Bankruptcy No. BK-S-00-10533-LBR Jointly Administered With: No. BK-S-00-10534-LBR, No. BK-S-00-10535-LBR, No. BK-S-00-10536-LBR, No. BK-S-00-10537-LBRUnited States Bankruptcy Court, D. Nevada
September 21, 2000
WILLIAM P. WEINTRAUB, ESQ., DAVID M. BERTENTHAL, ESQ., PACHULSKI, STANG, ZIEHL, YOUNG JONES P.C., San Francisco, CA; JAMES PATRICK SHEA, ESQ., CANDACE CARLYON, ESQ., SHEA CARLYON, LTD., Las Vegas, NV, Attorneys for Debtors in Possession
ORDER AUTHORIZING DEBTOR TO SELL REAL PROPERTY AND IMPROVEMENTS AND FIXED ASSETS LOCATED AT 610 WEST FIRST STREET, HALSEY, OREGON FREE AND CLEAR OF LIENS, INTERESTS AND ENCUMBRANCES PURSUANT TO SECTION 363(f) OF THE BANKRUPTCY CODE
LINDA B. RIEGLE, United States Bankruptcy Judge
The Court previously entered its Order Approving Debtors’ Emergency Motion to Establish Procedures For Small Asset Sales (the “Procedures Order”). The Procedures Order authorized AgriBioTech, Inc., a Nevada corporation (the “Debtor”) to submit an order approving the sale of real property and personal property of the Debtor’s estate free and clear of liens, interests and encumbrances pursuant to Section 363(f) of the Bankruptcy Code without a hearing for sales involving proceeds of $1,000,000 or less for real property and $500,000 or less for personal property or a maximum of $1,500,000 for the sale of both real and personal property, provided that (a) the Debtor provided certain creditors and parties asserting liens on the property notice of the proposed transaction and an opportunity to object and request a hearing (the “Sale Notice”), and (b) no objection to the Sale Notice was filed by the objection deadline.
Based upon the Notice of Asset Sale Transaction Pursuant to Sale Procedure Order: Sale of Real Property and Improvements and Fixed assets Located at 601 West First Street, Halsey, Oregon (the “Sale Notice”) served in accordance with the Procedures Order, the Declaration of David M. Bertenthal, Esq. stating that there have been no objections to the Sale Notice filed and served within the time period required by the Procedures Order, and for other good cause appearing,
IT IS HEREBY ORDERED, ADJUDGED AND DECREED AS FOLLOWS:
1. The Debtor is authorized to sell the Real Property and Improvements and Fixed Assets located at 610 West First Street, Halsey, Oregon more particularly described as:
Lot 2, EDMONDS INDUSTRIAL TRACTS, Halsey, Linn County, Oregon, EXCEPTING THEREFROM that portion lying below a depth of 500 feet, measured vertically, from the contour of the surface of said property.
(the “Property”) to overbidder Production Service International, Inc. (“Buyer”), for a purchase price of $130,000.00 (the “Overbid”) and on the remaining terms and conditions described in the Sale Notice or on substantially similar or better terms (the “PSI Sale”).
2. The Debtor’s sale of the Property to Buyer is approved free and clear of all liens, encumbrances, interests and claims pursuant to 11 U.S.C. § 363(b) and 363(f), with any such liens to attach to the proceeds of the sale of the Property.
3. The Buyer is deemed to have purchased the Property in good faith and the transactions contemplated and authorized by this Order are entitled to the protections afforded by Bankruptcy Code § 363(m).
4. The Debtor is authorized to pay from the proceeds of the PSI Sale all costs incident to the transaction.
5. The Debtor is authorized to take all actions reasonably necessary to consummate the PSI Sale.
6. The Debtor is authorized and directed to use the net proceeds of the PSI Sale (the “Net Sale Proceeds”) in accordance with the terms and condistions set forth in the Final Order Approving the Stipulated Order Authorizing Debtor to Use Cash Collateral and Granting Replacement Liens and Related Relief (the “Cash Collateral Stipulation and Order”).