PUBLIC NOTICE OF AUCTION (Pursuant to Code of Civil Procedure Section 1174(e) – (m); Civil Code Section 1990(a)-(c); Civil Code Section 1993 et. Seq.; Commercial Code Sections 9601, 9609(a) and 9613; and Code of Civil Procedure Section 697.510(a) et. Seq.): CHOL ENTERPRISES INC.

NOTICE OF PUBLIC AUCTION SALE OF CERTAIN PERSONAL PROPERTY

TIME AND DATE OF AUCTION

 NOTICE IS HEREBY GIVEN of a public online auction sale of personal property that will be held at 11 am PST on May 15, 2024. The public auction sale will be conducted online via a Zoom conference call arranged by Brian Testo Associates, LLC (“Auctioneer”).

PROPERTY TO BE SOLD

The property offered for sale at the above public auction sale is personal property owned or held by CHOL ENTERPRISES INC., a California Corporation (‘CHOL”) located within the Globe Theater 740 South Broadway, Los Angeles, CA  90014 (the “Premises”) after CHOL vacated the Premises (“Personal Property”). The Personal Property will be sold at the public auction sale in ONE LOT to the highest  Bidder and includes, Stage barriers, POS stations, Audio equipment, Audio speakers, Bass cabinets, Lighting controllers, Lighting movers, Lighting strobes,  Lighting rolling blades, Lighting blinders, Lighting sunstrips, Lighting lasers, Smoke machines, Snow machines, Bubble Machines, Streamers launchers, Confetti machines, Cold firework, Fireflamme, Confetti mini blaster, Confetti, Streamers, Walkie Talkies, ID Scanners,  Metal detectors, LED Video High-resolution panels, Truss & ringing, Video cables and controllers, Misc. electrical and audio-visual cables, Disco balls, CO2 Tanks, Stage platforms, Misc. Tools and equipment,  Shelves, Leather couches, and other misc. furniture, Tables, Folding chairs, Bar stools, Face chair, Ice makers, Freezers,  Refrigerators, Washer and dryer, Misc. hot dog and nachos and popcorn machines, Electric fans, TV. An inventory of the Personal Property to be sold is on file with the Auctioneer and may be obtained on request via email to [email protected] by no later than 8 am PST on May 15, 2024.

INSPECTION

The Personal Property offered for sale may be inspected on May 12th from 10 am to 3 pm PST only at the Premises.

REQUIREMENTS TO BID

To attend or bid at the public auction sale, you must register before 11 am PST on May 14, 2024, with the Auctioneer Brian Testo (who may be contacted by phone at 818-592-6592 x 101 and via email at [email protected]).  Registration forms are available on the Auctioneer’s website at www.btesto.com. To register as a bidder you must provide your full name, address, and contact numbers, by driver’s license or picture identification upon request, when registering.

AUTHORITIES

NOTICE IS HEREBY FURTHER GIVEN that the above public auction sale will be held pursuant to Code of Civil Procedure Section 1174(e) – (m); Civil Code Section 1990(a)-(c); Civil Code Section 1993 et. Seq.; Commercial Code Sections 9601, 9609(a) and 9613; and Code of Civil Procedure Section 697.510(a) et. Seq., at the request of 740 BROADWAY LLC, a California Limited liability company (“740”.).  740 reserves all rights against CHOL and all other obligors and guarantors for all obligations of every kind and nature as well as deficiencies with respect to any amounts owed to 740  whether arising before or after the public auction sale. 740 will apply the net proceeds received from the sale of the Personal Property, first towards the expenses of sale,  next to the costs of storage, and then to that certain judgment lien in the matter of 740 v. Chol, Superior Court of California, County of Los Angeles Case No. 22STCV01203.  As of April 17, 2024, the amount currently due per 740 to satisfy in full the costs of storage and the judgment lien, is not less than  $396,461.87 plus the estimated costs, expenses, and advances of the public auction sale, or such other sum as may be determined by a Court of competent jurisdiction.

ADDITIONAL INFORMATION  AND ADDITIONAL TERMS OF SALE

The above-noticed public auction sale is to be held without covenant or warranty as to possession, title, quiet enjoyment financing, encumbrances, or otherwise on an “AS-IS”, “WHERE-IS” and  “WITHOUT WARRANTY OR REPRESENTATION” basis. No descriptions set forth above or on supplemental materials, nor on any inventory, nor any oral statements made by anyone on behalf of 740 shall be construed as a warranty either express or implied. The Personal Property sold must be paid for and removed from the Premises by the successful Bidder by no later than 5 pm on May 19, 2024. Removal shall be at the expense, risk, and liability of the successful Bidder.

740 reserves the right to cancel the sale in its entirety or to adjourn the sale to a future date by announcement made at the time and place scheduled for the public sale.

The bid amounts are exclusive of transfer and sales taxes, which each Bidder covenants to pay if such  Bidder is the successful Bidder. The amount of transfer or sales tax shall be computed by the Auctioneer and provided to the successful Bidder on an invoice by email.

If the successful Bidder does not wish to retain any of the Personal Property, the successful Bidder shall nevertheless arrange for all such items of Personal Property to be removed from the Premises and discarded at the successful Bidder’s sole cost and expense.

The terms of this auction sale also obligate the successful Bidder to indemnify and hold both the Auctioneer and 740 harmless from and against any and all claims of whatsoever nature and kind for liability relating to the removal of the Personal Property including but not limited to proper disconnection and capping of all electrical wiring, patching and repairing all holes in walls, ceilings, and roofs as a result of the removal of the Personal Property and repair of any and all other damage to the Premises resulting from the removal of the Personal Property.

The terms of this public auction sale also require that in advance of removing the Personal Property, the successful Bidder (or a bonded, insured, and licensed mover acting for the successful Bidder )  to furnish proof of workers’ compensation insurance as well as proof of liability insurance coverage (naming 740 as an additional insured) affording comprehensive general liability coverage to 740 in the minimum of $1,000,000 per occurrence (and covering personal injury and property damage).

TIME BEING OF THE ESSENCE, the successful Bidder is required to pay the full amount of the winning bid plus transfer and sales tax as computed by the Auctioneer by wire transfer or ACH (pursuant to instructions provided by the Auctioneer after the sale) in immediately available funds one business day following the conclusion of the auction sale.

CHOL may request an accounting by contacting counsel for 740. Contact information may be obtained from the Auctioneer.

For more information and requirements, please contact the Auctioneer.

Brian Testo, Auctioneer
Brian Testo Associates, LLC
818-592-6592 x 101
[email protected]
www.btesto.com