This is a public record generated listing.
Claims for Sale
Listing Information
Attachments
Claims for Sale
Price: Not Specified
Other Item Info
Item #: canbke_582431
Created: 08/13/2021
Category: Business Property > Financial > Claim
Sale Date: None Set
Created: 08/13/2021
Category: Business Property > Financial > Claim
Sale Date: None Set
Seller Info
Charles P. Maher
Trustee's Attorney
268 Bush St. #3335
San Francisco, CA 94104
415-996-8280
Trustee's Attorney
268 Bush St. #3335
San Francisco, CA 94104
415-996-8280
Bankruptcy Info
Case #: 4:20-bk-41289
Case Title: Creagri, Inc.
Court: California Northern Bankruptcy Court
Chapter: 7
View Case Docket
Case Title: Creagri, Inc.
Court: California Northern Bankruptcy Court
Chapter: 7
View Case Docket
Description
Sale of all of the estate’s right, title, and interest in any and all claims of any kind that the bankruptcy estate has or may have against Roberto Crea, the seller's president and major shareholder, any person or entity related to Roberto Crea, or in which Robert Crea has an interest, and any person or entity to whom or which any of the seller's assets were transferred either before or after the seller filed its bankruptcy petition on August 3, 2020.
The claims of the Buyers represent approximately 80 percent of the debt reflected in timely filed proofs of claim. The affirmative claims the Trustee is selling include, but are not limited to, claims for avoidance of preferential transfers under 11 U.S.C. § 547(b), claims for avoidance of intentional or constructively fraudulent transfers under 11 U.S.C. § 548, and claims for avoidance of unauthorized post-petition transfers under 11 U.S.C. § 549, and any other claims that may exist under federal or state law. The claims being sold are subsequently referred to in this Motion as the “Affirmative Claims.”
Financial Overview
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Additional Details
- Purchase Price: The Buyers have agreed to pay the estate the sum of $20,000 promptly upon entry of a Bankruptcy Court order approving the sale and, upon receipt of a recovery, 35 percent of the net recovery on the Affirmative Claims calculated after payment of attorney fees and costs incurred in connection with litigation (i.e., fees and costs incurred in the litigation after approval of the sale by the Bankruptcy Court). The Buyers will be entitled to maintain their claims in the bankruptcy case (but reduced in amount after deducting Buyers’ 65 percent share of the net proceeds of the recovery). The Buyers are of the opinion that the Affirmative Claims have a gross value of no less than $5,000,000. The Trustee believes the value estimate is reasonable.
- Bid Amount: If the Court sustains an objection to the private sale to permit a potential defendant or a party associated with a potential defendant to offer an “overbid,” the overbid must be no less than (a) $25,000 in cash and (b) $682,500 for a total of $707,500.