Securities and Exchange Commission v. BIC Real Estate Development Corporation et al
Filing
106
ORDER Authorizing Receiver's Sale of Real Property Located at 5201 Dunsmuir Rd., Apt. 35, Bakersfield, CA 93309-8552 signed by Chief Judge Lawrence J. O'Neill on 10/12/2016. (Jessen, A)
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UNITED STATES DISTRICT COURT
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EASTERN DISTRICT OF CALIFORNIA
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11 SECURITIES AND EXCHANGE
COMMISSION,
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Plaintiff,
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v.
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BIC REAL ESTATE DEVELOPMENT
15 CORPORATION and DANIEL R.
NASE, individually and d/b/a
16 BAKERSFIELD INVESTMENT CLUB,
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Case No. 1:16-cv-00344-LJO-JLT
ORDER AUTHORIZING RECEIVER'S
SALE OF REAL PROPERTY
LOCATED AT 5201 DUNSMUIR RD
APT 35, BAKERSFIELD, CA 933098552
Defendants,
18 BIC SOLO 401K TRUST and
MARGARITA NASE,
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Relief Defendants.
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ORDER
In accordance with its September 19, 2016 Order Granting Stipulation to
Waive Requirements of 28 U.S.C. § 2001(a) and (b) in Connection with, and to
Establish Sales Procedures for, Receiver's Sales of Residential Real Property (the
"Stipulation") and the sales procedures approved therein (the "Sales Procedures"),
this Court has reviewed the October 11, 2016 Declaration of David P. Stapleton, the
Court-appointed receiver (the "Receiver") regarding his proposed sale of the real
1 property located at and commonly known as 5201 Dunsmuir Rd. Apt 35,
2 Bakersfield, CA 93309-8552, Accessor's Parcel Number 331-280-49-00-8 (the
3 "Property"). The legal description for the Property is as follows:
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All that certain real property in the County of Kern, State of
California, described as follows:
Lot 35 of Tract No. 4395-A, in the City of Bakersfield, County of
Kern, State of California, as per Map recorded August 17, 1981 in
Book. 31, Pages 77 and 78 of Maps, and as corrected by Certificate
of Compliance recorded July 8, 1982 in Book 5471, Page 2018 of
Official Records, in the office of the County Recorder of said
County.
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As to that portion of the above described land lying within the
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Southerly 1320 feet of said Section 34 and as corrected by
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Certificate of Compliance recorded July 8, 1982 in Book 5461,
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Page 2018 of Official Records.
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Excepting therefrom all oil, gas, minerals and other hydrocarbon
substances within or underlying said land as reserved by Kern
County Land Company, A Delaware Corporation, now Tenneco
West, Inc., A Delaware Corporation in deed recorded March 13
1969 in Book 4256, Page 762, of Official Records, and re-recorded
March 28, 1969 in Book 4261, Page 402 of Official Records.
As to that portion of the described land lying Northerly of the
Southerly 1320 feet of said Section 34, and to the remainder of the
above described land lying within said Section 35.
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Excepting therefrom all oil, gas, minerals and other hydrocarbon
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substances within or underlying said land, or that may be produced
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and saved therefrom, providing however, Grantor, his successors
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and assigns shall not conduct drilling or other operations upon the
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surface of said land, but nothing herein contained shall be deemed
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to prevent the Grantor, his successors and assigns, from extracting
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or capturing said minerals by drilling on adjacent or neighboring
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lands and/or from conducting subsurface drilling operations under
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said land at a depth of 500 feet below the surface of said land, so as
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not to disturb the surface of said land or any improvements
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thereon, as reserved by Tenneco West, Inc., A Delaware
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Corporation in deed recorded July 24, 1972 in Book 4703, Page
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77, of Official Records, and re-recorded August 21, 1972 in Book
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4714, Page 128 of Official Records.
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APN: 331-280-49-00-8
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Having confirmed the Receiver's compliance with the Sales Procedures, and
the 15-day notice period provided for in the Stipulation having lapsed without
objection to the Receiver's proposed sale of the Property, this Court orders as
follows:
1.
The terms of the purchase and sale agreement, and all attendant
documents (collectively, the "PSA"), by and between the Receiver and Jonah
Vancuren ("Buyer") in connection with the Receiver's proposed sale of the Property
to Buyer are approved;
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The Court ratifies the Receiver's execution of the PSA and authorizes
the Receiver to perform all of his obligations under the PSA;
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3.
The Receiver is authorized to sell the Property to Buyer or Buyer's
2 designee, as contemplated in the PSA, in exchange for the aggregate sum of
3 $103,000, subject to the applicable terms of this Order;
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4.
The Receiver is further authorized to pay any commissions provided
5 for in the PSA and in connection with the consummation of his sale of the Property;
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5.
In accordance with the terms of the PSA, and without limiting those
7 terms, Buyer or Buyer's designee shall purchase the Property on an "as-is / where-is"
8 basis, without any representations or warranties whatsoever by the Receiver and his
9 agents and/or attorneys including, without limitation, any representations or
10 warranties as to the condition of the Property, except as expressly set forth in the
11 PSA. Buyer or its designee is responsible for all due diligence, including but not
12 limited to inspection of the condition of and title to the Property, and is not relying
13 on any representation or warranty of the Receiver, except as expressly set forth in
14 the PSA;
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6.
In the performance of his obligations pursuant to this Order, the
16 Receiver's liability in connection with the PSA and the sale of the Property to the
17 Buyer shall be limited to the assets of the receivership estate (the "Estate"). Neither
18 the Receiver nor his professionals shall have any personal liability for claims arising
19 out of or relating to the performance of any actions necessary to complete the sale of
20 the Property as provided for herein;
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7.
Provided Buyer or Buyer's designee consents, in writing, the Receiver
22 is hereby authorized to amend or otherwise modify the PSA, in writing, as necessary
23 to complete the sale of the Property in the event that the Receiver determines, in his
24 reasonable business judgment, that such amendment or modification is reasonable
25 and necessary, will benefit the Estate, avoid the imposition of any liability upon the
26 Estate, or is required pursuant to the terms of the PSA or any other amendment or
27 modification thereto, provided that any such amendment or modification does not
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1 change the material terms of the contract, including the parties to the PSA and the
2 purchase price for the Property;
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8.
The Receiver is hereby authorized to take all actions and execute all
4 documents necessary to consummate and otherwise effectuate the sale of the
5 Property to Buyer or Buyer's designee, including, but not limited to, the PSA itself,
6 any other documents required to be executed pursuant to the PSA, and any related
7 documentation, escrow instructions, or conveyance documents consistent with
8 selling and conveying title to the Property to Buyer or Buyer's designee. The
9 Receiver shall execute all documents necessary to consummate and otherwise
10 effectuate the sale of the Property as "David P. Stapleton, Court-appointed receiver"
11 or any reasonable variation thereof which clearly identifies the Receiver as a court12 appointed receiver;
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9.
The Receiver is hereby authorized to execute and acknowledge a
14 receiver's deed, or similar instrument, conveying title to the Property to Buyer or
15 Buyer's designee (the "Receiver's Deed") to effectuate the conveyance, and cause
16 the Receiver's Deed to be recorded on the date on which close of escrow occurs
17 pursuant to the terms of the PSA, or as determined by and between the Receiver and
18 Buyer or Buyer's designee;
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10.
Any licensed title insurer may rely on this Order as authorizing the
20 Receiver to transfer title to the Property as provided in the PSA and as authorized
21 herein;
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11.
This Court shall retain jurisdiction over any dispute involving the
23 Receiver in connection with the sale of the Property; and
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12.
The Receiver shall provide Buyer or Buyer's designee with a certified
25 copy of this Order, as entered by the Court, directly or through escrow, at least five
26 (5) days before Close of Escrow, or as provided for in the PSA, and Buyer or
27 Buyer's designee shall acknowledge receipt of a copy of this Order, in writing. A
28 certified copy of this Sale Order may be recorded concurrently with the Receiver's
1 Deed or at any time before the close of escrow, provided, however, that failure to
2 record this Order shall not affect the enforceability of this Order, the enforceability
3 and viability of the PSA, or the validity of the Receiver's Deed.
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5 IT IS SO ORDERED.
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Dated:
October 12, 2016
/s/ Lawrence J. O’Neill _____
UNITED STATES CHIEF DISTRICT JUDGE
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