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

Filing 196

ORDER Authorizing Receiver's Sale of Real Property Located at 8100 Lexington Avenue, Bakersfield, CA 93306 signed by Chief Judge Lawrence J. O'Neill on 04/10/2017. (Flores, E)

Download PDF
1 2 3 4 5 6 7 8 9 UNITED STATES DISTRICT COURT 10 EASTERN DISTRICT OF CALIFORNIA 11 12 SECURITIES AND EXCHANGE COMMISSION, 13 Plaintiff, 14 v. 15 BIC REAL ESTATE DEVELOPMENT 16 CORPORATION and DANIEL R. NASE, individually and d/b/a 17 BAKERSFIELD INVESTMENT CLUB, 18 Case No. 1:16-cv-00344-LJO-JLT ORDER AUTHORIZING RECEIVER'S SALE OF REAL PROPERTY LOCATED AT 8100 LEXINGTON AVENUE, BAKERSFIELD, CA 93306 Defendants, 19 BIC SOLO 401K TRUST and MARGARITA NASE, 20 Relief Defendants. 21 22 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 "Stipulation") and the sales procedures approved therein (the "Sales Procedures"), this Court has reviewed the March 20, 2017, Declaration of David P. Stapleton, the 1 Court-appointed receiver (the "Receiver") regarding his proposed sale of the real 2 property located at and commonly known as 8100 Lexington Avenue, Barkersfeild, 3 CA 93306, Assessor's Parcel Number 388-091-01-00-4 (the "Property"). The legal 4 description for the Property is as follows: 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 ALL THAT CERTAIN REAL PROPERTY IN THE COUNTY OF KERN, STATE OF CALIFORNIA, DESCRIBED AS FOLLOWS: ALL THAT CERTAIN REAL PROPERTY IN THE COUNTY OF KERN, STATE OF CALIFORNIA, DESCRIBED AS FOLLOWS: LOT 11 AND THE SOUTH 2.5 FEET OF LOT 10 OF TRACT 1655, IN THE COUNTY OF KERN, STATE OF CALIFORNIA, AS PER MAP RECORDED DECEMBER 18, 1952 IN BOOK 8, PAGES 40 AND 41 OF MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY. EXCEPTING THEREFROM 50% OF THE MINERAL AND HYDROCARBON SUBSTANCES THEREON OR UNDERLYING SAID PROPERTY, TOGETHER WITH THE RIGHT OF THE GRANTORS TO TAKE ALL OF THE USUAL, NECESSARY AND CONVENIENT MEANS FOR PROSPECTING, EXPLORING, WORKING AND TAKING AWAY SAID MINERALS AND/OR HYDROCARBON SUBSTANCES INCLUDING THE RIGHT OF INGRESS, REGRESS AND EGRESS OVER AND ACROSS SAID PROPERTY AND TO USE SUCH PARTS OF THE SURFACE OF SAID PROPERTY AS MAY BE NECESSARY FOR THE RECOVERY OF ALL OIL OR MINERALS TO BE PRODUCED THEREFROM AS RESERVED BY ANIDA B. HAFER, A WIDOW AND LOUIS C. PREST IN DEED RECORDED JUNE 29, 1945 IN BOOK 1248 PAGE 467, OF OFFICIAL RECORDS. 21 22 23 24 25 26 27 28 APN: 388-091-01-00-4 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 1. The terms of the purchase and sale agreement, and all attendant 2 documents (collectively, the "PSA"), by and between the Receiver and Rocio Lopez 3 ("Buyer") in connection with the Receiver's proposed sale of the Property to Buyer 4 are approved; 5 2. The Court ratifies the Receiver's execution of the PSA and authorizes 6 the Receiver to perform all of his obligations under the PSA; 7 3. The Receiver's is authorized to sell the Property to Buyer or Buyer's 8 designee, as contemplated in the PSA, in exchange for the aggregate sum of 9 $172,000, subject to the applicable terms of this Order; 10 4. The Receiver is further authorized to pay any commissions provided 11 for in the PSA and in connection with the consummation of his sale of the Property; 12 5. In accordance with the terms of the PSA, and without limiting those 13 terms, Buyer or Buyer's designee shall purchase the Property on an "as-is / where-is" 14 basis, without any representations or warranties whatsoever by the Receiver and his 15 agents and/or attorneys including, without limitation, any representations or 16 warranties as to the condition of the Property, except as expressly set forth in the 17 PSA. Buyer or its designee is responsible for all due diligence, including but not 18 limited to inspection of the condition of and title to the Property, and is not relying 19 on any representation or warranty of the Receiver, except as expressly set forth in 20 the PSA; 21 6. In the performance of his obligations pursuant to this Order, the 22 Receiver's liability in connection with the PSA and the sale of the Property to the 23 Buyer shall be limited to the assets of the receivership estate (the "Estate"). Neither 24 the Receiver nor his professionals shall have any personal liability for claims arising 25 out of or relating to the performance of any actions necessary to complete the sale of 26 the Property as provided for herein; 27 7. Provided Buyer or Buyer's designee consents, in writing, the Receiver 28 is hereby authorized to amend or otherwise modify the PSA, in writing, as necessary 1 to complete the sale of the Property in the event that the Receiver determines, in his 2 reasonable business judgment, that such amendment or modification is reasonable 3 and necessary, will benefit the Estate, avoid the imposition of any liability upon the 4 Estate, or is required pursuant to the terms of the PSA or any other amendment or 5 modification thereto, provided that any such amendment or modification does not 6 change the material terms of the contract, including the parties to the PSA and the 7 purchase price for the Property; 8 8. The Receiver is hereby authorized to take all actions and execute all 9 documents necessary to consummate and otherwise effectuate the sale of the 10 Property to Buyer or Buyer's designee, including, but not limited to, the PSA itself, 11 any other documents required to be executed pursuant to the PSA, and any related 12 documentation, escrow instructions, or conveyance documents consistent with 13 selling and conveying title to the Property to Buyer or Buyer's designee. The 14 Receiver shall execute all documents necessary to consummate and otherwise 15 effectuate the sale of the Property as "David P. Stapleton, Court-appointed receiver" 16 or any reasonable variation thereof which clearly identifies the Receiver as a court17 appointed receiver; 18 9. The Receiver is hereby authorized to execute and acknowledge a 19 receiver's deed, or similar instrument, conveying title to the Property to Buyer or 20 Buyer's designee (the "Receiver's Deed") to effectuate the conveyance, and cause 21 the Receiver's Deed to be recorded on the date on which close of escrow occurs 22 pursuant to the terms of the PSA, or as determined by and between the Receiver and 23 Buyer or Buyer's designee; 24 10. Any licensed title insurer may rely on this Order as authorizing the 25 Receiver to transfer title to the Property as provided in the PSA and as authorized 26 herein; 27 11. This Court shall retain jurisdiction over any dispute involving the 28 Receiver in connection with the sale of the Property; and 1 12. The Receiver shall provide Buyer or Buyer's designee with a certified 2 copy of this Order, as entered by the Court, directly or through escrow, at least five 3 (5) days before Close of Escrow, or as provided for in the PSA, and Buyer or 4 Buyer's designee shall acknowledge receipt of a copy of this Order, in writing. A 5 certified copy of this Sale Order may be recorded concurrently with the Receiver's 6 Deed or at any time before the close of escrow, provided, however, that failure to 7 record this Order shall not affect the enforceability of this Order, the enforceability 8 and viability of the PSA, or the validity of the Receiver's Deed. 9 10 IT IS SO ORDERED. 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Dated: April 10, 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?