PUBLIC NOTICE OF CHAPTER 11 SALE: Equity Interest in Texas Real Estate

NOTICE OF CHAPTER 11 SALE

Bankruptcy sale of 100% equity interest in Chapter 11 Debtor which owns 110-acre former Motorola campus in Austin, Texas. This sale of the Debtor’s equity (not the underlying real property) is subject to Bankruptcy Court approval and certain currently asserted claims, including lien claims of approximately $250MM against the real property that was appraised by JLL in 2025 at $34.5MM.

For more information please see here.

1. What is being sold? 100% of the equity in the Debtor (not the underlying real property)

2. Background: This sale arises from a stalled commercial redevelopment of a former 110-acre Motorola campus in Austin, Texas after years of litigation between current ownership groups.

3. What is the business? RIC (Austin), LLC

4. When is the bid deadline? March 27, 2026

5. How can a potential bidder get more information? Please see here.

6. Is there a stalking horse bidder? Yes, The Stalking Horse Bidder is Romspen (Reomaster) Holdings, Inc., which is currently the 75% interest owner of the Debtor and is an affiliate of Romspen Mortgage Limited Partnership, which asserts a first lien of ~$114MM and a second lien of ~$100MM. The Stalking Horse Bid of $5.4MM in new cash is subject to higher and better offers.

7. About seller: Gregory S. Milligan of Harney Partners, serving as Chief Restructuring Officer for RIC (Austin), LLC Gregory S. Milligan, CTP | Harney Partners

8. About seller’s counsel: Thomas Berghman at Munsch, Hardt, Kopf & Harr, and Jay Ong at Munsch, Hardt, Kopf & Harr People – Munsch Hardt Kopf & Harr, P.C.