PLEASE TAKE NOTICE that on July 27, 2023, starting at 11:00 a.m. Eastern Time, Auction Advisors, as Auctioneer, on behalf of RL West Side NJ LLC, a Florida limited liability company (“Secured Party”), will offer for sale at a public auction under the Uniform Commercial Code, certain limited liability company membership interests in: 5901 West Ave Properties, LLC, a New Jersey limited liability company (“5901 West Ave Properties, LLC”).
Ira Russack (“Russack”) is the current owner of 100% of the membership interests in 5901 West Ave Properties, LLC. To his obligations to Secured Party, Russack pledged to Secured Party a first-priority, perfected security interest in and to his membership interests in 5901 West Ave Properties, LLC.
The sale will be conducted virtually via online video conference. Instructions on how to become a “qualified bidder” and attend the auction via online video conference are set forth in the Terms & Conditions of Auction which are available online at www.AuctionAdvisors.com or by contacting Auction Advisors at: [email protected].
Secured Party is and shall be a qualified bidder and shall be allowed to credit bid amounts due and owing to it by Russack in connection with any bids it may make with respect to the membership interests in 5901 West Ave Properties, LLC.
The sale will be held to enforce the rights of Secured Party under the certain Security and Pledge Agreement and UCC financing statements pursuant to which Russack granted Secured Party’s predecessor in interest a security interest in, among other things, the membership interests in 55901 West Ave Properties, LLC.
Qualified bidders shall be required to post a $100,000.00 good faith deposit prior to bidding, which deposit will be required to be increased to twenty five percent (25%) of the successful bid by the successful bidder on our prior to 12:00 NOON Eastern Time on July 23, 2023. Secured Party shall not be required either to post a good faith deposit or to increase its deposit as aforesaid.
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 membership interests owned by Russack in 5901 West Ave Properties, LLC are unregistered securities under the Securities Act of 1933, and as such are subject to certain transfer restrictions. The membership interests owned by Russack in 5901 West Ave Properties, LLC 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 to the satisfaction of Secured Party that they are qualified investors and their ability to perform and close on the acquisition of the membership interests in 5901 West Ave Properties, LLC. 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 Terms & Conditions.
Certain additional but limited information available to Secured Party regarding 5901 West Ave Properties, LLC will be made available via a secure data room to prospective bidders who execute a non-disclosure agreement. Such non-disclosure agreement, and other information and due diligence materials may be obtained by visiting www.AuctionAdvisors.com.
Any interested bidder must satisfy the requirements to be a “qualified bidder” by no later than NOON Eastern Time on July 23, 2023. The auction of the Membership Interests will commence at 11:00 A.M. Eastern Time on July 27, 2023.
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