This is a public record generated listing.
Assets of Engineering Services Company
Listing Information
Attachments
Assets of Engineering Services Company
Price: Not Specified
Other Item Info
Item #: txsbke_423728
Created: 10/31/2018
Category: Business Property > Inventory > Other
Sale Date: None Set
Created: 10/31/2018
Category: Business Property > Inventory > Other
Sale Date: None Set
Seller Info
Kyung S. Lee
Trustee's Attorney
909 Fannin, Suite 1500
Houston, TX 77010
713-333-5100
Trustee's Attorney
909 Fannin, Suite 1500
Houston, TX 77010
713-333-5100
Bankruptcy Info
Case #: 4:18-bk-33815
Case Title: Koontz-Wagner Custom Controls Holdings LLC
Court: Texas Southern Bankruptcy Court
Chapter: 7
View Case Docket
Case Title: Koontz-Wagner Custom Controls Holdings LLC
Court: Texas Southern Bankruptcy Court
Chapter: 7
View Case Docket
Description
Sale of assets of Koontz-Wagner Custom Controls Holdings LLC. The Cummins WIP is one of the few significant assets that remains to be monetized. The Cummins WIP certain works in process and materials for the Work from the seller's bankruptcy estate (the “Materials”). The Materials, related to the Work, including but not limited to, the materials (collectively, the “Goods”).
The “Goods” shall mean: The partially integrated generator and related enclosure, fabrication work, and materials located at the Debtor’s facility in Caldwell, Idaho, related to PO 10325026 between the Debtor and Cummins.
Financial Overview
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months
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Additional Details
Purchase Price consisting of: $20,000.00 by wire transfer to the general bank account of the Debtor’s bankruptcy estate; b. $77,462.00 (the “Holdback”) by wire transfer to a segregated bank account maintained by the Seller such that, pursuant to the order of the United States Bankruptcy Court for the Southern District of Texas, the Holdback will not become property of the Debtor’s bankruptcy estate. c. The Holdback shall be released only upon agreement of the Seller and Cummins or as follows: i. $57,269.00 shall be released from the Holdback and become property of the estate upon the completed Goods passing the contemplated sound and performance tests, less amounts necessary to rehabilitate defects in the Work, provided that such amounts are not caused by a non-Debtor entity’s lack of ordinary skill or care, failure to perform its obligations under a subsequent contract, or circumstances for which such entity is otherwise liable; ii. $20,193.00 shall be released from the Holdback and become property of the estate on the date that is one (1) year from the installation of the Goods, less amounts necessary to rehabilitate defects in the Work, provided that such amounts are not caused by a non-Debtor entity’s lack of ordinary skill or care, failure to perform its obligations under a subsequent contract, or circumstances for which such entity is otherwise liable.
Last date to respond: 21 days from the date of service
Date of Service: October 29, 2018