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In re: Debtors. |
CASE NO.
99-26616-BKC-RBR CHAPTER 11 SUBSTANTIVELY CONSOLIDATED |
John W. Kozyak, as Chapter 11 Trustee ("Trustee") of Financial Federated Title & Trust, Inc. and its various alter egos ("FinFed") and American Benefits Services, Inc. ("ABS"), moves pursuant to 11 U.S.C. §363(f) and Fed.R.Bankr.P. 6004, to sell personal property of the estate more fully described herein, free and clear of liens, claims and interests, and to establish certain sale procedures for interested parties to make bids on the property being sold. In support, the Trustee states as follows:
1. On April 18, 2000, the Trustee filed an Adversary No. 00-2188-BKC-RBR-A against Michael Crippen, Terry Crippen, and Mad Dawg's Hawgs, Inc. (collectively, the "Defendants").2. The Trustee and the Defendants reached a settlement agreement (the "Settlement") that was approved by this Court on August 15, 2000. Pursuant to the Settlement, the Defendants transferred to the Trustee all rights, interest and title to several vehicles, including four motorcycles identified as follows:
a. 1997 Harley Davidson Heritage SoftTail ("SoftTail");b. 1998 Harley Davidson Road King Trike ("Trike");
c. 2000 Harley Davidson Show Bike ("Show Bike");
d. 1998 Harley Davidson Boss Hoss ("Boss Hoss").
(the "Motorcycles).
3. Since obtaining possession of the Motorcycles, the Trustee has marketed the vehicles extensively in order to generate interest among potential purchasers, including circulation of a flyer with pictures and descriptions of the Motorcycles to motorcycle dealerships, bike clubs and other potential purchasers throughout the State of Florida, and advertisement of the sale of the vehicles over the internet through www.cycletrader.com.
4. In response to these efforts, the Trustee has received several offers to purchase some or all of the Motorcycles. The Trustee believes that the following represent the highest and best offers that it has received in writing to purchase the Motorcycles:
a. SoftTail: $14,000.00 from George Munne.b. Trike: $17,000.00 from Anna Marie Beni.
c. Show Bike: $17,000.00 from Albert Ruiz.
d. Boss Hoss: $10,050.00 from Todd Feldman.
5. Each of the proposed purchasers listed above has placed a deposit with the Trustee of $1,000 per vehicle.
6. The Trustee proposes to sell the Motorcycles to the parties indicated above and at the prices listed above, subject to better and higher offers.
7. In order to determine the highest and best price for the Motorcycles, the Trustee proposes the Court adopt the following sale procedures:
a. Any party wishing to submit a bid for any or all of the Motorcycles may do so by providing such bid in writing to the Trustee, care of undersigned counsel, no later than 5:00 p.m. on May 1, 2001.8. Each of the Motorcycles will be sold "AS IS, WHERE IS," and free and clear of any interest in such property other than the estate, pursuant to 11 U.S.C. § 363(f), with liens (if any) to attach to the proceeds in the same priority as they had in the property.(1)b. A bid may be for one, several, or all of the Motorcycles. If the bid is for more than one of the Motorcycles, the bidder may specify a bid for each Motorcycle or may make one bid for multiple Motorcycles.
c. Alternatively, offers may be submitted in person at the hearing to approve the sale, which will be set by a Notice of Hearing which will be served on all interested parties.
d. For a party's bid to be considered, the party must provide a deposit of $1,000 for each Motorcycle included in its bid on or before 5:00 p.m. on May 1, 2001.
e. The deposit will be credited toward the purchase price if the Court approves the sale to the proposed purchaser and delivers the balance of the purchase price within two (2) business days of the entry of an order approving the sale. The deposit will be refunded if the proposed purchaser's bid is not approved by the Court. The deposit will be forfeited to the Trustee if the proposed purchaser's bid is approved and accepted, and the purchaser fails to deliver the balance of the purchase price within two (2) business days of the entry of an order approving the sale.
f. At the hearing, the Trustee will present all bids to the Court and request that the Court approve the sale to the bidder who has made the highest and best offer for each or all of the Motorcycles.
9. The Trustee believes the estate will benefit from this sale, that the price for the Motorcycles is fair, and that approval of the proposed sale is in the best interest of the estate.
10. Notice of this Motion is being provided to all parties who have expressed an interest in purchasing the Motorcycles and to other potential purchasers known to the Trustee. Similar notice will be provided of the hearing scheduled for approval of the sale.
WHEREFORE, the Trustee requests that the Court set a hearing to approve the sale of the Motorcycles as provided for herein, and enter an Order approving the sale of the Motorcycles to the highest and best bidder.
I HEREBY CERTIFY that I am admitted to the Bar of the United States Bankruptcy Court for the Southern District of Florida and I am in compliance with the additional qualifications to practice in this Court set forth in Local Rule 2090-1(A).
KOZYAK TROPIN & THROCKMORTON, P.A. By: /s/
David Rosendorf
Florida Bar No.996823
I HEREBY CERTIFY that a true copy of the foregoing was served on all parties on the attached service list this _____ day of April, 2001.
1. The Trustee is not aware of any liens.