| 1. | Fast Sale |
| 2. | No Broker Fees |
| 3. | No Commissions |
| 4. | Experienced |
| 5. | Reliable |
Auctions
Address: 192 North Main Street, Sayville, New York 11782
Auction Date: Friday, June 8th
Auction Time: 10:00 am
Sale Type: Public Auction SOLD FOR 950K
Sold Price: $ 950,000
| Viewing Date(s): | |
Opening Bidding Price:
| Description: | NOTICE OF PUBLIC AUCTION SALE OF DEBTOR'S RIGHT, TITLE AND INTEREST IN AND TO (1) REAL PROPERTY LOCATED AT 192 NORTH MAIN STREET, SAYVILLE, NEW YORK, (2) BAR KNOWN AS ?THE BUNKHOUSE? OPERATED FROM SAID PROPERTY, (3) ALL FIXTURES CONTAINED AT SAID PROPERTY AND ?THE BUNKHOUSE?, AND (4) THE GOODWILL ASSOCIATED WITH SAID PROPERTY AND ?THE BUNKHOUSE?, ?AS IS? AND ?WHERE IS?, FREE AND CLEAR OF ALL LIENS AND CLAIMS OF ANY PARTIES, WITH ALL CLAIMED LIENS & CLAIMS TO ATTACH TO PROCEEDS OF SALE TO ALL PROSPECTIVE PURCHASERS, ALL KNOWN CREDITORS OF THE DEBTOR, & ALL PERSONS WHO HAVE FILED NOTICES OF APPEARANCE IN THIS CHAPTER 11 CASE (AND THEIR COUNSEL, IF KNOWN): PLEASE TAKE NOTICE THAT, pursuant to the Stipulation of Settlement between 192 N. Main LLC (?Debtor?), SCE & Daniels, LLC, David Sce, Bayview Loan Servicing, LLC and Lawrence Nemeroff, which was ?so ordered? by the United States Bankruptcy Court on January 17, 2007 (the ?Stipulation of Settlement?), and the terms of the First Amended Chapter 11 Plan in this case, which incorporated the Stipulation of Settlement, and was confirmed by Order of the Bankruptcy Court dated March 15, 2007 (the ?Confirmed Plan?), Debtor shall sell at a public auction sale (the ?Sale?) all of Debtor?s right, title and interest in and to (a) real property located at 192 North Main Street, Sayville, New York 11782 (the ?Premises?), (b) the bar known as ?The Bunkhouse? which is operated from the Premises (the ?Bunkhouse?), (c) all fixtures at the Premises and the Bunkhouse, and (d) the goodwill associated with the Premises and the Bunkhouse. The above shall be referred to collectively in the remainder of this Notice as the Premises and the Bunkhouse. A. Terms of Auction Sale: All prospective bidders must remit to Debtor, at or prior to the Sale, a deposit by way of bank check, cashier?s check, or money order, in an amount equal to the 10% of its initial bid (the ?Bidding Deposit?) in order to qualify as a bidder? Credit bidding of the Sce Mortgage Claim and the Nemeroff Mortgage Claims (as each is defined in the Stipulation of Settlement and the Confirmed Plan) shall not be permitted? The successful bidder shall (i) remit to Debtor the difference between the Bidding Deposit and 10% of its final bid upon completion of the auction and (ii) close on the purchase of the Premises and the Bunkhouse (the ?Auction Sale Closing?) within thirty days following the date of the auction (the ?Auction Sale Deadline?), TIME BEING OF THE ESSENCE. The successful bidder also shall be required to purchase the entire inventory of alcoholic beverages and products of SCE & Daniels, LLC (?S&D?) at the cost initially paid by S&D, as such amount is proven by invoices, or in the absence of invoices, in such amount either as is charged by S&D?s supplier at the time of the Auction Sale Closing or as shall be agreed upon in writing between the successful bidder and S&D? The second highest bid at the auction shall remain on record until the occurrence of the Auction Sale Closing on or before the Auction Sale Deadline, and will be governed by the terms set forth below? At the Closing, Debtor shall deliver marketable and insurable title to the Premises in exchange for the Purchase Price and shall convey title to the Premises by Bargain and Sale Deed with covenants (the ?Deed?). Further, at the Closing the parties shall make all usual and customary real estate adjustments including, without limitation, real property taxes. S&D shall turn over the Premises and the Bunkhouse to the buyer in broom-clean condition with all fixtures intact provided that S&D shall be entitled to remove the existing sound and lighting systems from the Premises so long as any damage to the Premises caused by the removal of the existing sound and lighting systems shall be repaired by S&D prior to the Auction Sale Closing? If the successful bidder fails to and/or refuses to close on its purchase of the Premises and the Bunkhouse (by payment in full of all remaining funds due under the terms of its bid in good funds, paid by bank check or money order made payable to Debtor) on or before the Auction Sale Deadline, the successful bidder?s Bidding Deposit shall be forfeited to Debtor, and the second highest bid shall become the winning bid; the holder of such second highest bid shall be notified of that fact by fax, e-mail or regular mail (the ?Notification Date?), with the holder of such bid being required to close on its purchase of the Premises and the Bunkhouse within thirty days from the Notification Date, fully in accordance wit the terms of its bid and the other terms set forth above? The Sale of the Premises and the Bunkhouse shall be conducted pursuant to sections 363(b) & (f) of the Bankruptcy Code, 11 U.S.C. ? 363(b), (f), ?as is? and ?where is? and without representations of any kind or nature, and free and clear of all liens and claims of any parties, persons or entities, in a commercially reasonable manner. All claimed liens and claims of any parties, persons or entities shall attach to the net proceeds of the Sale? Debtor (including its counsel and auctioneer) expressly reserves the right to alter the above terms or to announce additional terms at or before the Sale. Debtor expressly reserves the right to sell the Premises and the Bunkhouse in bulk or separately? The final bid is subject to Debtor?s confirmation and approval. B. Date, Time, and Location of the Sale: The Sale shall be held at Amity Auction Realty Corp., 11 Broadway, Route 110, Amityville, New York 11701 on Friday, June 8, 2007 at 10:00 a.m. C. Further Bankruptcy Court Approval of the Auction Sale Is Not Required: This notice is provided in compliance with the terms of the Stipulation of Settlement and the Confirmed Plan to provide notice of the date, time, location and the terms of the Sale. Pursuant to the Stipulation of Settlement and the Confirmed Plan, no other or further Bankruptcy Court approval of the Sale is required. D. Other Information. This notice provides parties only with a summary of the Sale, its date, time and location, and bidding procedures. The Stipulation of Settlement contains, among other things, the complete terms and conditions of the Sale, the obligations of the parties (including Debtor) to the Stipulation of Settlement and under the Confirmed Plan, and of the successful bidder regarding the Sale Closing. If you are interested in bidding, Debtor recommends that you review the Stipulation of Settlement and/or the Confirmed Plan. You may obtain a copy of the Stipulation of Settlement or the Confirmed Plan (including the Order of Confirmation) and a title search of the Premises, with all information regarding mortgages or liens thereon that have been paid or otherwise satisfied or invalidated, by contacting John P. Lynch of Amity Auction Realty Corp. between the hours of 10 a.m. and 5 p.m. on business days which are not legal holidays, by calling him at (631) 691-5836. E. Provisions for Pre-Sale Inspection of Premises and Bunkhouse: Parties wishing to inspect the Premises and/or the Bunkhouse prior to the Sale should contact John P. Lynch at the above number. Dated: Mineola, New York MELTZER, LIPPE, GOLDSTEIN & May ___, 2007 BREITSTONE, LLP Counsel for 192 N. Main LLC, Debtor By: Neil H. Ackerman, Esq. (NHA 9336) 190 Willis Avenue Mineola, New York 11501 (516) 747-0300 |
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