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

Filing 240

ORDER Authorizing Receiver's Sale of Real Property Located at 3509 Meeks Avenue, Bakersfield, CA 93307, signed by Chief Judge Lawrence J. O'Neill on 6/8/17. (Gonzalez, R)

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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 3509 MEEKS AVENUE, BAKERSFIELD, CA 93307 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 May 30, 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 3509 Meeks Avenue, Bakersfield, CA 3 93307, Assessor's Parcel Number 172-133-02-00-9 (the "Property"). The legal 4 description for the Property is as follows: 5 6 7 8 9 10 11 12 13 14 15 16 All that certain real property in the County of Kern, State of California, described as follows: LOT 135 OF TRACT NO. 1509, IN THE CITY OF BAKERSFIELD, COUNTY OF KERN, STATE OF CALIFORNIA, AS PER MAP RECORDED JULY 29, 1949 IN BOOK 7 PAGE 26 OF MAPS, IN THE OFFICE OF THE RECORDER OF SAID COUNTY. EXCEPTING THEREFROM 50% OF ALL OIL, GAS, PETROLEUM AND OTHER HYDROCARBON SUSSTANCES AS RESERVED \ IN DEED FROM BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, DATED MARCH 21, 1939 AND " RECORDED JUNE 17, 1939 IN BOOK 875 PAGE 63 OF OFFICIAL RECORDS. ALSO EXCEPT THEREFROM THE REMAINING 50% OF ALL MINERALS, AS RESERVED IN DEED FROM NOEL A. COSTES AND VICTORIA COSTES, HUSBAND AND WIFE, RECORDED MAY 18, 1949 IN BOOK 1549 PAGE 316 OF OFFICIAL ECORDS. 17 18 APN: 172-133-02-00-9 19 Having confirmed the Receiver's compliance with the Sales Procedures, and 20 the 15-day notice period provided for in the Stipulation having lapsed without 21 objection to the Receiver's proposed sale of the Property, this Court orders as 22 follows: 23 1. The terms of the purchase and sale agreement, and all attendant 24 documents (collectively, the "PSA"), by and between the Receiver and Mateo Rojas 25 and Valeria Rojas Martinez ("Buyer") in connection with the Receiver's proposed 26 sale of the Property to Buyer are approved; 27 28 1 2. The Court ratifies the Receiver's execution of the PSA and authorizes 2 the Receiver to perform all of his obligations under the PSA; 3 3. The Receiver's is authorized to sell the Property to Buyer or Buyer's 4 designee, as contemplated in the PSA, in exchange for the aggregate sum of 5 $156,900 subject to the applicable terms of this Order; 6 4. The Receiver is further authorized to pay any commissions provided 7 for in the PSA and in connection with the consummation of his sale of the Property; 8 5. In accordance with the terms of the PSA, and without limiting those 9 terms, Buyer or Buyer's designee shall purchase the Property on an "as-is / where-is" 10 basis, without any representations or warranties whatsoever by the Receiver and his 11 agents and/or attorneys including, without limitation, any representations or 12 warranties as to the condition of the Property, except as expressly set forth in the 13 PSA. Buyer or its designee is responsible for all due diligence, including but not 14 limited to inspection of the condition of and title to the Property, and is not relying 15 on any representation or warranty of the Receiver, except as expressly set forth in 16 the PSA; 17 6. In the performance of his obligations pursuant to this Order, the 18 Receiver's liability in connection with the PSA and the sale of the Property to the 19 Buyer shall be limited to the assets of the receivership estate (the "Estate"). Neither 20 the Receiver nor his professionals shall have any personal liability for claims arising 21 out of or relating to the performance of any actions necessary to complete the sale of 22 the Property as provided for herein; 23 7. Provided Buyer or Buyer's designee consents, in writing, the Receiver 24 is hereby authorized to amend or otherwise modify the PSA, in writing, as necessary 25 to complete the sale of the Property in the event that the Receiver determines, in his 26 reasonable business judgment, that such amendment or modification is reasonable 27 and necessary, will benefit the Estate, avoid the imposition of any liability upon the 28 Estate, or is required pursuant to the terms of the PSA or any other amendment or 1 modification thereto, provided that any such amendment or modification does not 2 change the material terms of the contract, including the parties to the PSA and the 3 purchase price for the Property; 4 8. The Receiver is hereby authorized to take all actions and execute all 5 documents necessary to consummate and otherwise effectuate the sale of the 6 Property to Buyer or Buyer's designee, including, but not limited to, the PSA itself, 7 any other documents required to be executed pursuant to the PSA, and any related 8 documentation, escrow instructions, or conveyance documents consistent with 9 selling and conveying title to the Property to Buyer or Buyer's designee. The 10 Receiver shall execute all documents necessary to consummate and otherwise 11 effectuate the sale of the Property as "David P. Stapleton, Court-appointed receiver" 12 or any reasonable variation thereof which clearly identifies the Receiver as a court13 appointed receiver; 14 9. The Receiver is hereby authorized to execute and acknowledge a 15 receiver's deed, or similar instrument, conveying title to the Property to Buyer or 16 Buyer's designee (the "Receiver's Deed") to effectuate the conveyance, and cause 17 the Receiver's Deed to be recorded on the date on which close of escrow occurs 18 pursuant to the terms of the PSA, or as determined by and between the Receiver and 19 Buyer or Buyer's designee; 20 10. Any licensed title insurer may rely on this Order as authorizing the 21 Receiver to transfer title to the Property as provided in the PSA and as authorized 22 herein; 23 11. This Court shall retain jurisdiction over any dispute involving the 24 Receiver in connection with the sale of the Property; and 25 12. The Receiver shall provide Buyer or Buyer's designee with a certified 26 copy of this Order, as entered by the Court, directly or through escrow, at least five 27 (5) days before Close of Escrow, or as provided for in the PSA, and Buyer or 28 Buyer's designee shall acknowledge receipt of a copy of this Order, in writing. A 1 certified copy of this Sale Order may be recorded concurrently with the Receiver's 2 Deed or at any time before the close of escrow, provided, however, that failure to 3 record this Order shall not affect the enforceability of this Order, the enforceability 4 and viability of the PSA, or the validity of the Receiver's Deed. 5 6 IT IS SO ORDERED. 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 Dated: June 8, 2017 /s/ Lawrence J. O’Neill _____ UNITED STATES CHIEF DISTRICT JUDGE

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