PLEASE TAKE NOTICE that on Wednesday, July 14, 2021 at 10:00 A.M. local New York time, IV-CVCF CS I Trust (“Secured Party”) will offer for sale at a public auction under Section 9-610 of the Uniform Commercial Code as enacted in the State of New York, certain personal property assets in which Secured Party has been granted a security interest by Ephraim Vashovsky, Chana Vashovsky, and William Jay Segal (collectively, “Debtors”), including certain limited liability company interests, and certain rights and property related and appurtenant thereto (collectively, the “Collateral”), in Alpha Equity RT LLC, a New York limited liability company (the “Issuer”). Debtors have represented and warranted that the Collateral includes 100% of the limited liability company interests in the Issuer. The Issuer is believed to own certain real property located at 3087 Richmond Terrace, Staten Island, New York.
The sale will be conducted virtually via online video conference (with a telephonic option for those who wish to dial in by phone only). Subject to applicable Federal, state and local laws and rules related to the COVID-19 pandemic, there may also be the ability of qualified bidders to request to attend the sale in-person. Instructions on how to become a “qualified bidder” and attend the auction via online video conference, telephone, and/or to request to attend in person, are set forth in the Sale Procedures for Secured Party Sale (the “Sale Procedures”) which are available online at https://www.hilcorealestate.com/properties-for-sale/inventory and/or by contacting Jonathan Cuticelli of Hilco Real Estate, LLC at (203) 561-8737 or [email protected].
This sale will be held to enforce the rights of Secured Party under that certain Pledge and Security Agreement dated as of August 28, 2018 executed by Debtors in favor of Secured Party, pursuant to which Debtors granted Secured Party a security interest in, among other things, all of Debtors’ legal and beneficial interest in and to the Issuer.
Qualified bidders will be required to post a $20,000 good faith deposit prior to bidding, which deposit will be required to be increased to ten percent (10%) of the successful bid by the successful bidder within three (3) business days of the sale. The sale will be FINAL and on an “AS-IS, WHERE IS, WITH ALL FAULTS” basis and will be made WITHOUT REPRESENTATION OR WARRANTY WHATSOEVER. The Collateral includes unregistered securities under the Securities Act of 1933, and as such is subject to certain transfer restrictions and will be sold as a single block. Secured Party reserves the right to establish all bidding procedures and requirements and to have prospective bidders reasonably demonstrate that they are qualified investors and their ability to perform and close on the acquisition of the Collateral to the satisfaction of Secured Party. Secured Party reserves the right to credit bid at the sale. Secured Party also reserves the right to adjourn, continue, or cancel the sale without further notice. Other terms and conditions of the sale are set forth in the Sale Procedures.
Additional information regarding the Collateral will be made available via a secure dataroom to prospective bidders who execute a required non-disclosure agreement. Prospective bidders may obtain the required non-disclosure agreement, and other information regarding the sale, by visiting https://www.hilcorealestate.com/properties-for-sale/listing. Any prospective bidder must satisfy the requirements to be a “qualified bidder” by no later than 10:00 A.M. local New York time, on Monday, July 12, 2021. The sale will be conducted by Jonathan Cuticelli, Hilco Real Estate, a New York licensed auctioneer, license No. 1387302.
DailyDAC™ is the 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, and secured parties disposing of their collateral under Article 9 of the Uniform Commercial Code or other state law trust (and their respective auction firms, law firms, and other agents). Learn more.
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