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Claims for Sale

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Claims for Sale



Price: $6,900.00


Other Item Info
Item #: casbke_426147
Created: 11/17/2018
Category: Business Property > Financial > Claim
Sale Date: Thu. Dec 13, 2018
Seller Info
Leslie Gladstone
Trustee
401 Via Del Norte
La Jolla, CA 92037
858-454-9887
Bankruptcy Info
Case #: 3:18-bk-00960
Court: California Southern Bankruptcy Court
Chapter: 7
View Case Docket

See More Documents

Description

Sale of claims, described as below:

  • All of the Estate’s right, title and interest in and/or to Kewalos, LLC, Kewalos, Kewalos LLC, or any entity with a similar name, or any related entity, or successor thereto, to the extent that any such right, title or interest is owned by the Estate, and all proceeds and earnings thereof, including without limitation all membership, voting, control, income, profit, earnings, management interests and/or rights thereof or relating thereto. Debtor claims ownership of one-half (50%) of Kewalos, LLC; Debtor lists the value of his interest in this entity at $.50, and claims an exemption therein of $1.00. See Schedule A/B, filed February 21, 2018, Docket No. 1, at .pdf pages 12 and 15;
  • All of the Estate’s right, title and interest in and/or to claims arising under, and rights and remedies set forth in or arising out of, the certain pre-petition Divorce Decree and related and incorporated Post-Marital Settlement Agreement and Amendment(s) thereto (collectively, the “Divorce Documents”), including but not limited to Claims asserted by Debtor that could have been or could be asserted by the Estate and which constitute property of the Estate in San Diego Superior Court Action, Case No. 17FL008882C (and its previous iterations in Case No. 17DV02255C), including without limitation as set forth in Amendment of SOFA filed May 25, 2018, Docket No. 27, at .pdf page 6, defined therein as the “Request for Order (Domestic)” in said amendment;
  • All of the Estate’s right, title and interest in and/or to claims asserted by Debtor that could have been or could be asserted by the Estate and which constitute property of the Estate for breach of contract or otherwise against Bernard, generally identified by Debtor as “Potential claim to ex-wife’s retirement account for failure to accurately disclose the value/extent of the account in divorce,” including without limitation as set forth in Schedule A/B, Amendment filed September 27, 2018, Docket No. 44, at .pdf page 4. The result may be that Debtor gains an interest in the retirement. Debtor values this claim at “unknown.” This claim includes without limitation any and all remedies that may be available relating to the claim, including any resulting trust or turnover of a portion of any interest in Bernard’s retirement accounts or any other property that could be awarded upon successful assertion of the claim. Buyer has filed an objection to Debtor’s claim of exemption, which Buyer shall maintain at no cost to the Trustee or the Estate;
  • All of the Estate’s right, title and interest in (including without limitation claims asserted by Debtor) that could have been or could be asserted by the Estate and which constitute property of the Estate against Bernard for reimbursement or otherwise for or relating to Debtor’s purported (pre-petition) advancement of costs related to support of ex-spouse or children, including without limitation the alleged advancement of $5,200 for security deposit on Kolmar rental, $2,000 for bail and $7,200 for rent payment for Fay property and potential additional amounts, and including without limitation any rights (present or future) of offset from support and/or other payments related to Debtor’s divorce, including without limitation as set forth in Schedule A/B, Amendment filed September 27, 2018, Docket No. 44, at .pdf page 6, said claim originally asserted by Debtor in connection with the Request for Order (Domestic) as described in Paragraph (B) above. Debtor lists this claim at a value of “unknown.” Debtor has not claimed an exemption in this asset;
  • All of the Estate’s right, title and interest in (including any claims asserted by Debtor) that could have been or could be asserted by the Estate and which constitute property of the Estate against Bernard, John M. Schum, Law Offices of John M. Schum, a business of unknown formation, and/or Does 1-10, including without limitation to claims of invasion of privacy, stalking, professional negligence, breach of fiduciary duty, breach of duty of loyalty, or intentional infliction of emotional distress, including without limitation as set forth in Schedule A/B, Amendment filed September 27, 2018, Docket No. 44, at .pdf page 5. The claims set forth in this paragraph include without limitation all claims that could be asserted by the Estate in San Diego Superior Court Case No. 37-2018-00030947 (and its prior iterations as Case Nos. 37-2018-00023996 and 37-2017- 0003094-CU-HR-CTL), filed post-petition by Debtor on or about June 22, 2018. This action was filed without knowledge or consent of Trustee. Debtor initially added these claims to his Schedules by amendment filed June 18, 2018, Docket No. 40; therein, Debtor claimed a value of “unknown,” and Debtor claimed an exemption therein in the amount of $1,199. Debtor filed an amendment on September 27, 2018, Docket No. 44, “correcting” and changing the description of these claims by providing further details on the depth and breadth of the claims (See Docket No. 44, .pdf at page 5); and deleted his exemption claim of $1,199 (See Schedule C, Amendment filed September 27, 2018, Docket No. 44, .pdf at page 9). On November 2, 2018, Debtor filed an amendment to his claims of exemptions asserting exemptions in at least part of this asset in both the amount of $23,675.00 and “unknown” amounts. The Trustee is advised that Bernard intends to file an objection to such claimed exemptions and shall maintain such objection at no cost to the Trustee or the Estate. On November 2, 2018, Buyer removed the Schum litigation to the Bankruptcy Court, pending as Adversary Proceeding No. 18-90193-MM.

Claims for sale is more described from Page No. 2-5 on the attached PDF.


Additional Details

  1. Sale Hearing Time: 10:00 a.m.
  2. Purchase Price: (a) $6,900.00 payable at Closing plus (b) 50% of the net cash proceeds, net of Buyer’s actual costs and attorneys’ fees relating to the pursuit of the Transferred Avoidance Claims on an aggregate basis, of the recovery, if any, received or recoverable by Buyer directly on account of the Transferred Avoidance Claims, payable to the Trustee on or before the later of (i) one (1) year after the Closing of the sale or (ii) the closing of the bankruptcy case (the “Transferred Avoidance Claim Proceeds”). Buyer shall have the right at his/her sole discretion to pursue, not pursue, settle, compromise or collect upon such transferred Avoidance Claims.
  3. Bid Amount: $9,000 plus the Transferred Avoidance Claim Proceeds
  4. Bid Increment: $1,000
  5. Bid Deposit: $5,000
  6. Bid Deadline: December 6, 2018


Other Information

Terms and Conditions:

See Attached.


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