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RALLY CAPITAL SERVICES ANNOUNCES RETURN OF BIDS SALE OF YOUNG’S APPLIANCES, INC., OF GLEN ELLYN, IL

 

1. Summary: 

On Friday, September 15, 2017 Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors (the “Assignee” or the “Seller”) of Young’s Appliances, Inc. (“Young’s” or the “Business”), intends to sell his right, title and interest in and to substantially all tangible and intangible assets (the “Assets”).

 

2. Background: 

On September 6, 2017, Howard B. Samuels, not individually but solely as Assignee for the Benefit of Creditors of the Debtor, received and accepted an Asset Purchase Agreement (“APA”) for the Assignee’s right, title and interest in and to certain Assets of the Company’s tangible and intangible operating assets and rights of any and every kind, used or usable in the Company’s business, subject to all liens, claims and encumbrances of record, as a single lot as provided and further detailed in the APA, for a purchase price of $1,475,000 less amounts to be paid to mortgagee on the real estate, other payments to secured creditors, and a credit to fulfill certain orders with customers who made cash deposits prior to August 28, 2017.  The APA also details excluded assets and other terms and conditions.  Upon request, the Assignee will furnish to a qualified purchaser, after execution of a confidentiality agreement, a complete list of the Assets and a copy of the fully executed APA.

 

3. Assets to be Sold: 

The Assets being sold include but are not limited to certain furniture, fixtures, appliances, equipment, supplies, inventories (“Inventory”), shelving, computers, computer software (subject to license agreements for such software), books, records and manuals related to the Assets, mailing lists, customer lists, fixed assets, and all files, records, and all data relating to the Business in whatever form located at the property and utilized in connection with the operation of the Business; all vehicles used in the operation of the Business; intangibles related to the Business which may be owned by Business or in which Business may have an interest, including, without limitation, all trademarks, symbols, logos, registered marks, trade names, patents (current and expired), patent rights, copyrights, service marks, service names, recipes, brand names, domain names (whether registered or not), artwork, websites, URLs, royalties, slogans, designs, technical know-how, sales techniques, methods, procedures, and all applications and renewal rights for, and all other rights associated with, all the foregoing; any accounts receivable of Business outstanding as of the Closing Date (the “Accounts Receivable”); to the extent assignable, unless rejected by Purchaser at the Closing, all of the Seller’s rights, interests, claims, actual and potential causes of action under those contracts material to the operation of the Business (the “Assumed Contracts”); all warranties on the Assets being purchased hereunder to the extent assignable;  to the extent transferrable, the telephone and fax number(s) of the Business, any and all email and website addresses for the Business;  real estate commonly known as 500 Crescent Blvd. and 501-503 Pennsylvania, Glen Ellyn, IL 60137, together with all buildings, improvements, and fixtures (the “Real Estate”).  The Real Estate shall be sold at Closing pursuant to the terms and conditions of that real estate contract (the “Real Estate Contract”). The Real Estate Sale Contract shall provide that, at Closing, the Purchaser shall be credited with customary closing costs including without limitation, title charges, applicable transfer taxes and real estate tax prorations (“Real Estate Transaction Credits”).

 

4. Terms & Conditions

1. An Assignee’s Return of Bids Sale (the “Sale”) for the Assets of Young’s will take place on Friday, September 15, 2017 at 2:00 PM at the offices of Rally Capital Services, LLC, 350 N LaSalle St., Suite 1100, Chicago, IL.  The Assets will be offered as a single lot or in separate lots as determined by the Assignee on an “AS IS” and “WHERE IS” basis.

2. To be a qualified purchaser, a party must post a cash deposit (the “Deposit”) in the form of a cashier’s check, certified check or wire transfer in the amount of $125,000, made payable to and delivered to the Assignee no later than 5:00 PM CDT Wednesday, September 13, 2017 or at the Assignee’s discretion.

3. All bidding for the Assets shall be conducted in the same room with the identity and bid terms of all bidders fully disclosed and on the record as recorded by a court reporter.  Any subsequent overbids for the Assets will be determined by the Assignee at the Auction; provided, however, the Assignee reserves the right to change the minimum bid from time to time during the Sale.

4. At the conclusion of the Asset sale, the Assignee shall declare on the record which bid has been declared the highest and best bid and accepted, for the Assets and shall recite the terms of the winning bid into the record with the concurrence of the prevailing bidder.

5. The balance of the purchase price for the Assets must be paid to the Assignee in available funds within 24 hours.  If the successful bidder fails to pay the balance of his or her successful bid for the Assets, then its Deposit will be forfeited and the Assets may, at the Assignee’s option, be sold to the next highest bidder without prejudice to or waiver of the Assignee’s rights and remedies against the defaulting highest bidder.

6. The Assets, including without limitation the Real Estate, sold or to be sold are being sold as a single lot “As Is” and “Where Is” and with no express or implied warranties, representation, statements or conditions of any kind including but not limited to warranties of merchantability or fitness for a particular purpose and are to be sold in accordance with the terms and provisions set forth above. Assignee is not transferring or selling herein any leased property, whether real or personal, whether evidenced by a true lease or a capital lease, unless the capital lessor so consents.

 

5. More Information

For more information on the Assets to be sold or to arrange for an inspection of the Assets, please contact:

Howard B. Samuels, Esq.
David N. Missner, Esq.
Jeffrey D. Samuels
Rally Capital Services, LLC
350 N. LaSalle St., Suite 1100
Chicago, IL 60654
(312)645-1975
info@rallyllc.com
Assignee

Robert L. Renfro, Esq.
Huck Bouma PC
1755 S. Naperville Rd., Suite 200
Wheaton, IL 60189
(630)221-1755
rrenfro@huckbouma.com
Attorney for Assignor

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