Inforuptcy Blog Categories: bankruptcy assets

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 [email protected].

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 [email protected].

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 [email protected].

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

Asset Deal of the Week: Louisiana Oilfield Services Company

Posted by Michael on July 31, 2014

Since we often notice the sale of mineral rights or services companies in bankruptcy, we thought we would highlight one of those deals this week. You can read the entire sale motion for free and contact counsel for the Unsecured Creditors Committee to learn more about the bid process by clicking on the link below:

Assets of a Louisiana Oilfield Services Company

Snippet from the Sale Motion
NOW INTO COURT, through undersigned counsel, comes the Unsecured Creditors Committee (the “UCC”) who hereby moves this Honorable Court for an order (the “Motion”): (i) approving the notice of bid procedures attached hereto as Exhibit A; and (ii) authorizing Kraemer-Shows Oilfield Services, LLC (the “Debtor” or “Seller”) pursuant to 11 U.S.C. § 363 to sell certain assets of the Debtor as identified herein pursuant to the Summary of Proposed Terms for the Sale of Assets to Terra Oilfield Solutions, LLC, with attached draft asset purchase agreement (the “Agreement”) attached hereto as Exhibit B with Terra Oilfield Solutions, LLC (“Terra”) for the purchase price of $600,000.00 or to a higher bidder at an auction conducted under the auspices of this Court on August 19, 2014 at 11:00 a.m., (Terra or such higher bidder being hereafter referred to as “Buyer”). In support of its Motion, the UCC contends as follows: 

BACKGROUND AND PROCEDURAL HISTORY

A. Bankruptcy Filing and Debtor-in-Possession.
On February 3, 2014, the Debtor filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101 et seq. (the “Bankruptcy Code”). The Debtor continues to operate its business and manage its assets as a debtor-in-possession in accordance with sections 1107 and 1108 of the Bankruptcy Code. No trustee or examiner has been appointed pursuant to section 1104 of the Bankruptcy Code. On April 17, 2014, the United States Trustee appointed the Committee pursuant to section 1102 of the Bankruptcy Code.

The Debtor is in the oil field service business. It performs services for companies such as Shell both offshore and onshore.

B. Proposed Sale of Certain Assets of the Debtor to Terra.
As this Court is aware, the Debtor has been unable to take any action that will bring about a return to creditors. The UCC was contacted by and has negotiated with Terra a sale that will pay some of the Debtor’s creditors. See, Exhibit B.

By this Motion, the UCC is seeking Court authority to either proceed with a diligence and possible sale process pursuant to terms of the Agreement from Terra or conduct an auction based on the proposed bidding procedures as described herein.

The Debtor is not affiliated with Terra and has no interest in Terra. By way of full disclosure the UCC is aware that some employees of the Debtor will be offered employment with Terra.

Pursuant to the offer, Terra has agreed to enter into a diligence process regarding certain assets of the Debtor. Should Terra, at its discretion, be satisfied with the results of the diligence process, Terra intends to purchase certain assets of the Debtor for $600,000.00  (collectively with any higher bid, the “Sale Proceeds”) in “as is” condition with no warranties. The Agreement excludes the purchase of the Debtor’s cash on hand, Chapter 5 causes of action, and receivables, except as allocated to cure certain obligations of the Debtor as set forth in the Agreement. In summary, the Agreement is for the purchase of certain operating assets of and claims owned by the Debtor (collectively, the “Property”) including

(1) all inventory as set forth on schedules attached to the Agreement,

(2) all equipment as set forth on schedules attached to the Agreement,

(3) all certificated moveables and rolling stock as set forth on schedules attached to the Agreement, and

(4) those leases, master service agreements, contracts and other obligations (the “MSAs”) expressly assumed by Terra in its sole discretion.

The Property excludes the Debtor’s cash on hand and its Chapter 5 causes of action. The proceeds of the sale and the Debtor’s receivables shall be used to pay cure costs associated with the assumed MSAs, contracts and other obligations. All liabilities not expressly assigned or assumed shall remain with the Debtor. The Property shall be sold free and clear of all liens, encumbrances, mortgages, and security interest pursuant to a sale order acceptable to Terra in its sole discretion. Any liens, encumbrances and security interests against the Property shall attach to the Sale Proceeds as provided under the Bankruptcy Code.

Upon completion of the diligence process, Terra, at its discretion, shall purchase the Debtor’s Property pursuant to section 363 of the Bankruptcy Code upon the terms and conditions set forth on the Agreement. The Sale Proceeds shall be payable at a closing within fifteen (15) days of entry of a final non-appealable sale order. 

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 [email protected].

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

Free Proof of Publication with Court Order

Posted by Michael on July 29, 2014

We are delighted to see more courts requiring online proof of public notices with Inforuptcy.com as evidenced by this recent order (paragraph 8).

8. Not later than twenty (20) days prior to the Auction, the Trustee also shall cause Notice of the Auction and Sale Hearing in the form annexed as Exhibit "B" by publication to be made in the (a) The Wall Street Journal; (b) The Philadelphia Inquirer; and (c) on-line at www.inforuptcy.com. 

The advantages of posting your public notice on our site are as follows:

  • It's free.  For you as a seller it's always free. With a court order, it will also be free to the public. Normally we charge our subscribers access to our sale motion database that we maintain, but we are delighted to make our listings publicly accessible if a court order is signed.
  • You can attach as many pertinent documents as you like. That can include the notice with corresponding exhibits as exemplified in this public notice for interest in multiple businesses for sale.
  • You can revise and update the listing over time as many times as you like. As more information becomes available that can help prospective bidders, you can keep them informed with one central hub.
  • The listing is available 24/7 and can be accessed from anywhere with an internet connection.
  • The docket is one click away on our site to allow prospective bidders to follow the case seamlessly.
  • Our listings summarize all the key information neatly as a "cheat sheet" for your asset sale. 
  • You can edit the listings yourself since we built a self-service platform, or we would be delighted to give you the white glove service and do it all for you.

If you have any questions, please do not hesitate to call us.

P.S. If you need help finding stalking horse bidders for your assets, please reach to us to learn how we can help you for free.