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BANKRUPTCY AUCTION
By
Order of US Bankruptcy Court
Southern District of Florida
In Re: Organic Recovery, LLC
Case # 09-14762-BKC-JKO
Sonya L. Salkin, Trustee |
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Auction
No.: 09-017
Auction Conducted At:
1300 SW 2nd Street
Pompano Beach, Florida 33069
10:00
A.M. · TUESDAY · MAY 5 |
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Terms & Conditions of
Sale
(Revised 5/4/09 per Court Order)
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1. BIDDER REGISTRATION:
The auction is open to the public and all bidders are required to register
with the auctioneer to receive a bidder’s card. Bidder Registration will
begin at 8:00 A.M. on Auction Day.
2. PREVIEWS:
The assets will be available for previews on Monday, May 4, 1:00 P.M. to
4:00 P.M., two hours prior to the auction & and by special appointment. All
assets are offered and sold in As-Is condition without warranty. Bidders are
encouraged to preview the items included in this auction.
3. GENERAL TERMS:
The auction will be conducted in accordance with the Court Order granting in
part Trustee’s Motion for order authorizing sale by public auction of
substantially all of the assets of the Debtor free and clear of liens,
encumbrances and interests with liens, encumbrances and interests to attach
to the proceeds of sale entered by the Honorable Raymond B. Ray, Judge,
United States Bankruptcy Court. The auction is to be conducted on a cash
basis without credit bidding.
4. AUCTION FORMAT:
A. Bulk Bid
1. In accordance with the Court’s Order, substantially all of the assets of
the Debtor will be offered in Bulk. Included are the following items:
Furniture, fixtures, office machines, industrial equipment used in
connection with the Debtor’s operations, (3) Sterling Truck/Tractors, (4)
Refrigerated trailers, inventory consisting of approximately 36,250 gallons
and Intellectual property as described in the attached document and
identified as Exhibit A.
2. The opening bid must be in the amount of $25,000.00 or higher and
subsequent bids must be in the amount of $2,500.00 or in increments as set
by the Auctioneer, Trustee or Trustee’s Counsel.
3. All bulk bidders must provide a $10,000.00 cash deposit or cash
equivalent to the Trustee or Trustee’s counsel.
B. Auction By The Piece
1. Once the top bid price has been identified for all of the assets on a
bulk bid basis, the Auctioneer will begin offering each asset of the Debtor
on a piece by piece basis. Once this process has been completed, all bids
received will be tallied and compared to the total received from the bulk
bid.
2. Deposits will not be required from piecemeal bidders.
3. Once all of the assets have been offered by the piece, bid amounts will
be tabulated and the high bidder will be afforded an opportunity to increase
the bid made for all of the assets, in bulk. For the increased bulk bid to
be considered, it must exceed the total of the individual bids by at least
10%.
4. With regard to the liquid inventory included in the auction, the Trustee
reserves the right to disqualify any piecemeal bidder who makes an offer to
purchase such inventory stored on the premises, if in the sole judgment of
the Trustee, such bidder does not demonstrate the ability and/or experience
to safely handle and transport such products from the Debtor’s premises.
5. CONFIRMATION OF TOP BID PRICE (S):
The Court will conduct a hearing on May 13, 2009 at 1:30 P.M. to consider
the results of the auction, the Trustee’s recommendations concerning the
auction and any objections thereto. The hearing will be held at the United
States Bankruptcy Court, 299 East Broward Boulevard, Courtroom 308, Fort
Lauderdale, Florida and all bidders may attend the hearing. Those who plan
to attend the hearing should be aware of the security requirements for entry
into the Federal Courthouse. Upon conclusion of the hearing and entry of an
order by the Court, bidders will be notified by the auctioneer of the
results.
6. PAYMENT:
A. Bulk Bid
Upon confirmation of the Court, in the event the bulk bid is approved by the
Judge, payment must be made within 72 hours of notification. Payment must be
made in the form of Cashier’s Check, Attorney’s Trust Account Check or wire
transfer to the Trustee’s Trust Account or that of Trustee’s counsel.
B. Piecemeal Bids
Upon confirmation of the Court of piecemeal bids, contact will be made with
all successful bidders and payments will be due within 24 hours of
notification by the auctioneer. Payment must be in the form of Cashier’s
Checks, money orders or corporate checks when accompanied by bank letters
which guarantee payment of checks.
7. FLORIDA SALES TAX:
All sales are subject to the rules of the Florida Department of Revenue.
Florida dealers with resale numbers must bring a certificate to the auction
which must be presented at the time final payment is made to the auctioneer.
Sales tax due for vehicles is payable by purchaser (s) at the time of title
transfer and registration.
8. BUYER’S PREMIUM:
A 10% Buyer’s Premium will be added to all top bids and included in the
total purchase price.
9. METHOD of SALE:
A. The method and order of sale will be at the auctioneer’s discretion.
B. Recognition of bid increments will be at the discretion of the
auctioneer. In the event items are offered and no bids are received, the
auctioneer may remove them from the order of sale and offer it a later time
during the auction or regroup them with other items. It is the intension of
the Trustee to sell all assets of the Debtor.
C. The auctioneer and/or Trustee reserve the right to add or delete any
items from the auction provided they are owned by those named in these
terms. The only assets included in this auction are those of Organic
Recovery, LLC.
D. The terms and conditions of sale may be changed by announcement from the
auction podium. Any such announcement will take precedence over previously
printed materials or oral statements made.
E. Bids will only be accepted from bidders who have registered with the
auctioneer.
F. In the event of disputes between bidders or tie bids, the auctioneer’s
decision will be final.
G. The Auctioneer reserves the right to sell the assets in bulk or by the
piece.
H. All information contained in the auction publication, newspaper ads, web
site or furnished by staff members is believed to be correct but is not
guaranteed. Bidders must rely upon their own information, judgment and
inspection of the assets offered.
I. A record of the auction will be provided by a Court Reporter who will
attend the event. In addition, the auction will be electronically recorded
to provide a record.
J, Purchasers are not permitted to resell items purchased during the auction
to third parties or reassign auction clerking tickets to other bidders.
10. REMOVAL:
A. Assets whether purchased in bulk or by the
piece cannot be removed from the Debtor’s premises until confirmation of the
auction by the Court on May 13, 2009.
B. In the event the Court approves the bulk bid, removal must be completed
no later than June 5, 2009. All purchases can be removed from the premises
immediately following the auction after payment in full until 6:00 p.m. and
May 6-8 from 9:00 A.M. to 5:00 P.M.
C. In the event piecemeal bids are approved by the Court, contact will be
made through the auctioneer and all items must be removed not later than May
22, 2009.
11. DIRECTIONS:
From I-95 - Exit at Atlantic Boulevard West
(North Exit 36, South Exit 36B) (Pompano Beach) and continue to
Andrews Avenue. At the traffic light, turn left and continue south on
Andrews Avenue to SW 2 Street and turn right. Continue on SW 2 Street to
Auction Site (southwest corner).
12. AUCTIONEER CONTACT INFORMATION:
If additional details are needed please contact George Richards at (954)
658-5033 (cell) or grichards@natlauction.com (E-mail). |
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