Securities and Exchange Commission v. BIC Real Estate Development Corporation et al
Filing
111
ORDER authorizing receiver's sale of real property located at 410 Minner Avenue Bakersfield, CA 93308 signed by Chief Judge Lawrence J. O'Neill on 10/28/2016. (Lundstrom, T)
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UNITED STATES DISTRICT COURT
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EASTERN DISTRICT OF CALIFORNIA
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9 SECURITIES AND EXCHANGE
10 COMMISSION,
Plaintiff,
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v.
Case No. 1:16-cv-00344-LJO-JLT
ORDER AUTHORIZING RECEIVER'S
SALE OF REAL PROPERTY
LOCATED AT 410 MINNER AVENUE,
BAKERSFIELD, CA 93308
13 BIC REAL ESTATE DEVELOPMENT Ctrm: 4
CORPORATION and DANIEL R.
Judge: Hon. Lawrence J. O'Neill
NASE, individually and d/b/a
14 BAKERSFIELD INVESTMENT CLUB,
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Defendants,
16 BIC SOLO 401K TRUST and
17 MARGARITA NASE,
Relief Defendants.
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ORDER
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In accordance with its September 19, 2016 Order Granting Stipulation to
22 Waive Requirements of 28 U.S.C. § 2001(a) and (b) in Connection with, and to
23 Establish Sales Procedures for, Receiver's Sales of Residential Real Property (the
24 "Stipulation") and the sales procedures approved therein (the "Sales Procedures"),
25 this Court has reviewed the October 20, 2016 Declaration of David P. Stapleton, the
26 Court-appointed receiver (the "Receiver") regarding his proposed sale of the real
27 property located at and commonly known as 410 Minner Avenue, Bakersfield, CA
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1 93308, Accessor's Parcel Number: 113-111-05-00-7 (the "Property"). The legal
2 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 5 of Tract 1039, in the County of Kern, State of California, as per
map recorded October 23, 1936 in Book 4 Page 72 of Maps, in the
office of the County recorder of said County.
APN: 113-111-05-00-7
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 Jeffrey Perez
("Buyer") in connection with the Receiver's proposed sale of the Property to Buyer
are approved;
2.
The Court ratifies the Receiver's execution of the PSA and authorizes
the Receiver to perform all of his obligations under the PSA;
3.
The Receiver's is authorized to sell the Property to Buyer or Buyer's
designee, as contemplated in the PSA, in exchange for the aggregate sum of
$85,000, subject to the applicable terms of this Order;
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The Receiver is further authorized to pay any commissions provided
for in the PSA and in connection with the consummation of his sale of the Property;
5.
In accordance with the terms of the PSA, and without limiting those
terms, Buyer or Buyer's designee shall purchase the Property on an "as-is / where-is"
basis, without any representations or warranties whatsoever by the Receiver and his
1 agents and/or attorneys including, without limitation, any representations or
2 warranties as to the condition of the Property, except as expressly set forth in the
3 PSA. Buyer or its designee is responsible for all due diligence, including but not
4 limited to inspection of the condition of and title to the Property, and is not relying
5 on any representation or warranty of the Receiver, except as expressly set forth in
6 the PSA;
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6.
In the performance of his obligations pursuant to this Order, the
8 Receiver's liability in connection with the PSA and the sale of the Property to the
9 Buyer shall be limited to the assets of the receivership estate (the "Estate"). Neither
10 the Receiver nor his professionals shall have any personal liability for claims arising
11 out of or relating to the performance of any actions necessary to complete the sale of
12 the Property as provided for herein;
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7.
Provided Buyer or Buyer's designee consents, in writing, the Receiver
14 is hereby authorized to amend or otherwise modify the PSA, in writing, as necessary
15 to complete the sale of the Property in the event that the Receiver determines, in his
16 reasonable business judgment, that such amendment or modification is reasonable
17 and necessary, will benefit the Estate, avoid the imposition of any liability upon the
18 Estate, or is required pursuant to the terms of the PSA or any other amendment or
19 modification thereto, provided that any such amendment or modification does not
20 change the material terms of the contract, including the parties to the PSA and the
21 purchase price for the Property;
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8.
The Receiver is hereby authorized to take all actions and execute all
23 documents necessary to consummate and otherwise effectuate the sale of the
24 Property to Buyer or Buyer's designee, including, but not limited to, the PSA itself,
25 any other documents required to be executed pursuant to the PSA, and any related
26 documentation, escrow instructions, or conveyance documents consistent with
27 selling and conveying title to the Property to Buyer or Buyer's designee. The
28 Receiver shall execute all documents necessary to consummate and otherwise
1 effectuate the sale of the Property as "David P. Stapleton, Court-appointed receiver"
2 or any reasonable variation thereof which clearly identifies the Receiver as a court3 appointed receiver;
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9.
The Receiver is hereby authorized to execute and acknowledge a
5 receiver's deed, or similar instrument, conveying title to the Property to Buyer or
6 Buyer's designee (the "Receiver's Deed") to effectuate the conveyance, and cause
7 the Receiver's Deed to be recorded on the date on which close of escrow occurs
8 pursuant to the terms of the PSA, or as determined by and between the Receiver and
9 Buyer or Buyer's designee;
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10.
Any licensed title insurer may rely on this Order as authorizing the
11 Receiver to transfer title to the Property as provided in the PSA and as authorized
12 herein;
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11.
This Court shall retain jurisdiction over any dispute involving the
14 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
16 copy of this Order, as entered by the Court, directly or through escrow, at least five
17 (5) days before Close of Escrow, or as provided for in the PSA, and Buyer or
18 Buyer's designee shall acknowledge receipt of a copy of this Order, in writing. A
19 certified copy of this Sale Order may be recorded concurrently with the Receiver's
20 Deed or at any time before the close of escrow, provided, however, that failure to
21 record this Order shall not affect the enforceability of this Order, the enforceability
22 and viability of the PSA, or the validity of the Receiver's Deed.
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24 IT IS SO ORDERED.
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Dated:
October 28, 2016
/s/ Lawrence J. O’Neill _____
UNITED STATES CHIEF DISTRICT JUDGE
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