This is a public record generated listing.
Assets of Texas Restaurant Business
Listing Information
Attachments
Assets of Texas Restaurant Business
Price: $428,000.00
Other Item Info
Item #: txsbke_412303
Created: 07/27/2020
Category: Business Property > All Assets or Going Concerns > Restaurants
Sale Date: None Set
Created: 07/27/2020
Category: Business Property > All Assets or Going Concerns > Restaurants
Sale Date: None Set
Seller Info
Marc Douglas Myers
Trustee's Attorney
2 Riverway, Suite 700
Houston, Texas 77056
(713) 626-1200
Trustee's Attorney
2 Riverway, Suite 700
Houston, Texas 77056
(713) 626-1200
Bankruptcy Info
Case #: 4:17-bk-32793
Case Title: Webster Restaurants, Ltd.
Court: Texas Southern Bankruptcy Court
Chapter: 7
View Case Docket
Case Title: Webster Restaurants, Ltd.
Court: Texas Southern Bankruptcy Court
Chapter: 7
View Case Docket
Description
Sale of assets of Webster Restaurants, Ltd. consisting of:
- Ground Lease: The Estate’s is the lessee of commercial real property located at 20237 Gulf Freeway, Webster, Texas, from the Hope Kobayashi Trust (the “Ground Lease”). By way of summary only, the lease was originally a fifteen year lease starting July 1, 1996; however, by way of that certain Amendment to Lease dated March 20, 2013, the lease was extended through July 2031. The current rent due under the Ground Lease is $11,446.00 per month starting July 1, 2019, but escalating each year thereafter by 6%. Rent payments under the Ground Lease were 1-month behind on the Petition Date. Post-conversion rent payments are current. The Trustee advised that the monetary cure under the Ground Lease is $33,819.00.
- Improvements and Restaurant Lease: The Seller is the owner of the improvements built on the real property which is the subject of the Ground Lease (the “Improvements”). The Improvements, and the Estate’s interest in the Ground Lease are currently the subject of a lease to a third party operating an El Tiempo restaurant at the Gulf Freeway Property (the “Restaurant Lease”) pursuant to Order entered at Docket Number 36 while the case was still pending as a Chapter 11 case. The Estate is being paid $26,500 per month in rent under the Restaurant Lease.
- Litigation Claims: While the Trustee has not yet identified any specific claims arising under Chapter 5 of the Bankruptcy Code against insiders, there have been allegations of such. Moreover, allegations have been raised by parties-in-interest as to the circumstances by which the Restaurant Lease arose. Additionally, the Seller is a party to and may have an interest in the claims asserted in Adv. Nos. 19-03692 and 19-03699. All of the foregoing are hereafter collectively referred to as the “Seller’s Litigation Claims”.
Financial Overview
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Additional Details
Last date to respond: 21 days from the date of service
Date of service: July 24, 2020