Securities and Exchange Commission v. BIC Real Estate Development Corporation et al

Filing 159

ORDER AUTHORIZING Receiver's Sale of Real Property Located at 400 Stirrup Avenue, Bakersfield, CA 93307 signed by Chief Judge Lawrence J. O'Neill on 1/26/2017. (Jessen, A)

Download PDF
1 2 3 4 5 6 7 8 9 10 11 UNITED STATES DISTRICT COURT 12 EASTERN DISTRICT OF CALIFORNIA 13 14 SECURITIES AND EXCHANGE COMMISSION, 15 Plaintiff, 16 v. 17 BIC REAL ESTATE DEVELOPMENT 18 CORPORATION and DANIEL R. NASE, individually and d/b/a 19 BAKERSFIELD INVESTMENT CLUB, 20 Case No. 1:16-cv-00344-LJO-JLT ORDER AUTHORIZING RECEIVER'S SALE OF REAL PROPERTY LOCATED AT 400 STIRRUP AVENUE, BAKERSFIELD CA 93307 Defendants, 21 BIC SOLO 401K TRUST and MARGARITA NASE, 22 Relief Defendants. 23 24 25 26 27 28 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 1 "Stipulation") and the sales procedures approved therein (the "Sales Procedures"), 2 this Court has reviewed the January 24, 2017, Declaration of David P. Stapleton, the 3 Court-appointed receiver (the "Receiver") regarding his proposed sale of the real 4 property located at and commonly known as 400 Stirrup Avenue, Bakersfield, 5 California, 93307, Assessor's Parcel Number 517-311-04-00-6 (the "Property"). 6 The legal description for the Property is as follows: 7 8 All that certain real property in the County of Kern, State of 9 California, described as follows: 10 11 Lot 6 of Tract No. 4456, Phase 1, in the County of Kern, State of 12 California, as per map recorded October 14, 1983 in Book 32, 13 14 15 Pages 170, 171 and 172 of Maps, in the office of the County Recorder of said County. APN: 517-311-04-00-6 16 17 18 19 20 21 22 23 24 25 26 27 28 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 Tamara Williams ("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; 1 3. The Receiver's 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 $159,000, subject to the applicable terms of this Order; 4 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; 6 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; 15 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; 21 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 28 1 change the material terms of the contract, including the parties to the PSA and the 2 purchase price for the Property; 3 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; 13 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; 19 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; 22 11. This Court shall retain jurisdiction over any dispute involving the 23 Receiver in connection with the sale of the Property; and 24 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. 4 5 IT IS SO ORDERED. 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Dated: January 26, 2017 /s/ Lawrence J. O’Neill _____ UNITED STATES CHIEF DISTRICT JUDGE

Disclaimer: Justia Dockets & Filings provides public litigation records from the federal appellate and district courts. These filings and docket sheets should not be considered findings of fact or liability, nor do they necessarily reflect the view of Justia.


Why Is My Information Online?