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”).
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”)
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.
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.
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.
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