefferly

Sale of Substantially All Assets:

Description of Assets:

Improved real property (retail buildings and eight parking spaces) located at 136 East Walled Lake Drive, Walled Lake, Michigan

6 years 40 weeks ago

Price Range:

0-250K

Proposed Sale Price:

$200,000, free and clear of liens, claims, encumbrances and other interests.

Stalking Horse:

N/A

Credit Bid:

Due Diligence Limitations:

60 day inspection period. If purchaser is unsatisfied by inspection, then purchaser may terminate with full refund of deposit and without further liability.

Required Deposit:

$1,000

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Flagstar Bank filed an objection to the sale of the property. Flagstar held a first priority mortgage on the property in the amount of at least $310,000, and asserted that the debtor had no equity in the property. Flagstar argued that there was no basis in the Bankruptcy Code to sell the property free and clear of Flagstar’s first priority interest, because Flagstar did not consent to the sale and Flagstar could not be compelled to accept a monetary satisfaction of its lien. Flagstar also noted numerous deficiencies in the sale motion including the debtor’s failure to articulate a business reason for selling the property, the failure to provide evidence that the proposed purchase price was fair or reasonable, the failure to provide information regarding the debtor’s marketing efforts, and the failure to describe why an entity named Univest was identified as a seller or Univest’s relationship with the debtor.

Proposed Terms Modified:

If yes, provide details:

The court denied the motion to sell and granted creditor’s motion to lift the automatic stay to foreclose on the real property.

Purchaser:

Cornerstone Productions, LLC was the proposed purchaser.

Actual Sale Price:

N/A

Reported Decision:

N/A

Submitter and Affiliation:

Katherine Doorley, Weil, Gotshal & Manges LLP

Today's Date:

Fri, 2013-08-16

In re Legacy Estates, LLC, Docket No. 12-30058 (Bankr. W.D. Ky. January 6, 2012)

Fri, 26 Jul 2013 18:08:37 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Lloyd

Sale of Substantially All Assets:

Description of Assets:

A 1.8 acre tract of land with a cabin located in Grayson County, KY.

6 years 38 weeks ago

Sale Approval Date:

Wed, 2012-04-18

Price Range:

0-250K

Proposed Sale Price:

$140,000

Stalking Horse:

N/A

Credit Bid:

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

The second lien creditors filed a limited response opposing the Debtor's proposed use of sale proceeds to (i) reimburse the first lien creditor for real property taxes paid by the first lien creditor on a separate piece of property, and (ii) pay any U.S. Trustee fees, prior to making payments to the second lien creditors. The second lien creditors asserted that they had legal rights in the sale proceeds superior to the right of the first lien creditor to be reimbursed for property taxes paid on a separate property, and rights superior to the U.S. Trustee. The second lien creditors requested that language be added to any order approving a sale stating that approval was without prejudice to the rights of the second lien creditors to obtain sale proceeds to which they were entitled.

Proposed Terms Modified:

Purchaser:

James A. Roemer

Actual Sale Price:

$140,000

Submitter and Affiliation:

Katherine Doorley, Weil, Gotshal & Manges LLP

Today's Date:

Fri, 2013-07-26

In re Blackhawk Automotive Plastics, Inc., Docket No. 07-42671 (Bankr. N.D. Ohio Oct. 22, 2007)

Tue, 21 Jun 2011 21:42:13 +0000

Status:

Completed

Link to Docket:

Click here

Description of Assets:

Substantially all assets.

11 years 10 weeks ago

Price Range:

10M - 15M

Proposed Sale Price:

$16,459,969

Bid Protection Ratio:

N/A

Qualified Bidder Requirements:

(1) Bid cannot contain any contingencies; (2) Bidder must provide documentation that it has the resources to finance the purchase and close the transaction within the established time frame; (3) Bidder must provide evidence that it has the legal capacity to enter into the transaction.

Supplemental Bid Requirements:

None.

Due Diligence Limitations:

A bidder will be given reasonable access to Debtor’s books and records only if the bidder: (1) is determined to have sufficient financial capacity to submit a qualifying bid; and (2) executes a confidentiality agreement acceptable to the debtors.

Required Deposit:

(1) 5% of the proposed purchase price, but not to exceed $1 million, prior to the bid deadline; (2) 10% of the bidder’s proposed purchase price no later than one day prior to the auction; (3) within 24 hours of the conclusion of the auction, the prevailing bidder and backup bidder shall further increase their deposits to 10% of the prevailing bid and backup bid, respectively.

Initial Over Bid Requirement and Bid Increment Data:

Initial overbid requirement is $500,000, unless there are no bids submitted at the auction by any qualified bidder other than a credit bid by one or more of certain of Debtor’s lenders, in which case the initial overbid requirement is $150,000. Subsequent bids must be made in increments of at least $100,000.

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

If a competing bid is made at the auction by a qualifying bidder other than one or more of certain lenders of the Debtor: $400,000. If no competing bid is made at the auction by a qualifying bidder other than one or more of certain lenders of the Debtor: $150,000.

Bid protections as percent of proposed price:

Varied.

Procedures concerning contracts and leases (§365):

Bidder may request the contract(s) it would like assumed and assigned in its asset purchase agreement.

Objection Filed to Proposed Terms:

Yes

Proposed Terms Modified:

Yes

Actual Sale Price:

$13,459,969

Reported Decision:

None

Submitter and Affiliation:

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

Today's Date:

Tue, 2011-06-21

In re Tucker, Docket No. 07-07742 (Bankr. W.D. Mich. Oct. 18, 2007)

Tue, 21 Jun 2011 20:36:16 +0000

Status:

Completed

Link to Docket:

Click here

Description of Assets:

1995 Checkmate Playmate boat.

11 years 11 weeks ago

Price Range:

0-250K

Proposed Sale Price:

$2,500 to 3,500

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:

Proposed Terms Modified:

Actual Sale Price:

$750.01

Reported Decision:

None

Submitter and Affiliation:

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

Today's Date:

Tue, 2011-06-21