Share this...



1. Background. The auction (“Auction”) that is the subject of this notice (“Notice”) will take place under the authority of the Honorable A. Benjamin Goldgar, of the United States Bankruptcy Court of the Northern District of Illinois (Eastern Division), as part of the chapter 7 bankruptcy case (“Bankruptcy Case”) titled, In re Outboard Marine Corporation (Case No. 00 B 37405). Alex D. Moglia serves as chapter 7 trustee (“Trustee”) for the Estate of Outboard Marine Corporation and its substantively consolidated debtor entities (“Debtors”). All references to the Trustee in this Notice are to him in this capacity and not in Mr. Moglia’s individual capacity.

2. Assets to be Sold.

  1. The Trustee filed a motion (“Motion”) in the Bankruptcy Case (at Docket #4863) seeking the approval of bidding procedures and the authority to sell, pursuant to such bidding procedures and subject to higher or better bids, the Debtors’ economic rights relating to its 100% equity interest in OMC Outboard Marine France, a limited liability company registered with the Cannes Companies and Trade Register under No. B. 393 705 124 (“OMC France”) free and clear of liens, claims and other interests. Capitalized terms not defined herein have the meanings given them in the Motion.
  2. The OMC France estate is expected to have an equity surplus in the approximate gross amount of €1,200,000, which is payable to the Estate on account of its indirect ownership of OMC France. The timing of such payment is currently uncertain.

3. Bidding and Sale Procedures. Pursuant to the court-approved bidding and sale procedures (“Bidding Procedures”):

  1. The deadline to submit a bid (“Bid Deadline”) is 4:30 p.m. CT on August 30, 2019.
  2. The Auction will take place at 1:30 p.m. CT on September 4, 2019 or such later time or other place as the Trustee shall notify all Qualified Bidders who have submitted Qualified Bids, at the Chicago offices of Fox Rothschild LLP,
  3. A final hearing to consider the remaining relief in the Motion shall be held at 10:00 a.m. CT on September 11, 2019 in Courtroom No. 642, United States Courthouse, 219 South Dearborn Street, Chicago, Illinois, before the Honorable A. Benjamin Goldgar, or such other judge who may be hearing this case. The hearing may be continued from time to time.
  4. Any objection to the relief sought in the Motion must be filed, in writing, with the captioned Court and served on (i) the Trustee’s counsel and (ii) Jeff Cohen, Southpaw Asset Management LP, 2 West Greenwich Office Park, 1st Floor, Greenwich, CT 06831 (Email: [email protected]), so that such objection is actually filed and received not later than 4:30 p.m. CT on September 9, 2019.

4. Additional Information. Copies of the Motion and related documents, and additional information about the Auction, can be obtained from the docket of the Bankruptcy Case at the United States Bankruptcy Court’s website (https://ecf.ilnb.uscourts.gov/) via PACER, Alex Moglia, Moglia Advisors, 1325 Remington Road, Suite H, Schaumburg, IL 60173, (847) 884-8282 or [email protected], or the Trustee’s counsel, Mark Radtke, Fox Rothschild LLP, 321 N. Clark St., Ste. 1600, Chicago, IL 60654, (312) 517-9200 or [email protected].

About DailyDAC

DailyDAC™ is the internet's oldest, most trusted, and most widely used provider of public notices of asset sales and case commencements, and other important notices involving companies in financial distress in the United States and Canada. DailyDAC™ public notices are used by bankruptcy trustees, chapter 11 debtors in possession, federal and state court receivers, assignees for the benefit of creditors, auctioneers, and secured parties disposing of their collateral under the Uniform Commercial Code or other state law trust (and their respective auction firms, law firms, and other agents). Learn more.

Many sales of distressed companies and distressed business assets are not widely advertised. If you are buyer of such companies or assets, you may be well served by becoming a paying subscriber to Distressed Deal Data™. Find out more.

The DailyDAC Editors