This is a public record generated listing.
Claims for Sale
Listing Information
Attachments
Claims for Sale
Price: Not Specified
Other Item Info
Item #: cacbke_1699972
Created: 08/11/2017
Category: Business Property > Financial > Other
Sale Date: Tue. Aug 29, 2017
Created: 08/11/2017
Category: Business Property > Financial > Other
Sale Date: Tue. Aug 29, 2017
Seller Info
Ed Hays
Trustee's Attorney
870 Roosevelt Ave
Irvine, CA 92620
949-333-7777
Trustee's Attorney
870 Roosevelt Ave
Irvine, CA 92620
949-333-7777
Bankruptcy Info
Description
Sale of All of the rights, title, and interest of the Seller and his chapter 7 estate in the following:
- all causes of action asserted in the lawsuit styled Watermill Flying Point Trust, by and through its Trustee, F. Matthew Adelman v. Ronald Arrache Construction Company, Inc., et al. (Los Angeles Superior Court Case No. BC422563) (“Lawsuit”);
- the appeal filed in the Court of Appeal of the State of California, Second Appellate District, Division Eight, bearing case number B270923, entitled Avery et al. v. Arrache et. al. (“Appeal 1”);
- the appeal filed in the Court of Appeal of the State of California, Second Appellate District, Division Eight, bearing case number B262384, entitled Avery et al. v. Ferguson Enterprises, Inc. et al. (“Appeal 2”); and
- the appeal filed in the Court of Appeal of the State of California, Second Appellate District, Division Eight, bearing case number B269817, entitled Watermill Flying Point Trust et al. v. Sheppard Concrete Construction. et al.
Financial Overview
Income and Expenses ($)
months
Revenue/Gross Income:
Total Expenses:
Cash Flow:
Asset and Liability Summary ($)
Receivables:
Inventory:
FF&E:
Real Estate:
Total Assets:
Liabilities to assume:
Additional Details
- Sale hearing in "Courtroom 1639" @ 10:30 a.m.
- Purchase price: Cash Consideration: the sum of One Hundred Fifty Thousand Dollars ($150,000); and Non-Cash Consideration: a reduction to the amount of Buyer’s proof of claim filed in the Case on May 24, 2016, designated proof of claim number 45 (“Buyer’s POC”), subject to the following formula: a reduction by $1,000,000 such that Buyer’s POC will go from an allowed claim of $5,477,569.56 (the “Original Amount”) to an allowed claim of $4,477,569.56 (“the “First Tier Reduced Claim”) for purposes of determining pro-rata distributions made by Seller in the Case to any claim holders (other than claim holders secured by real or personal property, but including administrative, unsecured and interest claim holders) up to the sum of $2,000,000 (Two Million dollars) (the “First Tier Distribution”). Once Seller makes distributions in excess of the First Tier Distribution, Buyer’s POC shall return to the Original Amount for any subsequent distributions
- Minimum Bid: $910,000.00
- Bid deposit: $50,000.00
- Bid increment: $50,000.00