Securities and Exchange Commission v. BIC Real Estate Development Corporation et al
Filing
233
ORDER Authorizing Receiver's Sale of Real Property Located at 8616 Butternut Avenue, Bakersfield, CA 93306 signed by Chief Judge Lawrence J. O'Neill on 06/03/2017. (Flores, E)
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UNITED STATES DISTRICT COURT
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EASTERN DISTRICT OF CALIFORNIA
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12 SECURITIES AND EXCHANGE
COMMISSION,
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Plaintiff,
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v.
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BIC REAL ESTATE DEVELOPMENT
16 CORPORATION and DANIEL R.
NASE, individually and d/b/a
17 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 8616 BUTTERNUT
AVENUE,
BAKERSFIELD, CA 93306
Defendants,
19 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 May 17, 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 8616 Butternut Avenue, Bakersfield,
3 CA 93306, Assessor's Parcel Number 388-221-27-00-7 (the "Property"). The legal
4 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 20, except the East 16 feet thereof of Tract No. 2024, in the County of
Kern, State of California, as per map recorded January 31, 1958 in Book 9,
Page 187 of Maps, in the office of the County Recorder of said County.
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Except therefrom all of the oil, gas, minerals and other hydrocarbon
substances within or underlying said land, below a depth of 500 feet thereof.
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APN: 388-221-27-00-7
Having confirmed the Receiver's compliance with the Sales Procedures, and
14 the 15-day notice period provided for in the Stipulation having lapsed without
15 objection to the Receiver's proposed sale of the Property, this Court orders as
16 follows:
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The terms of the purchase and sale agreement, and all attendant
18 documents (collectively, the "PSA"), by and between the Receiver and Johnny
19 Gallardo ("Buyer") in connection with the Receiver's proposed sale of the Property
20 to Buyer are approved;
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The Court ratifies the Receiver's execution of the PSA and authorizes
22 the Receiver to perform all of his obligations under the PSA;
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3.
The Receiver's is authorized to sell the Property to Buyer or Buyer's
24 designee, as contemplated in the PSA, in exchange for the aggregate sum of
25 $155,000 subject to the applicable terms of this Order;
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4.
The Receiver is further authorized to pay any commissions provided
27 for in the PSA and in connection with the consummation of his sale of the Property;
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In accordance with the terms of the PSA, and without limiting those
2 terms, Buyer or Buyer's designee shall purchase the Property on an "as-is / where-is"
3 basis, without any representations or warranties whatsoever by the Receiver and his
4 agents and/or attorneys including, without limitation, any representations or
5 warranties as to the condition of the Property, except as expressly set forth in the
6 PSA. Buyer or its designee is responsible for all due diligence, including but not
7 limited to inspection of the condition of and title to the Property, and is not relying
8 on any representation or warranty of the Receiver, except as expressly set forth in
9 the PSA;
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6.
In the performance of his obligations pursuant to this Order, the
11 Receiver's liability in connection with the PSA and the sale of the Property to the
12 Buyer shall be limited to the assets of the receivership estate (the "Estate"). Neither
13 the Receiver nor his professionals shall have any personal liability for claims arising
14 out of or relating to the performance of any actions necessary to complete the sale of
15 the Property as provided for herein;
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Provided Buyer or Buyer's designee consents, in writing, the Receiver
17 is hereby authorized to amend or otherwise modify the PSA, in writing, as necessary
18 to complete the sale of the Property in the event that the Receiver determines, in his
19 reasonable business judgment, that such amendment or modification is reasonable
20 and necessary, will benefit the Estate, avoid the imposition of any liability upon the
21 Estate, or is required pursuant to the terms of the PSA or any other amendment or
22 modification thereto, provided that any such amendment or modification does not
23 change the material terms of the contract, including the parties to the PSA and the
24 purchase price for the Property;
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The Receiver is hereby authorized to take all actions and execute all
26 documents necessary to consummate and otherwise effectuate the sale of the
27 Property to Buyer or Buyer's designee, including, but not limited to, the PSA itself,
28 any other documents required to be executed pursuant to the PSA, and any related
1 documentation, escrow instructions, or conveyance documents consistent with
2 selling and conveying title to the Property to Buyer or Buyer's designee. The
3 Receiver shall execute all documents necessary to consummate and otherwise
4 effectuate the sale of the Property as "David P. Stapleton, Court-appointed receiver"
5 or any reasonable variation thereof which clearly identifies the Receiver as a court6 appointed receiver;
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The Receiver is hereby authorized to execute and acknowledge a
8 receiver's deed, or similar instrument, conveying title to the Property to Buyer or
9 Buyer's designee (the "Receiver's Deed") to effectuate the conveyance, and cause
10 the Receiver's Deed to be recorded on the date on which close of escrow occurs
11 pursuant to the terms of the PSA, or as determined by and between the Receiver and
12 Buyer or Buyer's designee;
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Any licensed title insurer may rely on this Order as authorizing the
14 Receiver to transfer title to the Property as provided in the PSA and as authorized
15 herein;
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This Court shall retain jurisdiction over any dispute involving the
17 Receiver in connection with the sale of the Property; and
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The Receiver shall provide Buyer or Buyer's designee with a certified
19 copy of this Order, as entered by the Court, directly or through escrow, at least five
20 (5) days before Close of Escrow, or as provided for in the PSA, and Buyer or
21 Buyer's designee shall acknowledge receipt of a copy of this Order, in writing. A
22 certified copy of this Sale Order may be recorded concurrently with the Receiver's
23 Deed or at any time before the close of escrow, provided, however, that failure to
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1 record this Order shall not affect the enforceability of this Order, the enforceability
2 and viability of the PSA, or the validity of the Receiver's Deed.
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4 IT IS SO ORDERED.
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Dated:
June 3, 2017
/s/ Lawrence J. O’Neill _____
UNITED STATES CHIEF DISTRICT JUDGE
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