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PUBLIC NOTICE OF SALE BY AUCTION: Howard B. Samuels, as Assignee for the Benefit of Creditors of Midwest Exchange Enterprises, Inc. (“Midwest Exchange”), Announces the Public Sale by Auction and UCC Sale of Certain Assets of Midwest Exchange, Formerly the Operator of a Plastics Recycling Facility, Auction Date: Sept. 28, 2016; Qualified Bid Deadline: September 19, 2016

JOINT NOTICE OF PUBLIC SALE BY THE SECURED CREDITOR AND
ASSIGNEE FOR THE BENEFIT OF CREDITORS OF
MIDWEST EXCHANGE ENTERPRISES, INC.
4012 MORRISON DR.
GURNEE, IL 60031

SALE OF ASSETS:  On Wednesday, September 28, 2016 Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors (the “Assignee”) of Midwest Exchange Enterprises., Inc. (“Midwest Exchange”), intends to sell his right, title and interest in and to certain assets as more fully described below.  The Assets sold or to be sold will be offered as a single lot.  The Assets to be sold include the Starlinger Solid State Polycondensation line S/N 13003VII20 and any pieces or components related thereto stored in Batavia, IL and in Northlake, IL (collectively, the “Assets”).  Midwest Exchange was previously engaged as a plastic recycling facility that washed, dried and ground post-consumer (used) PET plastic bottles clean re-usable plastic flake for remanufacture.

TERMS & CONDITIONS:  An Assignee’s Return of Bids Sale (the “Sale”) for the aforementioned Assets of Midwest Exchange will take place on Wednesday, September 28, 2016 at 2:00 p.m. at the offices of Rally Capital Services, LLC, 350 N. LaSalle St., Suite 1100, Chicago, IL.  The Sale will be conducted simultaneously with a public sale by the secured creditor pursuant to Article 9 of the Uniform Commercial Code as enacted in Illinois.  The Assignee has received an offer for the purchase of the Assets from an unrelated third party purchaser for a cash purchase price of Six Hundred Thousand Dollars ($600,000) (the “Starlinger Stalking Horse Bid”). The Assets will be sold “AS IS, WHERE IS” with all faults and without any express or implied representations or warranties whatsoever, including, without limitation, warranties of merchantability, quiet enjoyment or fitness for a particular purpose or as to the title, value or quality of the Assets.  The Assignee reserves the right, on or prior to the date of Sale, to modify, waive or amend any terms or conditions of the Sale or impose any other terms or conditions on the Sale, and, if the Assignee deems appropriate, to reject any bids or continue the Sale (whether for all of the Assets or separate lots) without prior notice.

To become a qualified bidder and participate in the Sale, a party must (a) submit a bid for the Assets of not less than Six Hundred Sixty Thousand Dollars ($660,000) and (b) post a cash deposit (the “Deposit”) in the form of a cashier’s check, certified check or wire transfer in the amount of Sixty Thousand Dollars ($60,000), made payable to and delivered to the Assignee no later than 5:00 p.m. CDT on Monday, September 19, 2016.  All bidding for the Assets shall be conducted in the same room with the identity and bid terms of all bidders fully disclosed and on the record as recorded by a court reporter.  Any subsequent overbids for the Assets will be determined by the Assignee at the Sale; provided, however, the Assignee reserves the right to change the minimum bid from time to time during the Sale.  At the conclusion of the Sale of the Assets, the Assignee shall declare on the record which bid has been declared the highest and best bid and accepted, for the Assets and shall recite the terms of the winning bid into the record with the concurrence of the prevailing bidder.  The balance of the purchase price for the Assets must be paid to the Assignee in available funds within twenty-four (24) hours.  If the successful bidder fails to pay the balance of his or her successful bid for the Assets, then its Deposit will be forfeited and the Assets may, at the Assignee’s option, be sold to the next highest bidder without prejudice to or waiver of the Assignee’s rights and remedies against the defaulting highest bidder.  The Assignee reserves the right to adjourn the Sale from time to time without further notice except as announced at the auction.  The Assignee further reserves the right to determine the qualifications of any bidder, including the ability to close the transaction on the terms and conditions referenced herein.

The Assets sold or to be sold are being sold as a single lot “As Is” and “Where Is” and with no express or implied warranties, representation, statements or conditions of any kind including but not limited to warranties of merchantability or fitness for a particular purpose and are to be sold in accordance with the terms and provisions set forth above.

 

For more information on the Sale and to receive a complete list of the Assets, or to arrange for an inspection of the Assets, please contact the Assignee.

 

Assignee
Howard B. Samuels • David N. Missner, Esq.
Daniel T. Lee • Jeffrey D. Samuels
Rally Capital Services, LLC
350 N. LaSalle St., Suite 1100
Chicago, IL 60654
(312) 645-1975
[email protected]

 

Attorney for Secured Creditor
David Kane
Meltzer Purtill & Stelle LLC
300 S. Wacker Dr., Suite 2300
Chicago, IL 60606
(312) 987-9900
[email protected]

 

THIS DEAL WAS ADDED TO THE DAILY DAC OPPORTUNISTIC DEAL DATABASE ON 9/1/16. TO SEE MANY MORE DEALS INVOLVING FINANCIALLY DISTRESSED COMPANIES AND OTHER TIME SENSITIVE SITUATIONS, YOU CAN SUBSCRIBE HERE.

 

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