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PUBLIC NOTICE OF SALE: Howard B. Samuels as Assignee for the Benefit of Creditors of Olympic Oil Ltd. Announces a Public Auction Sale of All the Assets of Olympic Oil Ltd.

NOTICE OF PUBLIC SALE
BY ORDER OF ASSIGNEE FOR THE BENEFIT OF CREDITORS OF 

OLYMPIC OIL LTD.
5000 W 41st St.
CICERO, IL  60804

SALE OF ASSETS: Notice is hereby given that on Monday, July 25, 2016 at 2:00 pm, central time (the “Date of Sale”), in the offices of Rally Capital Services, LLC, 350 North LaSalle St, Suite 1100, Chicago, IL 60654, that Howard B. Samuels, not individually, but solely as Assignee for the Benefit of Creditors of Olympic Oil Ltd. (the “Assignee”), shall hold a public auction in accordance with Illinois common law to offer for sale all of Olympic Oil Ltd.’s right, title and interest in and to all of its assets whether tangible or intangible, real or personal or mixed, owned or lease (including indirect and other forms of beneficial interest) wherever located and by whomever possessed including but not limited to: (a) all tangible property, including but not limited to, cash, accounts receivable, office furniture, fixtures, computer hardware, machinery, equipment, goods, motor vehicles, leasehold improvements, inventory, work in process, tools, marketing records, customer lists, mailing lists, warranty records, sales literature and other sales aids, catalogs, accounting records, graphic materials, and pricing and information materials; and (b) all intangible property, including but not limited to, all contract rights and interests, all intellectual property including, without limitation, copyrights, trademarks (common and registered), trade names, service marks, service names, licenses, patents, permits, websites, domain names, email addresses, proprietary information, technical information and data, electronic systems and processes and other similar intangible property rights and interests, computer software, telephone numbers and telephone listings, trade accounts receivable, open orders, prepaid expenses, promissory notes, all possible causes of action, contingent and unliquidated claims, filed and unfiled choses in action and goodwill (collectively, the “Assets”).

TERMS AND CONDITIONS: The Assets will be sold as a single lot, or at the Assignee’s discretion, in separate lots.  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.

On July 7, 2016, the Assignee received and accepted an Asset Purchase Agreement (“APA”) from an unrelated third party purchaser, for the Assignee’s right, title and interest in and to the Assets (the description of the assets being purchased is set forth in detail in the APA), in a single lot for a price of $110,000 plus an assumption of unsecured debt in the amount of $1,070,000 plus all interim advances expended by the purchaser to operate the business from July 7, 2016 through the Date of Sale (collectively “The Purchase Price”).  The APA will be subject to the Assignee’s right to receive a higher and better bid from a qualified purchaser at the Auction.  To be a qualified purchaser, a party must post with the Assignee a cash deposit (the “Deposit”) in the amount of $200,000 which must be paid by noon on Friday, July 22, 2016.  Any subsequent offer from a qualified purchaser must be for cash, in the amount of $50,000 more than The Purchase Price, plus the sum of $75,000.  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.  All subsequent overbids shall be at least Fifty Thousand ($50,000) greater than the then prevailing bid in the Auction; provided however, the Assignee reserves the right to change the minimum bid from time to time during the Auction.  At the conclusion of the Auction, the Assignee shall declare on the record which bid has been declared the highest and best bid accepted and shall recite the terms of winning bid into the record with the concurrence of the prevailing bidder. The balance of the purchase price must be paid to the Assignee within forty-eight (48) hours after the Auction.  If the successful bidder fails to pay the balance of its successful bid, 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.

 

For further information regarding the Assets and to arrange for an inspection of the Assets, please contact Assignee as follows:

Assignee
Howard B. Samuels, Esq., Assignee
David N. Missner, Esq.
Jeffrey D. Samuels
Rally Capital Services, LLC
350 North LaSalle St., Suite 1100
Chicago, IL 60654
(312) 645-1975
[email protected]
Attorney for Olympic Oil Ltd.
Edwin I. Josephson, Esq.
Chuhak & Tecson, P.C.
30 South Wacker Drive, Suite 2600
Chicago, IL 60606
(312) 855-4349
[email protected]

 

THIS DEAL WAS ADDED TO THE DAILY DAC OPPORTUNISTIC DEAL DATABASE ON 7/18/16. TO SEE MANY MORE DEALS INVOLVING FINANCIALLY DISTRESSED COMPANIES AND OTHER TIME SENSITIVE SITUATIONS, YOU CAN SUBSCRIBE HERE.

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