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

Filing 241

ORDER Authorizing Receiver's Sale of Real Property Located at 3409 Monterey Street, Bakersfield, CA 93306, signed by Chief Judge Lawrence J. O'Neill on 6/8/17. (Gonzalez, R)

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 3409 MONTEREY STREET, 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 June 1, 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 3409 Monterey Street, Bakersfield, CA 3 93306, Assessor's Parcel Number 135-034-05-00-5 (the "Property"). The legal 4 description for the Property is as follows: 5 6 7 8 All that certain real property in the County of Kern, State of California, described as follows: Lot 26 of Tract 1034 in the County of Kern, State of California, as per map recorded April 24, 1940 in Book 4, Pages 184 and 185 of Maps, in the Office of the County Recorder of said County. 9 10 11 APN: 135-034-05-00-5 Having confirmed the Receiver's compliance with the Sales Procedures, and 12 the 15-day notice period provided for in the Stipulation having lapsed without 13 objection to the Receiver's proposed sale of the Property, this Court orders as 14 follows: 15 1. The terms of the purchase and sale agreement, and all attendant 16 documents (collectively, the "PSA"), by and between the Receiver and Isidro 17 Bedolla Guzman ("Buyer") in connection with the Receiver's proposed sale of the 18 Property to Buyer are approved; 19 2. The Court ratifies the Receiver's execution of the PSA and authorizes 20 the Receiver to perform all of his obligations under the PSA; 21 3. The Receiver's is authorized to sell the Property to Buyer or Buyer's 22 designee, as contemplated in the PSA, in exchange for the aggregate sum of 23 $105,000 subject to the applicable terms of this Order; 24 4. The Receiver is further authorized to pay any commissions provided 25 for in the PSA and in connection with the consummation of his sale of the Property; 26 5. In accordance with the terms of the PSA, and without limiting those 27 terms, Buyer or Buyer's designee shall purchase the Property on an "as-is / where-is" 28 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; 7 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; 13 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; 22 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; 4 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; 10 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; 13 11. This Court shall retain jurisdiction over any dispute involving the 14 Receiver in connection with the sale of the Property; and 15 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. 23 24 IT IS SO ORDERED. 25 26 27 28 Dated: June 8, 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?