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Assets Related to Oil & Gas Holding Company

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Assets Related to Oil & Gas Holding Company



Price: $35,000.00


Other Item Info
Item #: cacbke_1748144
Created: 08/08/2017
Category: Business Property > All Assets or Going Concerns > Oil & Gas Producers
Sale Location: Los Angeles, California
Sale Date: Tue. Aug 22, 2017
Seller Info
Edward M. Wolkowitz
Trustee's Attorney
10250 Constellation Blvd., Suite 1700
Los Angeles, CA 90067
(310) 229-1234
Bankruptcy Info
Case #: 2:16-bk-16363
Case Title: Lake Mathews Mineral Properties, LTD
Court: California Central Bankruptcy Court
Chapter: 7
View Case Docket

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Description

Sale of assets of Lake Mathews Mineral Properties, LTD which includes:

  • the Seller’s interest in 25 Class B Membership Units (collectively, the “Membership Interest”) under the amended and restated operating agreement of Purchaser (the “Amended Operating Agreement”);
  • the Seller’s interest in certain settlement proceeds payable to Purchaser under that certain General Release and Settlement Agreement dated as of April 1, 2014 by and between Purchaser and Equity Trust Company and Robert Woodie (the “Woodie Settlement Proceeds”), which the Seller is entitled to share based upon the Seller’s Membership Interest in Purchaser;
  • the Seller’s interest in the right to mine on approximately 863 acres, 300 feet below the surface of Lake Mathews, a large reservoir located in Riverside County, California (the “Mining Rights”);
  • the Seller’s interest in the real property consisting of approximately 63 acres of land surrounding Lake Mathews (the “63 Acres”);
  • the cross complaint filed by the Seller against Purchaser on January 15, 2016 (the “Cross Complaint”) in that certain declaratory relief action commenced by Purchaser by the filing of a declaratory relief complaint against the Seller (the “Complaint”) in the Superior Court of the State of California, County of Los Angeles, which action bears the case number BC600724 (the “Rescission Action”), and all claims, causes of action, rights and defenses which have been asserted, could have been asserted, or may be asserted by the Seller in, which may arise from, and/or which may relate to the Cross Complaint and/or the Complaint; and
  • any and all other rights, interests or claims of any type or character which may now or hereafter be found to exist in favor of or could be asserted by, on behalf of, or for the benefit of the Seller arising from or related in any way to the Amended Operating Agreement, the Membership Interest, the Woodie Settlement Proceeds, the Mining Rights, the 63 Acres, the Rescission Action, the Cross Complaint, or any other matter involving or related to Purchaser or Purchaser’s members, managers, agents, representatives, employees, attorneys, accountants, insurers, successors or assigns (collectively, the “Ancillary Rights”).

Sale Location

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255 E. Temple Street
Los Angeles, CA, 90012

Additional Details

  1. Sale hearing in "Courtroom 1545" @ 2:00 p.m.
  2. Minimum Bid: $36,000.00
  3. Bid deposit: $5,250.00
  4. Bid increment: $1,000.00
  5. Bid deadline: two (2) business days before the Sale Hearing


Other Information

Terms and Conditions:

See Attached.


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