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Patrick Cavanaugh, OVERALL RECEIVER announces sale of 7411 INTERNATIONAL DRIVE PROPERTY in First Farmers Financial Litigation

 

1. Background: 

Patrick Cavanaugh is Overall Receiver of the Overall Receivership Estate (“Overall Receiver”) in that certain case styled First Farmers Financial Litigation, pending in the United States District Court for the Northern District of Illinois Eastern Division (“Court”), Case No. 14 CV 7581 (“Case”).

2. Motion:

On June 30, 2017, the Overall Receiver in the Case, filed the Overall Receiver’s Motion For Entry Of An Order Approving (I) Bidding Procedures And Bid Protections; (II) The Sale Of The 7411 International Drive Property Free And Clear Of Interests; (III) The Form And Manner Of Notice With Respect Thereto; (IV) The Payment Of Advertising And Closing Costs; And (V) Related Relief (“Sale Motion”)

3. Order: 

On July 13, 2017, the Court entered an order (“Bidding Procedures Order”) in the Case: (1) approving the timing and extent of notice of the intended sale of the 7411 Property free and clear of liens, claims and interests; (2) approving bidding and sale procedures (“Bidding Procedures”); and (3) providing the Overall Receiver with supplemental and related relief in accordance with the Sale Motion.

4. Assets to be Sold & Stalking Horse Bid:

Through the Sale Motion, the Overall Receiver requests authority to sell the property commonly known as 7411 International Drive, Orlando, FL (“7411 Property”) to Vijay Patel (“Original Bidder”) for the amount of $703,000.00 pursuant to a certain Purchase and Sale Agreement dated June 20, 2017 (“Purchase Agreement”), subject to higher or better bids at auction.

5. Sale Date and Summary of Sale Procedures: 

The Bidding Procedures Order, provides for, among other things, the auction sale of the 7411 Property (“Auction”) on August 28, 2017 at 11:00 a.m. (CDT) at the offices of Shaw Fishman Glantz & Towbin LLC, 321 North Clark Street, Suite 800, Chicago, Illinois 60654.

6. Additional bid procedures are as follow:

    • To participate in the Auction, each potential bidder must deliver the following in form and substance acceptable to the Overall Receiver: i) evidence of the financial ability to close the sale; ii) an executed purchase agreement with a minimum purchase price of $718,000 and that is not subject to any due diligence, financing or other contingencies; and iii) an earnest money deposit by wire transfer or certified funds in the amount of $35,900. In order to be considered timely, all Qualified Bids (as defined in the Bidding Procedures) must be submitted to the Overall Receiver and his counsel on or before 5:00 p.m. (CDT) on August 25, 2017.
    • Subject to Court approval, the Overall Receiver may impose other procedures prior to the Auction that, in his judgment, will enhance the bidding process.
    • A final hearing (“Sale Hearing”) to consider the remaining relief in the Sale Motion, including authorization to accept the Winning Bid and Back-Up Bid (as defined in the Bidding Procedures) shall commence on August 31, 2017 at 8:30 a.m. (CDT) before the Honorable Amy J. St. Eve in Courtroom 1241 of the United States District Court for the  Northern District of Illinois, 219 South Dearborn Street, Chicago, Illinois.
    • The Sale Hearing may be continued from time to time without further notice other than by announcement in open court.  The Sale of the 7411 Property remains expressly subject to the Overall Receiver and NeJame Law, P.A. entering into an agreement for the transfer of title to the 7411 Property to the Winning Bidder that is approved by the Court at or before the Sale Hearing.

7. Prospective bidders should contact either of the following:

    • The representative for the Overall Receiver, Greg Apathy, High Ridge Partners, LLC, 140 S. Dearborn St., Suite 420, Chicago, IL  60603, Tel: (312) 456-5636, E-mail: gapathy@high-ridge.com.
    • Counsel for Overall Receiver, Allen J. Guon, Esq., Shaw Fishman Glantz & Towbin LLC, 321 N. Clark St., Suite 800, Chicago, Illinois 60654, Tel: (312) 980-3816, E-mail: aguon@shawfishman.com.

 

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