PNC Bank National Association, v. El Tovar, Incorporated et al.

Filing 135

MEMORANDUM AND ORDER IT IS HEREBY ORDERED that the Receivers Consent Motion to (1) Authorize the Public Sale of Certain Real Estate (2) Approve Procedure for the Public Sale, (3) Approve Form and Manner of Notice of Sale, (4) Set a Hearing to Approve Sales Procedure, and (5) Set a Hearing to Confirm Sale is GRANTED in part and DENIED in part. The motion is DENIED only to the extent it seeks a hearing to approve the sales procedure, and is GRANTED in all other respects. [Doc. 114] IT IS FURTHER O RDERED that the Receiver is authorized and directed to conduct a public auction to sell the Property pursuant to the procedure described in Paragraph 29 of the Motion. IT IS FURTHER ORDERED that the Receiver shall publish notice of sale in the form a ttached as Exhibit C to the Motion as set forth in Paragraph 29(a) of the Motion. IT IS FURTHER ORDERED that upon the successful closing of the sale of the Property, the Receiver shall be entitled to receive payment of a commission of four (4) percen t of the final sale, and any mortgage, security interest, lien or encumbrance on the Property shall attach to the net proceeds of the sale of the Property with the same validity and priority as they enjoyed with respect to the Property. IT IS FURTHER ORDERED that in the event that a competing Qualified Bid (as defined in the Motion) is received by the Receiver on a timely basis, the auction shall be held at the courthouse of the Circuit Court of the City of St. Louis, State of Missouri, 10 North Tucker Boulevard, St. Louis, Missouri 63101 on a date selected by the Receiver at least seven (7) days after the final notice of sale is published. In the event that no other Qualified Bids are received, the Receiver shall not be required to conduct the auction at a date and time set forth in the notice. IT IS FURTHER ORDERED that the Court will conduct a hearing on Thursday, July 17, 2014 at 1:30 p.m. in Courtroom 3 North, Thomas F. Eagleton Courthouse, 111 South 10th Street, St. Louis, Missou ri 63102 to consider the results of the public auction and to confirm the resulting sale. Nothing in this Memorandum and Order constitutes a confirmation of the resulting sale, which shall be subject to this Court's approval. ( In Court Hearing set for 7/17/2014 01:30 PM before District Judge Charles A. Shaw.) Signed by District Judge Charles A. Shaw on 5/16/14. (JWJ)

UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF MISSOURI
EASTERN DIVISION
PNC BANK, NATIONAL ASSOCIATION
Plaintiff,
v.
EL TOVAR, INCORPORATED, et al.,
Defendants.

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No. 4:13-CV-1073 CAS

MEMORANDUM AND ORDER
This matter is before the Court on the receiver SH Equities, LLC’s motion to (1) Authorize
the Public Sale of Certain Real Estate; (2) Approve Procedure for the Public Sale; (3) Approve
Form and Manner of Notice of Sale; (4) Set a Hearing to Approve Sales Procedure; and (5) Set a
Hearing to Confirm Sale (the “Motion”). The Motion was filed by SH Equities, LLC, in its
capacity as the Receiver for two residential buildings and related real property commonly referred
to as 1853 S. Spring Avenue, St. Louis, Missouri, 3803 Shaw Avenue, St. Louis, Missouri, and
4226-28 Cleveland Avenue, St. Louis, Missouri (the “Property), and owned by El Tovar,

Incorporated. No response was filed to the Motion and the time to do so has passed. For the
following reasons, the Motion will be granted in all respects except that no hearing will be held to
approve the sales procedure.
The Motion asks the Court to authorize the sale of the Property pursuant to the provisions
of 28 U.S.C. §§ 2001, et seq. The Motion asks the Court to approve the procedures to be used
for the sale of the Property and the form of the notice of the sale to be published pursuant to 28
U.S.C. § 2002.

After consideration of the Motion and provisions of 28 U.S.C. §§ 2001, et seq., the Court
finds that the sale of the Property will conserve the value of the assets of defendants El Tovar,
Incorporated and Steven Parrish and is in the best interest of the receivership estate.
The Court further finds that the sales procedure described in paragraph 29 of the Motion
is fair and reasonable and will permit the Receiver to conduct an orderly sale to obtain the best
offer on the best possible terms for the Property.

The sales procedure complies with the

requirements of 28 U.S.C. §§ 2001, et seq., and insures that all bids will be comparable by
requiring all bids to be on substantially the same terms and conditions.
Accordingly,
IT IS HEREBY ORDERED that the Receiver’s Consent Motion to (1) Authorize the
Public Sale of Certain Real Estate (2) Approve Procedure for the Public Sale, (3) Approve Form
and Manner of Notice of Sale, (4) Set a Hearing to Approve Sales Procedure, and (5) Set a
Hearing to Confirm Sale is GRANTED in part and DENIED in part. The motion is DENIED
only to the extent it seeks a hearing to approve the sales procedure, and is GRANTED in all
other respects. [Doc. 114]
IT IS FURTHER ORDERED that the Receiver is authorized and directed to conduct a
public auction to sell the Property pursuant to the procedure described in Paragraph 29 of the
Motion.
IT IS FURTHER ORDERED that the Receiver shall publish notice of sale in the form
attached as Exhibit C to the Motion as set forth in Paragraph 29(a) of the Motion.
IT IS FURTHER ORDERED that upon the successful closing of the sale of the
Property, the Receiver shall be entitled to receive payment of a commission of four (4) percent
of the final sale, and any mortgage, security interest, lien or encumbrance on the Property shall

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attach to the net proceeds of the sale of the Property with the same validity and priority as they
enjoyed with respect to the Property.
IT IS FURTHER ORDERED that in the event that a competing Qualified Bid (as
defined in the Motion) is received by the Receiver on a timely basis, the auction shall be held at
the courthouse of the Circuit Court of the City of St. Louis, State of Missouri, 10 North Tucker
Boulevard, St. Louis, Missouri 63101 on a date selected by the Receiver at least seven (7) days
after the final notice of sale is published. In the event that no other Qualified Bids are received,
the Receiver shall not be required to conduct the auction at a date and time set forth in the
notice.
IT IS FURTHER ORDERED that the Court will conduct a hearing on Thursday,
July 17, 2014 at 1:30 p.m. in Courtroom 3 North, Thomas F. Eagleton Courthouse, 111 South
10th Street, St. Louis, Missouri 63102 to consider the results of the public auction and to
confirm the resulting sale. Nothing in this Memorandum and Order constitutes a confirmation
of the resulting sale, which shall be subject to this Court's approval.

CHARLES A. SHAW
UNITED STATES DISTRICT JUDGE
Dated this 16th day of May, 2014.

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