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Bankruptcy Sales

Payment Streams

Description

Movie and television residuals and royalty payments

Method of Sale Offer subject to Overbid - $20,000
Sale Description "as is" "where is", with no warranty or recourse whatsoever and free and clear of liens and encumbrances. Hearing set for August 20, 2008, 10:00 a.m., U.S. Bankruptcy Court, Courtroom 1475, 255 E. Temple Street, Los Angeles, CA 90012.
Contact Name Aaron E. de Leest
Contact Information

Danning, Gill, Diamond & Kollitz, LLP
2029 Century Park East, Third Floor
Los Angeles, CA 90067
Telephone: (310) 277-0077

Case Name

THOMAS L. SIZEMORE/BARE KNUCKLES, INC.

Case Number

2:05-10509-BB

20081030

Description

A stream of payments in the amount of $312,000.00 to be paid over approximately eight (8) years at the rate of $3,000 per month.

Method of Sale

 Auction - Offer subject to Overbid 

First overbid is $6000

Sealed bids to be presented on sale hearing date, June 11, 2008 at 10:00 a.m., see details below.

Sale Description

On June 11, 2008 at 10:00 a.m., or as soon thereafter as can be heard, in Courtroom 1475 of the United States Bankruptcy Court in the Edward R. Roybal Federal Building at 255 E. Temple Street, Los Angeles, California 90012, Rosendo Gonzalez, Chapter 7 Trustee (the "Trustee" or the "McNeill Trustee") of the bankruptcy estate of Dettor Roy McNeill herein ("McNeill" or the "Debtor") will move (the Motion") for an order approving (a) the sale of the bankruptcy estate's rights in a stream of future payments in the total amount of $312,000.00, to be paid at $3,000.00 per month over approximately the next eight (8) years (the "Payment Stream"), to Gregory S. Abrams ("Abrams" or "Buyer") for $110,000.00, and (b) certain bidding procedures in connection with the sale, including the submission of sealed bids at an in-Court auction and a break-up fee of $5,000.00.

As further described in the Motion, the bankruptcy estate's interest in the Payment Stream arises from the settlement of litigation among the Trustee, the Debtor and certain other parties. Buyer agreed to purchase the Payment Stream for $110,000.00, provided, however,  that Buyer is purchasing a stream of 104 payments in the total amount of $312,000.00, i.e., including the February, March and April, 2008 payments and all others that are paid thereafter prior to the closing of the sale. The sale is subject to certain other terms and  conditions as described in detail in the Motion.

The proposed sale is subject to overbid at an auction in open Court. In this regard, by the Motion the Trustee also requests that the Court approve certain sale procedures and bid protections, including that: (i) the first minimum overbid be $6,000.00; (H) any proposed bidder must make its bid in writing to the Trustee such that the bid is received by the Trustee at least three (3) business days prior to the hearing and be accompanied by a check for $6,000.00; (Hi) Should an overbid be received, the bidding procedure shall be that (a) each bidder will submit a sealed bid to the Court, and (b) the highest bid will be accepted and the next highest bid will be a backup offer; and (iv) if Buyer is not the successful bidder, that Buyer receive a break-up fee in the amount of $5,000.00.

Contact Name

 C. John Melissinos, Esq

Contact Information

Andrews Kurth LLP, 601 South Figueroa St., Ste 3700 Los Angeles, CA 90017

(213) 896-3100 Fax: (213) 896-3137

Case Name

In re Roy McNeill

Case Number

02-35048-BB

20080630

Attorney Profiles

Partners
John J. Bingham Jr.
Richard K. Diamond
David A. Gill
Robert A. Hessling
Eric P. Israel
Nancy Knupfer
Howard Kollitz
Walter K. Oetzell
Kathy Bazoian Phelps
George E. Schulman
  Associates
Aaron E. de Leest
Matthew F. Kennedy
Uzzi O. Raanan
Steven J. Schwartz
John N. Tedford IV

Of Counsel
James J Joseph

Retired
Curtis B. Danning

Bankruptcy Sales

Our bankruptcy law firm, in a service for our clients and clients of other bankruptcy firms, maintains a database of property available for sale as the result of bankruptcy liquidations. The bankruptcy sales listings are updated weekly for interested investors, individual purchasers, auctioneers, and real estate investors.
2008 Danning, Gill, Diamond & Kollitz, LLP   Danning, Gill, Diamond & Kollitz, LLP
2029 Century Park East, Third Floor
Los Angeles, CA 90067
Phone: (310) 277-0077
Fax: (310) 277-5735
info@dgdk.com