Wells Fargo Bank, N.A. v. Glenwood Hospitality, Inc. et al

Filing 96

Consent ORDER Approving and Confirming Receiver's Sale of Property. By Chief Judge Marcia S. Krieger on 11/19/2013. (klyon, )

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF COLORADO
CHIEF JUDGE MARCIA S. KRIEGER

Civil Action No. 11-cv-02386-MSK-KLM
WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE REGISTERED HOLDERS OF MLCFC COMMERCIAL MORTGAGE TRUST 2006-3, COMMERCIAL MORTGAGE PASSTHROUGH CERTIFICATES, SERIES 2006-3,
Plaintiff,
v.
GLENWOOD HOSPITALITY, INC.; NOBLE PROPERTIES OF ARKANSAS, LLC; NOBLE
PROPERTIES OF COLORADO, LLC;
Defendants.

CONSENT ORDER APPROVING AND CONFIRMING THE
RECEIVER’S SALE OF PROPERTY
This matter is before the Court on the Expedited Motion for the Court to Approve and
Confirm the Sale of Property and Receiver’s Report on Same (the “Motion”). Upon review of
the Motion, with the consent of Plaintiff and Defendants as evidenced by the signatures of their
respective counsel below and for good cause shown, the Court FINDS as follows:
1.

Pursuant to the Order Appointing Receiver entered on September 27, 2011 at

Doc. 12 (the “Receivership Order”), this Court appointed Hospitality Receiver, LLC to serve as
the court-appointed receiver (the “Receiver”) for the Defendants’ assets, including (i) a hotel
known as the “Ramada Inn” located at 124 W. 6th Street, Glenwood Springs, Colorado 81601
and the improvements and personal property located thereon (collectively, the “Glenwood
Springs Hotel”) and (ii) a hotel known as the “Ramada Inn” located at 22140 East Highway 6,
Sterling, Colorado 80751 and the improvements and personal property located thereon

(collectively, the “Sterling Hotel,” and collectively with the Glenwood Springs Hotel, the
“Property”).
2.

The Receivership Order directed the Receiver to take immediate possession of the

Property.
3.

Paragraph 5 on pages 8 and 9 of the Receivership Order grants to the Receiver the

authority, upon request by Plaintiff, to (i) list or otherwise advertise for sale and to solicit offers
to purchase the Property, (ii) file a motion for permission to sell the Property on such terms as
are acceptable and approved in writing prior to such sale by Plaintiff (if there is no opposition to
the motion), by way of public or private sale or other disposition free and clear of all security
interests, liens, claims and other interests with all valid security interests and liens to attach to the
proceeds of such sale(s), and (iii) execute any documentation on behalf of Defendants as their
attorney-in-fact to effectuate such sale(s).
4.

The Property was marketed for sale in a commercially reasonable manner by the

broker, CBRE, Inc., a Delaware corporation, engaged by the Receiver.
5.

Neither Plaintiff nor Defendants oppose the Motion.

6.

The Court hereby approves the Motion and approves and confirms the sale of the

Property on the terms set forth in the Motion. At the request of the Parties, the approved sale is
not subject to the requirements of 28 U.S.C. §§ 2001(b) and 2004. The Court further finds that
under its equitable powers and discretion concerning its appointment and supervision of a
receiver, and in the best interests of the receivership estate, the requirements under 28 U.S.C. §§
2001(b) and 2004 are waived. See e.g. Tanzer v. Huffines, 412 F.2d 221, 222-23 (3d Cir. 1969).
7.

The Receiver is hereby authorized to consummate the sale of the Property to

Colorado Hospitality Services, Inc. and its affiliates (the “Purchaser”) on the terms described in
the Motion, with the net proceeds of such sales to be remitted to Plaintiff for application against

the outstanding principal, interest and other amounts owed by Defendants under the Loan
Documents (as defined in the Complaint) in such order and manner as Plaintiff is authorized
under the Loan Documents.
8.

The Court hereby authorizes and directs the Receiver to make and deliver to the

Purchaser any and all documents required to convey title to the Property free and clear of any
claims of the parties to this action and to execute any documentation on behalf of Defendants as
Defendants’ attorney-in-fact to effectuate the sale of the Property to the Purchaser.
9.

Upon the Receiver’s execution and delivery of the deed to the Property to the

Purchaser, (i) the sale of the Property shall stand as final and confirmed, (ii) the Receiver shall
thereupon be discharged and relieved from its duties under the Receivership Order solely with
respect to the Property and (iii) this receivership action shall be terminated solely with respect to
the Property. This Order does not terminate or otherwise affect the receivership as to any other
properties of Defendants. This Court retains continuing jurisdiction over this receivership until
after the rendition of the final report by the Receiver and final dismissal of this matter.
DATED this 19th day of November, 2013.
BY THE COURT:

Marcia S. Krieger
United States District Court

CONSENTED TO AND APPROVED:
s/ Sean M. Hanlon
Michael J. Carrigan
Risa Lynn Wolf-Smith
Sean M. Hanlon
Holland & Hart LLP
Post Office Box 8749
Denver, Colorado 80201-8749
Phone: [phone]
Fax: [phone]
Email: [e-mail];
[e-mail];
[e-mail]
Attorneys for Plaintiff

6450980_1.DOCX

s/ Frederick T. Winters
Frederick T. Winters
Frederick T. Winters, LLC
5156 W. Fair PlaceLittleton, CO 80123
Phone: [phone]
Cell: [phone]
Email: [e-mail]
Attorney for Defendants Glenwood Hospitality,
Inc.; Noble Properties of Arkansas, LLC; and
Noble Properties of Colorado, LLC