Inforuptcy Blog Archives August 2014

Asset Deal of the Week: Be Your Own Chef

Posted by Michael on August 21, 2014

Now that vacation season is in full swing, we thought we would highlight the sale of some business inventory assets of a restaurant this week. After all, who doesn't want to impress their friends and family with an authentic deli sandwich or grilled burger. You can read the entire sale motion for free and contact the seller to learn more about bidding on these assets or others that we have on our site for subscribers.

Restaurant Assets for Sale

Snippet from the Sale Motion
​On April 25, 2014, the Debtors filed their petition under Chapter 7 and thereafter the clerk appointed Allison D. Byman Chapter 7 Trustee to administer the assets of this bankruptcy estate.

Listed on the Debtors’ Schedule “B”, Personal Property at Item No. 28 [docket no. 1, page 18] is “Business Inventory” with a value of $62,690.00. An attachment detailing the “Business Inventory” was indicated to be attached to Debtors’ Schedule “B” but was inadvertently omitted. Counsel provided that inventory to the Trustee upon request. A list of the Business Inventory to be sold is attached hereto as Exhibit A. The Trustee also seeks to sell the tables, chairs and utensils that remained at Debtors’ business location at the time it was closed. These items together with the items on Exhibit A are referred to as “Business Inventory” throughout this pleading. Upon information and belief, a few of the assets listed as “Business Inventory” are actually fixture to the Debtor’s leased premises and will not be removed or sold by the Trustee. Those items are also indicated on the attached Exhibit A.

Debtors did not exempt the Business Inventory. Debtor’s Schedule “D” indicates that there are no liens against the Business Inventory. The Trustee is relying on the Debtor’s schedules in connection with this request to sell the Business Inventory.

The Trustee inspected the Business Inventory and thereafter notified Webster’s Auction Palace and requested that the Business Inventory be included in the next available auction. That auction is scheduled for Sunday, September 28, 2014 at 1:00 p.m. at Webster’s Auction Palace, 14463 Luthe Road, Houston, Texas 77039.

To search and hunt for all asset sales across the country, you can sign up for $99 / month (cancel any time).

If you prefer, you can also schedule a 15 minute web demo so you can see for yourself how to get started.

Schedule a Demo

P.S. If you are a trustee and would like us to showcase your deals in our newsletter, please email us at assets@inforuptcy.com.

P.P.S. Sign up to our free newsletter to learn about more bankruptcy asset sales.

Asset Deal of the Week: Time To Buy Your Own Plane

Posted by Michael on August 14, 2014

With vacation season upon us, we thought it would be fun to feature a couple of airplanes for sale because who doesn't want to fly away this summer in their own plane? Whether it is this 1982 Piper Warrior airplane or this Learjet, there seems to be no shortage of planes for sale through the bankruptcy courts on our site. You can read the entire sale motion for free and contact the seller to learn more about the these planes or others that we have on our site for subscribers.

Learjet

Snippet from the Sale Motion
Pursuant to Sec. 363(b)(1), HD EQUIPMENT, INC., Debtor, hereby files this Motion with this Court requesting authorization from this Court to sell personal property consisting of a 1980 Learjet 35 A, S/N 35A-329 (FAA number N261PG), hereinafter referred to the “Jet”. In support of this Motion, the Debtor states as follows:

The Debtor filed for relief on July 17, 2013 under Chapter 11 of Title 11 of the United States Bankruptcy Code.

Debtor proposes to sell to FRANCISCO GONZALEZ OROZCO (“Purchaser”) the Jet valued at approximately $860,000.00 for the purchase price of $868,892.91, consisting of $311,669.09 in cash and a 2010 rig International 7500, truck serial number 1HTWNAZT5BJ327332, hereinafter referred to as the “Rig” valued at $557,223.82.

With the purchase price, Debtor has paid the amount owed to Avcon Industries, Inc. (“Avcon”) in the initial amount of $170,497.09 and additional charges of $8,952.91 up to August 31, 2014, for a total of $179,450.00. Avcon agrees to release its lien on the Jet within 5 working days from the signature date of this Order. Movant requests this Court to approve this payment consistent with Order (Doc. 153) signed by this Court on June 6, 2014.

In addition, with this purchase price, $24,279.09 of attorney’s fees owed to Debtor’s counsel (as per Order dated February 13, 2014, Doc. 123) will be paid and the remaining purchase monies will be used by Debtor to pay its debts in accordance to the priority scheme allowed by the Bankruptcy Code in its Plan of Reorganization.

Debtor has negotiated in good faith to sell the Property to the Purchaser. Jet is being sold “as is” with no warranties except for warranty of title and free of any liens, claims or encumbrances, whether of record or not.

Escrow fees will be paid equally by Debtor and Purchaser and it is estimated that such fees will be approximately $1,900.00. Consistent with the purchase agreement, Debtor will pay one half (1/2) such fees from the purchase proceeds of this sale.

Title of Jet will be held by Purchaser’s Trustee: Aircraft Guaranty Corporation. The person of contact with this Trustee is Dwana C. Peters, Vice President, phone number 281- 445-7594, fax 281-445-7599 and email dcp@agcorp.com.

To search and hunt for all asset sales across the country, you can sign up for $99 / month (cancel any time).

If you prefer, you can also schedule a 15 minute web demo so you can see for yourself how to get started.

Schedule a Demo

P.S. If you are a trustee and would like us to showcase your deals in our newsletter, please email us at assets@inforuptcy.com.

P.P.S. Sign up to our free newsletter to learn about more bankruptcy asset sales.

Asset Deal of the Week: Annuity with Integrity Life Insurance

Posted by Michael on August 7, 2014

We thought we would highlight an annuity sale this week for all our finance junkies out there. You can read the entire sale motion for free and contact the trustee to learn more about the bid process by clicking on the link below:

Annuity with Integrity Life Insurance

Snippet from the Sale Motion
NOW COMES RANDOLPH N. OSHEROW, the Chapter 7 Trustee ("Trustee") of the bankruptcy estate of RICHARD HOWARD BERG & BRENDA KAY BERG, Case No. 10-12107, and files his Motion to Sell Property of Debtor(s) known as an annuity with Integrity Life Insurance Co. Annuity, Contract No. 2130287200, Dwain Eucker Estate -Free and Clear of all Liens and Interests. The Trustee would show the Court the following:

I. PROPERTY TO BE SOLD
The property of the estate to be sold by this Motion is Debtor's interest, if any, in the property known as an annuity with Integrity Life Insurance Co. Annuity, Contract No. 2130287200, Dwain Eucker Estate - Free and Clear of all Liens and Interests.

Said property is to be sold AS IS and WHERE IS, free of all liens and claims.
The Trustee proposes to sell to Rodger B. King, the Debtor's interest in the property known as an annuity with Integrity Life Insurance Co. Annuity, Contract No, 2130287200, Dwain Eucker Estate for $15,500.00 or to any party making a higher offer(s) by sealed bid. Sealed bids are to be submitted (at least $17,000.00) to the Trustee, Randolph N. Osherow, 342 W. Woodlawn, Suite 100, San Antonio, TX 78212, by Friday, August 22nd, 2014  at 4:00 p.m. The sealed bids must be accompanied by a check for the full amount of the sealed bids and all bids will be opened in the office of the Trustee, Randolph N. Osherow, located at 342 W. Woodlawn, Suite 100, San Antonio, TX 78212, at that time before any and all bidders who wish to attend and two independent witnesses. All disinterested third parties requesting notice of Trustee's sales have been served with this Motion to Sell Property of Debtor.

II. TRUSTEE'S ESTIMATED VALUE AND BASIS THEREOF
The Debtor listed the property on his schedules at value of $123,000.00. There are at least 221 monthly guaranteed payments remaining at $177.98 per month; however, if Brenda Kay Berg lives longer than 221 monthly payments, the payments continue for the life time of the Debtor, Brenda Kay Berg.    

Based on information provided on Income Source Application For A Single Premium Individual Immediate Annuity-Integrity Life Insurance Co., Brenda Kay Berg is presently 48 years old. The Trustee has no information on Ms. Berg's health or life expectancy.

 

To search and hunt for all asset sales across the country, you can sign up for $99 / month (cancel any time).

If you prefer, you can also schedule a 15 minute web demo so you can see for yourself how to get started.

Schedule a Demo

P.S. If you are a trustee and would like us to showcase your deals in our newsletter, please email us at assets@inforuptcy.com.

P.P.S. Sign up to our free newsletter to learn about more bankruptcy asset sales.