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PUBLIC NOTICE OF BANKRUPTCY AUCTION: 1212 75th St., Downers Grove, IL

Notice of Bankruptcy Auction of 1212 75th St., Downers Grove, Illinois

BACKGROUND

  1. Executive Summary. Bankruptcy auction of 76,850 square foot retail building on approximately 9.69 acres, commonly known as 1212 75th St., Downers Grove, Illinois (the “Property”), on November 14, 2018, at 2:00 p.m. CT. Bidding at Auction starts at $2.8 million.
  2. Background. The Property is one of the assets of the bankruptcy estate Raceway Central Downers Grove LLC, which case is pending in the Bankruptcy Court for the Northern District of Illinois, case no. 17-18810. The chapter 7 Trustee is Gregg E. Szilagyi.
  3. Stalking Horse Offer. DTS Properties, LLC (“Buyer”) has made an offer to purchase the Property for $2,650,000.
  4. Bankruptcy Order. The Bankruptcy Court has authorized (the “Order”) the Trustee to conduct a sale (the “Sale”) of the Property to the Buyer pursuant to a written agreement (the “Agreement”), subject to higher and better bids at Auction. The Order also approved the certain “Bidding Procedures” to govern the Auction. (Any discrepancies between the terms of this Notice and the Order shall be resolved in conformity with the Order.)
  5. The Auction. Competitive bidding for the Property shall be conducted at an auction (the “Auction”) on November 14, 2018, at 2:00 p.m. CT (location of the auction set forth below). After the Auction, the Bankruptcy Court shall enter an order authorizing the Sale of the Property free and clear of liens and interests (other than Permitted Exceptions).
    1. At the Auction, the Trustee shall conduct the sale by open bidding, except that nothing shall prohibit the Trustee, at the Auction, from conducting separate or joint discussions with the Buyer, any Qualified Bidder (as defined below) or any creditor or their representatives in private and not on the record of such proceeding.
    2. To participate in the Auction, at or before 12:00 noon on November 13, 2018, you must deliver to the Seller:
      1. Such information as the Seller shall request establishing a Potential Bidder’s ability to close the Sale of the Property in a timely manner, including a demonstration of financial wherewithal to close such sale;
      2. A wire transfer, or cashier’s or certified check, to the Seller for funds equal to the amount of the Earnest Money Deposit ($100,000.00); and
      3. An executed purchase agreement for the Property substantially similar to the Agreement, in form and substance acceptable to the Seller and must include a black-lined comparison of such agreement to the form of the Agreement.
    3. Any opening bid submitted must have a cash value not less than $2,800,000.00.
  6. “As Is, Where Is.” The sale of the Property shall be on an “as is, where is” basis and without representations or warranties of any kind, nature or description by the Seller, its respective bankruptcy estates, or its respective agents. By submitting a bid, each bidder shall be deemed to have acknowledged and represented that:
    1. It has had an opportunity to inspect and examine the Property and to conduct any and all due diligence regarding the Property prior to making its bid;
    2. It has relied solely upon its own independent review, investigation and/or inspection of any documents and the Property in making its bid; and
    3. It did not rely upon any written or oral statements, representations, promises, warranties, or guaranties whatsoever, whether express, implied, by operation of law or otherwise, regarding the Property by any person whatsoever, or the completeness of any information provided in connection therewith or the Auction.
  7. Auction Location. The Auction is set for 2:00 p.m. CDT on Wednesday, November 14, 2018 at the offices of Seller’s counsel, Fox Rothschild LLP, 321 North Clark Street, Suite 800, Chicago, Illinois 60654.
  8. Approval Hearing. A hearing to approve the Sale of the Property to the Purchaser (as defined in the Motion) shall be held on Thursday, November 15, 2018 at 11:00 a.m. CDT before the Honorable Pamela S. Hollis, Room 644 in the U. S. Courthouse, 219 South Dearborn Street, Chicago, Illinois.
  9. More Information. For copies of the Order, Bidding Procedures or other information contact: Robert W. Glantz, Counsel for the Trustee, Fox Rothschild LLP, 321 North Clark Street, Suite 800, Chicago, Illinois 60654, (312) 541-0151, rglantz@foxrothschild.com. To view the property contact: Joseph Sigal, Broker of Property, One Mid-America Plaza, Suite 200, Oakbrook Terrace, IL 60181, 630-570-2160, joseph.sigal@marcusmillichap.com.
  10. About the Trustee. Gregg E. Szilagyi has over 20 years of experience both in acting as a fiduciary in insolvency situations and in representing others in that capacity. As an attorney, he has been involved in a wide variety of creditors’ rights matters on behalf of debtors, lenders, creditors’ committees, equity holders’ committees, receivers, assignees and bankruptcy trustees. He is also a panel trustee for the Bankruptcy Court for the Northern District of Illinois. In this capacity, Gregg has been appointed by the United States Trustee to operate distressed businesses and to liquidate businesses and personal assets for the benefit of creditors. Gregg has also been appointed as receiver for companies in enforcement cases at the request of federal and state regulatory agencies. Gregg has expertise in a wide variety of industries including manufacturing, real estate, retail, gaming, energy, telecom, hospitality, and health care.
  11. About Trustee’s Counsel. Robert Glantz has three decades of experience counseling financial institutions and debtors in all facets of creditors rights, financing and bankruptcy matters. He represents: Trustees, debtors, secured creditors and committees in bankruptcy proceedings; Receivers, financial institutions and other secured creditors in commercial foreclosures, bankruptcy litigation and out-of-court workouts; and Purchasers and sellers in the acquisition and sale of the assets of troubled companies.

About The DailyDAC Editors

The editors and editorial board of DailyDAC include preeminent restructuring and insolvency professionals, journalists, and editors. They are devoted to providing reliable and plain English education and deal intelligence about assignments, corporate bankruptcy, receiverships, out-of-court workouts an similar topics.

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