9,915 Dresses (“Inventory”). The proposed sale price (subject to overbid) is $7,500.00 (“Purchase Price”).
Howard M. Ehrenberg
Method of Sale
Offer Subject to Overbid
The Inventory to be sold consists of 9,915 dresses as described in Exhibit 1 attached hereto.
This Sale is subject to overbid. Other potential buyers may submit overbids at the Sale hearing so long as the procedures described herein are met. If an overbidder does appear, the Trustee requests that the Court adopt the following overbid procedures (“Overbid Procedures”):
a. Intent To Bid And Overbid Amount
Any party wishing to bid on the Estate’s interest in the Inventory (“Overbidder”) shall advise the Trustee of an intent to bid on the Estate’s interest in the Inventory and the amount of the overbid (which must be at least $1,000.00 more than the current selling price of $7,500.00) (“Initial Overbid”), by no later than one business day before the hearing on this motion (“Overbid Deadline”). In his absolute and sole discretion, the Trustee shall have the right to accept additional overbids submitted prior to the hearing but after the Overbid Deadline. Any subsequent overbids submitted after the Initial Overbid will be in increments of not less than $250.00.
b. Payment Of Deposit
Any Overbidder shall provide the Trustee with a cashier’s check, payable to “Howard M. Ehrenberg, Chapter 7 Trustee of the Bankruptcy Estate of NCI Apparel, Inc.” in the amount of $1,000.00 (“Deposit”). The Deposit must be delivered so that it is received by the Trustee (whose name and address is set forth on the upper left corner of the first page of this Motion) by no later than the Overbid Deadline.
In the event of any Overbid, the $1,000.00 deposit from Ms. Hon or successful Overbidder shall serve as the Deposit for Ms. Hon or any successful Overbidder. The party that is not deemed the “Winning Bidder,” at that phrase is defined below, shall have their deposit refunded to them.
c. Evidence Of Financial Ability To Perform
Any Overbidder must provide the Trustee with evidence of the proposed Overbidder’s financial ability to pay the full amount of the Overbid so that such evidence is received by the Trustee no later than the Overbid Deadline.
All parties who have submitted timely bids and otherwise satisfied the foregoing requirements will be able to participate in an auction to be conducted at the hearing on the Motion as is necessary in order to increase their bid. As stated previously, the Initial Overbid will be in the amount of $8,500.00 and any subsequent overbids will be in increments of $250.00.
The Trustee will request authority to sell the Estate’s interest in the Inventory to the bidder with the highest Overbid (“Winning Bidder”), and for authority to sell the Estate’s interest in the Inventory to the next highest bidder if the Winning Bidder fails to perform. To be considered the “highest overbid,” any overbid must be on the same terms and conditions as described infra.
e. Tender Of Balance Of Purchase Price
The Winning Bidder must tender the total purchase price to the Trustee via cashier’s check within fourteen (14) calendar days following entry of the order approving the Sale of the Estate’s interest in the Inventory to such buyer. To the extent the Winning Bidder fails to tender the balance of the purchase price by such date, that bidder’s entire Deposit shall be non-refundable and forfeited to the Trustee.
f. Agreement To Terms And Overbid Procedures
Any Overbidder’s tender of the Deposit to the Trustee shall serve as that Overbidder’s agreement with these proposed overbid procedures and the terms of Sale of the Estate’s interest in the Inventory discussed herein.
Howard M. Ehrenberg
Chapter 7 Trustee of the Bankruptcy Estate of
NCI Apparel, Inc.
333 South Hope Street, 35th Floor
Los Angeles, CA 90071
(213) 626-2311 – Telephone
(213) 629-4520 – Facsimile
Case Name: NCI Apparel
Case Number: 2:18-bk-13245-WB