PLEASE TAKE NOTICE that on August 14, 2020, at 11:00 a.m., Dallas, Texas time, a public sale shall be conducted of the personal property, whether previously, now, or hereafter constituting the items described on Exhibit A (collectively, the “Sale Collateral”) of GEMCAP LENDING I, LLC and GC ACQUISITION I, LLC (each, a “Borrower” or “Debtor” and collectively, the “Borrowers” or “Debtors”). Such public sale will be conducted via an online video conference using Zoom or another similar video conferencing platform. This sale is being held to enforce the rights of MIDCAP FINANCIAL TRUST (the “Secured Party”).
Parties interested in participating in such sale should contact counsel for the Secured Party, at the address below, to facilitate attendance via videoconference.
A detail of the Sale Collateral subject to the Secured Party’s August 14, 2020 foreclosure sale is available at the link below.
The Sale Collateral will be sold to the highest qualified bidder for cash, or the credit against outstanding indebtedness held by the Secured Party or for which the Secured Party is entitled by contract to bid. Please be advised that Secured Party, and any assignees of the Secured Party, reserve their right to credit bid, and may credit bid, at the public sale of the Sale Collateral. Secured Party will sell the Sale Collateral on terms acceptable to the Secured Party at its sole option, including, without limitation, sale terms that include licenses or other rights related to certain of the Sale Collateral.
There will be no warranty made or provided relating to title, possession, quiet enjoyment or the like in connection with the disposition.
To be a qualified bidder, a prospective bidder must, on or before 5:00 p.m. (Dallas, Texas time) on August 13, 2020, both: (i) contact counsel for the Secured Party at the e-mail address set forth below and provide the Secured Party’s counsel with current contact information and such adequate assurances of bidder’s ability to perform as the Secured Party may reasonably request; and (ii) provide the Secured Party’s counsel with a refundable cash deposit of at least two hundred and fifty thousand dollars ($250,000) to secure any bids that the bidder may submit at auction. The Secured Party shall not be required to post any such deposit in order to participate in the auction. All deposits of qualified bidders, other than the successful bidder, will be refunded after the auction. The highest qualified bidder at the auction will be required to deposit the full amount of the bid price in escrow with Holland & Knight LLP by way of a bank wire that is received by Holland & Knight LLP, no later than August 14, 2020, at 4:00 p.m., Dallas, Texas time. Interested parties who would like additional information should contact Brent R. McIlwain, counsel for the Secured Party by e-mail at [email protected].
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.
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