This is a public record generated listing.
Assets of Wholesale Fuel Business
Listing Information
Attachments
Assets of Wholesale Fuel Business
Price: Not Specified
Other Item Info
Item #: ianbke_99068
Created: 10/09/2017
Category: Business Property > Financial > Other
Sale Date: None Set
Created: 10/09/2017
Category: Business Property > Financial > Other
Sale Date: None Set
Seller Info
Rebecca R. DeMarb
Debtor's Attorney
One North Pinckney Street Suite 300
Madison, WI 53703
608-310-5502
Debtor's Attorney
One North Pinckney Street Suite 300
Madison, WI 53703
608-310-5502
Bankruptcy Info
Case #: 1:17-bk-00466
Case Title: Fauser Oil Co., Inc.
Court: Iowa Northern Bankruptcy Court
Chapter: 11
View Case Docket
Case Title: Fauser Oil Co., Inc.
Court: Iowa Northern Bankruptcy Court
Chapter: 11
View Case Docket
Description
Sale of Assets of Fauser Oil Co., Inc., include all of Seller's right, title and interest in and to all of the Branded Accounts, Unbranded Accounts and Vendor Agreements related to the Branded Accounts and Unbranded Accounts, properties, privileges, rights, interests and claims, tangible and intangible, wherever located and earned on the books as attributable specifically to the Branded Accounts and the Unbranded Accounts (all such assets are hereinafter referred to as the "Purchased Assets"):
- All of Seller's right, title and interest in and to the Branded Accounts, together with the associated Vendor Agreements.
- All of Seller's right, title and interest in and to the Unbranded Accounts, together with the associated Vendor Agreements.
- Customer lists, customer files (or duplicates thereof), production records, purchasing records, inventory records, produced or used by Seller in connection with the Branded Accounts and Unbranded Accounts. All of the assets enumerated in this subsection (h) are hereinafter referred to as the "Other Assets".
Financial Overview
Income and Expenses ($)
months
Revenue/Gross Income:
Total Expenses:
Cash Flow:
Asset and Liability Summary ($)
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Inventory:
FF&E:
Real Estate:
Total Assets:
Liabilities to assume:
Additional Details
Purchase Price consisting of:
- For the Phillips 66 branded c-stores, Phillips 66 was to pay to Seller's customers the credit card receipts Buyer paid to the customers directly the Phillips credit card payments for Friday, March 24, 2017 and a partial day of Saturday, March 25, 2017, but Phillips 66 refused to do so. As part of the purchase price. Buyer made such payments, totaling Sixty One Thousand One Hundred Ninety Eight dollars and thirty-nine cents ($61,198.39) (the "Customer Payment").
- In addition to the Customer Payment, Buyer shall pay to Seller the difference between the amount owed from Phillips 66 to Seller for Q1 2017 rebates and the amount owed from Seller to its customers for their portion of the Q1 2017 rebates. This amount is $3,704.64 (the "Rebate Accounting Payment").
- In addition to the Customer Payment and the Rebate Accounting Payment, the Purchase Price shall include the following: (i) The portion of the Purchase Price allocated to the Branded Accounts shall be equal to $0.015 multiplied by the number of gallons of petroleum sold by the Buyer pursuant to the Branded Accounts during the twenty four (24) month period starting the first full month following Effective Date (the "Branded Accounts Purchase Price"); (ii) The portion of the Purchase Price allocated to the Unbranded Accounts shall be equal to $0.0100 multiplied by the number of gallons of petroleum sold by the Seller pursuant to the Unbranded Accounts during the twenty four (24) month period starting the first full month following the Effective Date. (the "Unbranded Accounts Purchase Price").