PUBLIC NOTICE OF JUDGMENT CREDITOR SALE: Art Shay Archive Project, LLC

NOTICE OF PUBLIC SALE

PLEASE TAKE NOTICE THAT, on Wednesday, November 8, 2023 at 10:00 a.m. (CST) (the “Sale Date”) in courtroom 404, Lake County Courthouse, 18 N. County Street, Waukegan, IL 60085, Judge Christopher Ditton presiding, pursuant to (a) Section 180/30-20 of the Illinois Limited Liability Company Act; (b) those judgments entered on August 13, 2021 in the Circuit Court of the 19th Judicial Circuit – Lake County, Illinois (the “Court”) in the case captioned DeGlopper v. Shay et al., Case No. 2020-CH-0578 (the “Suit”) against Erica DeGlopper (“DeGlopper” or “Judgment Debtor”) and in favor of Richard Shay (“Shay”) in the amount of $550,000 (“Shay Judgment”), and in favor of Art Shay Archive Project, LLC (“Shay LLC”; Shay and Shay LLC are collectively referred to as the “Judgment Creditors”) in the amount of $193,102.36 (“Shay LLC Judgment”; the Shay Judgment and the Shay LLC Judgment are collectively referred to as the “Judgments”), which Judgments bear interest at the statutory rate of nine percent (9%) per annum, which interest totals $174,985.09 though October 3, 2023, and continue to bear interest at the per diem rate of $183.23 per day; (c) that Amended Charging Order entered by the Honorable Judge Michael B. Betar in the Suit on June 24, 2022 in favor of Judgment Creditors and against Judgment Debtor; and (d) that Order granting Judgment Creditors’ Motion to Foreclose Charging Order on March 24, 2023 and entered on April 3. 2023, the Court will hold a public sale of all the right, title and interest in and to all of the following:

Judgment Debtor Erica DeGlopper’s forty-eight percent (48%) distributional interest in Art Shay Archive Project, LLC (hereinafter the “DeGlopper Interest”), an Illinois limited liability company with its principal place of business located at 618 Indian Hill Road, Deerfield, Illinois 60015, whose assets consist primarily of digital and hard copy photographs taken by now-deceased photographer Art Shay.

Terms and Conditions of Sale. The Court will offer to sell the DeGlopper Interest by public sale pursuant to such terms and conditions as are acceptable to Judgment Creditors and the Court.  The DeGlopper Interest will be sold “AS IS, WHERE IS,” with all faults and without recourse, representation, warranty or guaranty, whether express or implied. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE COURT AND JUDGMENT CREDITORS EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, AND SECURED PARTY AND JUDGMENT CREDITORS WILL NOT BE LIABLE FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES. The Judgment Creditors reserve the right on or prior to the Sale Date to (i) withdraw all or any portion of the DeGlopper Interest from the sale for any reason whatsoever, (ii) offer to sell the DeGlopper Interest in bulk or in separate parts, (iii) credit bid part or all of the Judgments in the sale process, and (iii) apply to the Court to modify, waive or amend any terms or conditions of the sale or impose any other terms or conditions of the sale.

In addition to the foregoing terms and conditions, the sale will be conducted using the Sale Procedures which are available for review by contacting counsel for Judgment Creditors below.

Judgment Creditors may cancel or postpone the sale for any reason whatsoever by announcement at the time and place of the sale. All inquiries regarding the DeGlopper Interest and to obtain the Sale Procedures described herein and attached should be directed to the counsel for the Judgment Creditors: Konstantinos Armiros (312.876.6664 or email [email protected]), or Thomas Laser (312.876-7161 or email [email protected]), Saul Ewing LLP, 161 North Clark Street, Suite 4200, Chicago, Illinois 60601, and all requests for inspection of the DeGlopper Interest or the assets of Shay LLC should be directed to Mr. Armiros or Mr. Laser.