Asset Sales Databank - 7th Circuit

In re Timothy J. Zastrow and Paula J. Zastrow, Docket No. 12-10596 (Bankr. W.D. Wis. Feb. 6, 2012)

Mon, 07 Oct 2013 18:57:44 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Furay

Sale of Substantially All Assets:

Description of Assets:

Real property

6 years 2 weeks ago

Sale Approval Date:

Thu, 2013-02-28

Price Range:

0-250K

Proposed Sale Price:

$110,000

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:

Yes

Proposed Terms Modified:

Yes

If yes, provide details:

Secured lender, Deutsche Bank National Trust Company, filed an objection requesting more time to review terms of proposed sale, but later withdrew its objection.

Purchaser:

Renato Gonzaga

Actual Sale Price:

$110,000

Submitter and Affiliation:

Victoria Vron, Weil, Gotshal & Manges LLP

Today's Date:

Mon, 2013-10-07

In re Warsaw Hotel Partners LLC, Case No 12-01403 (AJM) (Bankr. S.D. Ind. Feb. 17, 2012)

Fri, 04 Oct 2013 18:53:08 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Moberly

Sale of Substantially All Assets:

Yes

Description of Assets:

The Comfort Suites Indianapolis City Centre

6 years 10 weeks ago

Sale Approval Date:

Mon, 2012-12-17

Price Range:

5M-10M

Proposed Sale Price:

$7.5 million in the form of a credit bid by the mortgage lien holder.

Stalking Horse:

Credit Bid:

Yes

If yes, identify capital stack position of debt:

Credit Bidder was held a mortgage lien securing an acquisition and construction loan used to acquire and build out the hotel that was the debtor’s primary asset. In addition to the credit bid, the buyer assumed certain liabilities.

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?:

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

German American Capital Corporation, the debtor’s prepetition lender and mortgage lien holder.

Actual Sale Price:

$7.5 million

Reported Decision:

None

Submitter and Affiliation:

Kyle James Ortiz, Weil, Gotshal & Manges LLP

Today's Date:

Fri, 2013-10-04

In re Woodridge Holdings, Inc., 12-03905 (Bankr. N.D. Ill.)

Mon, 30 Sep 2013 19:50:06 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Cassling

Sale of Substantially All Assets:

Description of Assets:

Miscellaneous assets not sold via private sale including trailers, shelving, storage racks, moving blankets, dollies, and assorted equipment

6 years 28 weeks ago

Date of Sale:

Sat, 2012-06-23

Sale Approval Date:

Tue, 2012-06-19

Price Range:

0-250K

Proposed Sale Price:

N/A (TBD by Auction)

Stalking Horse:

Credit Bid:

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Unknown

Actual Sale Price:

Auction generated gross sale proceeds of $52,725.50

Submitter and Affiliation:

Frank Grese, Weil, Gotshal & Manges LLP

Today's Date:

Mon, 2013-09-30

In re Woodridge Holdings, Inc., 12-03905 (Bankr. N.D. Ill.)

Mon, 30 Sep 2013 19:45:14 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Cassling

Sale of Substantially All Assets:

Description of Assets:

2005 Ford E150 Cargo Van; 20 trailers

6 years 39 weeks ago

Sale Approval Date:

Tue, 2012-04-17

Price Range:

0-250K

Proposed Sale Price:

$5,000 (2005 Ford E150 Cargo Van); $119,050 (20 trailers)

Stalking Horse:

Credit Bid:

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Carmax (2005 Ford E150 Cargo Van); NetCorp Trailers, Inc. (20 trailers)

Actual Sale Price:

$5,000 (2005 Ford E150 Cargo Van); $119,050 (20 trailers)

Submitter and Affiliation:

Frank Grese, Weil, Gotshal & Manges LLP

Today's Date:

Mon, 2013-09-30

In re Woodridge Holdings, Inc., 12-03905 (Bankr. N.D. Ill.)

Mon, 30 Sep 2013 19:40:13 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Cassling

Sale of Substantially All Assets:

Description of Assets:

Storage pallets, fork lift, storage pads, storage racking, office equipment, office furniture, phone and fax numbers, website and internet domain name

6 years 43 weeks ago

Sale Approval Date:

Tue, 2012-03-20

Price Range:

0-250K

Proposed Sale Price:

$69,600 private sale

Stalking Horse:

Credit Bid:

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Reebie Storage and Moving Company, Inc.

Actual Sale Price:

$69,600

Submitter and Affiliation:

Frank Grese, Weil, Gotshal & Manges LLP

Today's Date:

Mon, 2013-09-30

In re Windmill Environmental Services, LLC, 12-03912 (Bankr. N.D. Ill.)

Mon, 30 Sep 2013 19:35:29 +0000

Status:

Completed

Link to Docket:

Click here

Judge:

Schmetterer

Sale of Substantially All Assets:

Description of Assets:

Four tank trailers

6 years 43 weeks ago

Sale Approval Date:

Tue, 2012-03-13

Price Range:

0-250K

Proposed Sale Price:

Debtor would trade four tank trailers for Buyer’s two semi-tractors (no cash consideration)

Stalking Horse:

Credit Bid:

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Ramiro Magallanes

Actual Sale Price:

Buyer’s two semi-tractors for Debtor’s four tank trailers

Submitter and Affiliation:

Frank Grese, Weil, Gotshal & Manges LLP

Today's Date:

Mon, 2013-09-30

In re London Place, LLC

Mon, 26 Aug 2013 16:02:52 +0000

Status:

Completed

Judge:

Pepper

Sale of Substantially All Assets:

Yes

Description of Assets:

Apartment complex and related property known as London Place Apartments, all tangible personal property of the Debtor, all of Debtor’s accounts including bank accounts, escrow accounts, and accounts receivable, cash on hand, and any intangible personal property.

6 years 4 days ago

Sale Approval Date:

Mon, 2013-01-14

Price Range:

5M-10M

Proposed Sale Price:

$6 million

Stalking Horse:

Yes

If yes, who?:

Larry Sheveland

Credit Bid:

If yes, identify capital stack position of debt:

Note: Proceeds of the sale will be used to pay The Federal Home Loan Mortgage Corporation, who would have been substituted as the buyer pursuant to a credit bid if Larry Sheveland, the proposed buyer, failed to close by the agreed upon closing date.

Initial Over Bid Requirement and Bid Increment Data:

$150,000 (initial overbid) $100,000 (bid increments)

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

A break-up fee payable to Larry Sheveland in an amount equal to $15,000

Was Break-up fee allowed?:

N/A

Procedures concerning contracts and leases (§365):

Not applicable.

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

The Office of the United States Trustee filed an objection to the sale asserting that the proposed sale of the Debtor’s assets to the son of the Debtor’s principal was at a price far less than the value recently assigned to the assets (value of $7.45 million) and that the sale was a sub rosa plan and was not in the best interests of creditors.

Proposed Terms Modified:

Purchaser:

Larry Sheveland

Actual Sale Price:

$6 million

Reported Decision:

Submitter and Affiliation:

Abigail Zigman, Weil, Gotshal & Manges LLP

Today's Date:

Mon, 2013-08-26

In re ThreeStrands by Grace, LLC

Tue, 20 Aug 2013 19:25:09 +0000

Status:

Completed

Judge:

Coachys

Sale of Substantially All Assets:

Yes

Description of Assets:

Substantially all of the assets of the Debtor’s fitness center business, including fitness equipment, tangible personal property, real property and improvements commonly known as 6220 North Butler Avenue, Indianapolis, Indiana, and certain of the Debtor’s contracts

6 years 13 weeks ago

Sale Approval Date:

Thu, 2012-11-08

Price Range:

500K - 1M

Proposed Sale Price:

$835,000

Stalking Horse:

Yes

If yes, who?:

LivRite International, Inc.

Credit Bid:

If yes, identify capital stack position of debt:

Not applicable

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.):

The asset purchase agreement provides for a break-up fee payable to LivRite International, Inc. in an amount equal to LivRite’s actual expenses and costs associated with the transaction, limited to a maximum of $35,000.00

Was Break-up fee allowed?:

Yes

Procedures concerning contracts and leases (§365):

Contracts included in Asset Purchase Agreement are to be assumed by the Debtor and assigned to the purchaser. To the extent there are any cure costs associated with the assignment, the purchaser will pay them.

Objection Filed to Proposed Terms:

Yes

If yes, provide details:

Sterling Bank filed a Response to the Sale Motion supporting the relief sought therein on the condition that the sale proceeds allocated to Sterling under the Sale Motion be paid to Sterling at closing. CIT Small Business Lending Corporation filed an objection to the Sale Motion on the basis that it lacked adequate disclosure with respect to the Debtor’s efforts to sell its assets at a price that would maximize value for the estate. CIT later withdrew its objection.

Proposed Terms Modified:

If yes, provide details:

Not applicable

Purchaser:

LivRite International, Inc.

Actual Sale Price:

$835,000

Reported Decision:

Submitter and Affiliation:

Abigail Zigman, Weil, Gotshal & Manges LLP

Today's Date:

Tue, 2013-08-20

In re Park Tower 62 LLC, Docket No. 12-00145 (Bankr. N.D. Ill. Jan. 4, 2012)

Wed, 14 Aug 2013 13:46:11 +0000

Status:

Completed

Judge:

Wedoff

Sale of Substantially All Assets:

Yes

Description of Assets:

Real property known as 505 North Ft. Lauderdale Beach Boulevard, Unit 2101, Ft. Lauderdale, FL

6 years 22 weeks ago

Date of Sale:

Tue, 2012-08-21

Sale Approval Date:

Tue, 2012-08-21

Price Range:

250K - 500K

Proposed Sale Price:

$427,000.00

Stalking Horse:

N/A

Credit Bid:

N/A

Required Deposit:

$5,000.00

Was Break-up fee allowed?:

N/A

Objection Filed to Proposed Terms:

Proposed Terms Modified:

Purchaser:

Jafcon Holdings Inc.

Actual Sale Price:

$427,00.00 (subject to miscellaneous fees and expenses of approximately $45,000.00)

Reported Decision:

Submitter and Affiliation:

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

Today's Date:

Wed, 2013-08-14

Du Well Grinding Enterprises, Inc., Docket No. 2:12-bk-21239 (Bankr. E.D. Wis. Feb. 7, 2013)

Fri, 26 Jul 2013 21:01:51 +0000

Status:

Completed

Judge:

Pepper

Sale of Substantially All Assets:

Description of Assets:

Overbeck CNC ID Grinder

5 years 35 weeks ago

Sale Approval Date:

Thu, 2013-05-23

Price Range:

0-250K

Proposed Sale Price:

$42,500.00; $28,180.00 to be payable to debtor’s secured creditor and $14,320.00 to be retained by the debtor.

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:

Grays Machinery Company

Actual Sale Price:

$42,500.00; $28,180.00 to be payable to debtor’s secured creditor and $14,320.00 to be retained by the debtor

Reported Decision:

N/A

Submitter and Affiliation:

Jessica Liou, Weil, Gotshal & Manges LLP

Today's Date:

Fri, 2013-07-26