U.S. Bankruptcy Court
Southern District of New York
Unique Opportunity. 24 Properties
Offered Inclusively
Re: Beulah Church of God
In Christ Jesus, Inc.,
Case No: 03-42705 (RDD)
 

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EXHIBIT B
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
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BEULAH CHURCH OF GOD :
IN CHRIST JESUS, INC., :
:
: Chapter 11
Debtor. : Case No.03-42705(RDD)
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NOTICE OF SALE
TO ALL CREDITORS AND INTERESTED PARTIES:
PLEASE TAKE NOTICE, that on the 31st day of March 2004 at 10:00 a.m., (the
“sale date”) in Room 632 in the United States Bankruptcy Court for the Southern District
of New York, One Bowling Green, New York, NY 10004, the undersigned counsel for
Beulah Church of God in Christ Jesus, Inc., the Debtor and Debtor-in-Possession herein
(the “Debtor”) shall offer for sale, individually and in bulk, each and all of the properties
set forth in the attached schedule pursuant to 11 U.S.C. §§ 363(a)(b)(f)(k)(l) and 1146
and Bankruptcy Rules 2002(a)(2), (c)(1), (I) and (k), 6004(a) and 9014. Such sale shall
be by public auction, free and clear of all liens, claims and encumbrances with any such
liens, claims and encumbrances to attach to the proceeds of sale after deduction of the
reasonable expenses of sale as approved by the Bankruptcy Court upon the consent of the
mortgagees of the respective properties, including any such expenses advanced or paid by
such mortgagees. Residential Funding Corporation (“RFC”) and / or M&T Mortgage
Corporation (“M&T) who hold mortgages on the subject properties, shall be entitled
under 11 U.S.C. § 363(k) to credit bid at such sale(s).
PLEASE TAKE FURTHER NOTICE that the subject properties shall be sold
“as is” and “where is” with no representation(s) or warranties except as to title; free and
clear of all liens, claims and encumbrances, with any such liens, claims and
encumbrances to attach to the proceeds of the sale in their order of priority and to the
extent of their validity, pursuant to 11 U.S.C. § 363 (a)(b)(f)(k)(l).
PLEASE TAKE FURTHER NOTICE, that requests for additional information
about the subject properties can be obtained by contacting the undersigned or GEM
Auctioneer, 499 Van Brunt Street, Suite 4B, Brooklyn, NY 11231, telephone number
718-222-0100, whose retention shall be subject to approval by this Court pursuant to 11
U.S.C. § 327(a).
PLEASE TAKE FURTHER NOTICE, that any person or entity desiring to bid
at the auction shall be required to submit to counsel for the Debtor, RFC and M&T at the
addresses set forth below on or before March 24, 2004, a letter identifying the name of
the bidder and the representatives(s) of such bidder authorized to bid at the auction sale,
certifying the bidder has sufficient available funds to pay the amount bid at the sale, and
providing evidence of such bidder’s ability to pay the sale price satisfactory to the Debtor
in consultation with RFC and M&T.
PLEASE TAKE FURTHER NOTICE, that the Debtor reserves the right, in
consultation with RFC and M&T, and subject to Court approval at the auction, if
necessary, to (1) set a minimum bid price for each property, (2) set incremental bid levels
for each property, and (3) to determine when, during the auction, to take bids for two or
more of the properties in the aggregate.
PLEASE TAKE FURTHER NOTICE, that the purchaser who proffers the
highest and best offer for a subject property or properties and whose offer is accepted by
the Debtor, other than RFC or M&T if either or both proffers a credit bid, must: (1) at
the close of the auction, deposit with the Debtor’s counsel, in cash or by certified check
ten percent (10%) of the total purchase price and (2) pay by certified check the remaining
amount due on the purchase price to the Debtor upon closing and (3) accept title which a
duly licensed title company in New York State is willing to insure.
PLEASE TAKE FURTHER NOTICE, that any sale of the subject premises is
conditioned upon the acceptance of the highest and best offer by the Debtor above the
minimum bid price, if any. The closing date for the sale of the subject properties shall be
not more than ten (10) business days following the later of (1) the approval of the sale by
the Court or (2) a date following Court approval agreed to by the purchaser, the Debtor
and, as reasonable, RFC and M&T. If a purchaser fails to timely complete the sale in
accordance with these terms, the Debtor shall retain as liquidated damages (and not as a
penalty) for all loss, damage(s) and expense(s) suffered by the Debtor, all payments made
by purchaser to the Debtor. The Debtor reserves the right, in consultation with RFC and
M&T, to accept the second highest bid at the auction for a property (in the event the
highest bid does not close) and seek Bankruptcy Court approval of such sale.
PLEASE TAKE FURTHER NOTICE, that on April 5, 2004 at 10:00 a.m. a
hearing before the Honorable Robert D. Drain, USBJ, in the United States Bankruptcy
Court, One Bowling Green, New York, NY 10004 shall be held (1) on the Debtor’s
motion for authority to sell the properties to the highest and best bidder(s) under 11
U.S.C. §§ 363(b)(f)(k)(l) and (2) to authorize and direct the distributions of the sale
proceeds. A hearing will be held, if necessary, on April 9, 2004 at 10:00 a.m. in the
Bankruptcy Court on the Debtor’s motion for an order that the sale is exempt from stamp
or similar taxes pursuant to 11 U.S.C. § 1146(c).
PLEASE TAKE FURTHER NOTICE, that any objections to the Debtor’s
motion for approval of the proposed sale(s) shall be filed with the Bankruptcy Court and
served, with a copy to Chambers, on counsel for the Debtor, James E. Hurley, Jr. Esq.,
225 Broadway, Suite 1401, New York, NY 10007; counsel for RFC, Michael Cavanaugh,
Esq., Emmet, Marvin & Martin, 120 Broadway, New York, NY 10271; counsel for M&T
Allan B. Mendelsohn, Esq., Zavatsky, Mendelsohn, Gross, Savino & Levy, LLP, P.O.
Box 510, 33 Queens Street, Syosset, New York 11791-0510; United States Trustee,
Southern District of New York, United States Trustee’s Office, 33 Whitehall Street, 21st
Floor, New York, NY 10004; and all parties who have made a request for notice under
Bankruptcy Rule 2002, on or before 4:00 p.m. on April 1, 2004.
Dated: New York, New York Regards,
February , 2004
James Hurley, Jr., Esq. (JEH: 1115)
Attorney for the Debtor
225 Broadway, Suite 1401
New York, New York 10007
(212) 240-9393