PLEASE TAKE NOTICE that on November 9, 2021 at 11:00 AM ET, Auction Advisors, as Auctioneer will, on behalf of Hightstown Enterprises, LLC, a New Jersey limited liability company (“Secured Party”), offer for sale at a public auction under the Uniform Commercial Code as enacted in the State of New Jersey, certain limited liability company membership interests (“Membership Interest”) in 3PRC, LLC, a New Jersey limited liability company (“3PRC”) held by 3P Hightstown, LLC, a New Jersey limited liability company (the “Debtor”). The sale will be conducted virtually via online video conference. Instructions on how to become a “qualified bidder” and attend the auction via online video conference are set forth in the Terms & Conditions of Auction which are available online at www.AuctionAdvisors.com or by contacting Joshua Olshin of Auction Advisors at: [email protected].
3PRC IS the developer of Bank Street Village (f/k/a City Line at Hightstown). This is a large-scale property development consisting of 343 apartment units in three buildings, 43 townhouses, parking structures, related amenities, appurtenant structures & improvements.
This sale will be held to enforce the rights of Secured Party under that certain Pledge and Security Agreement, dated as of March 22, 2019, pursuant to which Debtor (or a predecessor in interest) granted Secured Party (or a predecessor in interest) a security interest in, among other things, the Membership Interest.
Qualified bidders will be required to post on or prior to 11:00 AM ET on November 8, 2021, a $250,000 good faith deposit, which deposit will be required to be increased no later than November 11, 2021 at 4:00 PM ET to twenty-five percent (25%) of the successful bid if the successful bidder. The sale will be FINAL and on an “AS-IS, WHERE IS, WITH ALL FAULTS” basis and will be made WITHOUT REPRESENTATION OR WARRANTY WHATSOEVER. The Membership Interest are unregistered securities under the Securities Act of 1933, and as such are subject to certain transfer restrictions and will be sold as a single block. The Membership Interests are also subject to such other restrictions and obligations as pertain to the minority interests under the Operating Agreement of 3PRC. SUCH RESTRICTIONS AND OBLIGATIONS TO BE ASSUMED BY ANY PURCHASER OF THE MEMBERSHIP INTERESTS INCLUDE, WITHOUT LIMITATION, THE OBLIGATION TO IMMEDIATELY FUND A CAPITAL CALL OF APPROXIMATELY TEN TO TWELVE MILLION DOLLARS (+/-$10,000,000-12,000,000), AS WELL AS THE OBLIGATION TO CONTINUE TO FUND SUBSTANTIAL CAPITAL CALLS THEREAFTER.
Secured Party reserves the right to establish all bidding procedures and requirements and to have prospective bidders reasonably demonstrate that they are qualified investors and their ability to perform and close on the acquisition of the Membership Interest to the satisfaction of Secured Party. Secured Party reserves the right to credit bid at the sale. Secured Party also reserves the right to adjourn, continue, or cancel the sale without further notice. Other terms and conditions of the sale are set forth in the Terms & Conditions.
Additional information regarding the Membership Interest will be made available via a secure data room to prospective bidders who execute a non-disclosure agreement. Such non-disclosure agreement, and other information and due diligence materials regarding the Membership Interest and the auction sale may be obtained by visiting www.AuctionAdvisors.com. Any interested bidder must satisfy the requirements to be a “qualified bidder” by no later than 11:00 AM ET on November 8, 2021.
DailyDAC™ is the oldest, most trusted, and most widely used provider of public notices of asset sales and case commencements, and other important notices involving companies in financial distress in the United States and Canada. DailyDAC™ public notices are used by bankruptcy trustees, chapter 11 debtors in possession, federal and state court receivers, and secured parties disposing of their collateral under Article 9 of the Uniform Commercial Code or other state law trust (and their respective auction firms, law firms, and other agents). Learn more.
Many sales of distressed companies and distressed business assets are not widely advertised. If you are buyer of such companies or assets, you may be well served by becoming a paying subscriber to Distressed Deal Data™. Find out more.
PUBLIC NOTICE OF ARTICLE 9 SALE: Chanje Energy, Inc.
PUBLIC NOTICE OF ABC SALE: Confidential Furniture Rental Company
PUBLIC NOTICE OF SECURED PARTY SALE: KL 3240 LLC
PUBLIC NOTICE OF 363 SALE: Allied Healthcare Products
PUBLIC NOTICE OF UCC SALE: 7 Campus NJ, LLC
Commercial Receivers Association and the DailyDAC Partner to Bring Receivership 101 Series
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.