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Claims, Business and Trust Interests and Personal Property for Sale
Listing Information
Attachments
Claims, Business and Trust Interests and Personal Property for Sale
Price: $14,000.00
Other Item Info
Item #: azbke_743778
Created: 05/24/2019
Category: Business Property > Financial > Other
Sale Date: None Set
Created: 05/24/2019
Category: Business Property > Financial > Other
Sale Date: None Set
Seller Info
ADAM B. NACH
Trustee's Attorney
2001 East Campbell, Suite 103
PHOENIX, AZ 85016
602-258-6000
Trustee's Attorney
2001 East Campbell, Suite 103
PHOENIX, AZ 85016
602-258-6000
Bankruptcy Info
Description
Sale of the Estate’s interest in the Memorandum Of Understanding, Personal Property, Business Interests, Trust Interest, Turnover Claim, §548 Claim, and Unknown Claims, and more described as below:
- Memorandum Of Understanding: The Estate has an interest in any potential claims arising under a Memorandum of Understanding (“MOU”) that Debtors entered pre- Petition in connection with tort-based litigation involving their daughter, Shiann Collins, and her husband, John Collins, in the Maricopa County Superior Court. See Fraley v. Collins, CV2014- 050260. The MOU provides in relevant part: (i) the parties shall not contact one another; (ii) the parties shall not disparage one another; (iii) the parties waive all claims/counterclaims against one another; (iv) Case No. CV2014-050260 filed in the Maricopa County Superior Court shall be dismissed with prejudice; and (v) every breach of the MOU is subject to a $10,000 fine, along with attorneys’ fees and costs;
- Claims: Sellers disclosed a gratuitous transfer to their son and daughter-in-law, Dakota and Rath Fraley, in the amount of $36,000.00 within the twoyear period prior to filing bankruptcy (“Transfer”), which Transfer the Trustee believes is avoidable pursuant to 11 U.S.C. §548 (“§548 Claim”). The Estate may have additional claims against Dakota and Rath Fraley arising under the Trustee’s Chapter 5 avoidance powers (“Unknown Claims”);
- Turnover Claim: The sellers regarding the furniture sold post-Petition, but sellers have failed to comply with the Trustee’s requests. To the extent that sellers received funds from the post-Petition sale of furniture that is property of the Estate, Trustee has a claim for turnover against the Debtors for an amount equal to the sale proceeds received (“Turnover Claim”);
- Personal Property: The sellers interest in household goods and furnishings, any proceeds from the post- Petition sale thereof, electronics, artwork, collectables of value, jewelry, firearms, and pets, whether disclosed or undisclosed;
- Business Interests: Sellers membership interests in Pure Genetics, LLC, and Panaridus, LLC (collectively, “Business Interests”). Sellers have a 50.0% membership interest in Panaridus, LLC, and a 100% membership interest in Pure Genetics, LLC;
- Trust Interest: The assets of this Estate is seller Raymond Michael Fraley’s beneficial interest in the Helen M. Fraley Trust, dated 2002.
Financial Overview
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