Motion to Approve Bid Procedures for Sale of Real Estate Developments
Sale of Two Real Estate Developments: Kara at Monroe, LLC and Woodland Estates at North Edison, LLC
On January 3, 2007, the Debtors filed separate motions to (a) approve auction procedures; (b) approving form and manner of notice of sale; (c) scheduling auction and final hearing on approval of sale; (d) authorizing sale of certain assets free and clear of all liens, claims, interests and encumbrances not specifically assumed; (e) approving agreement of sale and assumption and assignment of other agreements related thereto; (f) authorizing consummation of all transactions contemplated by such agreements; (g) and granting related relief for the sale of two developments, Kara at Monroe, LLC ("Monroe") and Woodland Estates at North Edison, LLC ("Woodland") (collectively, referred to as "Motions to Approve Auction Procedures").
In anticipation of the proposed auctions, the Debtors have entered into a "stalking horse" agreement with Parkmeadow Estates by Fenix, LLC ("Fenix") to purchase the Monroe and Woodland developments. Under the Agreement of Sale between Monroe and Fenix, Fenix has agreed to assume all liabilities of Monroe, approximately $2.3 million, and pay $400,000 in cash for the right to complete the development at Monroe. Under the Agreement of Sale between Woodland and Fenix, Fenix has agreed to assume all liabilities of Woodland, approximately $11.5 million, and pay $100,000 in cash for the right to complete the development at Woodland (collectively, the "Agreement of Sales").
The Agreement of Sales are subject to competing offers accepted in accordance with the procedures set forth in the Motions to Approve Auction Procedures. Pursuant to the terms of the Motions to Approve Auction Procedures, all competing bids must be submitted by January 17, 2007 and the auctions are scheduled for January 19, 2007. The Debtors will announce the successful bidders for each development at the conclusion of the auction on January 19, 2007 and the final hearing for court approval of the results of the auction is requested to be scheduled for January 22, 2007 .
The Motions to Approve Auction Procedures were filed on shortened time with the Court entering an order scheduling them to be heard on January 16, 2007 at 10:00 am. As a consequence, it is likely that some of the dates concerning the bid procedures, if approved by the Court, will need to amended.
On January 3, 2007, the Debtors filed separate motions to (a) approve auction procedures; (b) approving form and manner of notice of sale; (c) scheduling auction and final hearing on approval of sale; (d) authorizing sale of certain assets free and clear of all liens, claims, interests and encumbrances not specifically assumed; (e) approving agreement of sale and assumption and assignment of other agreements related thereto; (f) authorizing consummation of all transactions contemplated by such agreements; (g) and granting related relief for the sale of two developments, Kara at Monroe, LLC ("Monroe") and Woodland Estates at North Edison, LLC ("Woodland") (collectively, referred to as "Motions to Approve Auction Procedures").
In anticipation of the proposed auctions, the Debtors have entered into a "stalking horse" agreement with Parkmeadow Estates by Fenix, LLC ("Fenix") to purchase the Monroe and Woodland developments. Under the Agreement of Sale between Monroe and Fenix, Fenix has agreed to assume all liabilities of Monroe, approximately $2.3 million, and pay $400,000 in cash for the right to complete the development at Monroe. Under the Agreement of Sale between Woodland and Fenix, Fenix has agreed to assume all liabilities of Woodland, approximately $11.5 million, and pay $100,000 in cash for the right to complete the development at Woodland (collectively, the "Agreement of Sales").
The Agreement of Sales are subject to competing offers accepted in accordance with the procedures set forth in the Motions to Approve Auction Procedures. Pursuant to the terms of the Motions to Approve Auction Procedures, all competing bids must be submitted by January 17, 2007 and the auctions are scheduled for January 19, 2007. The Debtors will announce the successful bidders for each development at the conclusion of the auction on January 19, 2007 and the final hearing for court approval of the results of the auction is requested to be scheduled for January 22, 2007 .
The Motions to Approve Auction Procedures were filed on shortened time with the Court entering an order scheduling them to be heard on January 16, 2007 at 10:00 am. As a consequence, it is likely that some of the dates concerning the bid procedures, if approved by the Court, will need to amended.
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