Item Id: PRM31
Case Name: PRM formerly dba Ranch Markets (liquidating trust)
Case Number: 13 09026
Starting Minimum Bid: $17,000
Description: The Estate has claims or rights to payments in connection with the case pending as In re: Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL No. 1720 (E.D.N.Y.) (“Interchange Litigation”), and the facts and issues relating thereto (“Interchange Claim”). Court documents regarding this settlement are as follows and can be downloaded by clicking on the following links:
1) NOTICE OF CLASS ACTION SETTLEMENT AUTHORIZED BY THE U.S. DISTRICT COURT, EASTERN DISTRICT OF NEW YORK;
2) SUPERSEDING AND AMENDED DEFINITIVE CLASS SETTLEMENT AGREEMENT OF THE RULE 23(b)(3) CLASS PLAINTIFFS AND THE DEFENDANTS;
3) Superseding and Amended Definitive Class Settlement Agreement Appendices A through J – Filed September 18, 2018
4) Memorandum & Order re: Preliminary Approval
5) Order Regarding Third-Party Claims Filing Services – Filed September 26, 2018
6) Settlement Order and Final Judgment
7) Order on Motion for Settlement – Class Representative Awards
8) Order on Motion for Attorney Fees
Terms and Conditions of Auction Sale:
The Purchase Price shall be the highest and best bid received from the Auction and accepted by the Trustee. The highest bid and any subsequent bids will be subject to the final approval of the Liquidating Trustee. Upon acceptance of a bid by the Trustee, payment of the purchase price must be received within three (3) business days from acceptance.
Assignment of Interchange Claim. Upon acceptance and payment of the purchase price, Trustee will irrevocably and unconditionally sell, assign, transfer and convey to Purchaser all of the Liquidating Trust’s right, title and interest under, in and to the Interchange Claim, as well as any and all claims and rights related to the Interchange Claim, including, without limitation, all cash, securities, instruments and other property that may be paid or issued in conjunction with the Interchange Claim and all amounts, interest, and costs due under the Interchange Claim.
Authority to Sell. The sale of the Interchange Claim by the Seller is made pursuant to the authority vested in the Seller as set forth in the orders entered by the Court, and as permissible under the Bankruptcy Code and applicable state and federal law.
Payments Received on Interchange Claim. Seller further agrees that any payments received by Seller on account of the Interchange Claim shall constitute property of the Purchaser to which the Purchaser has an absolute right, and that Seller will promptly deliver such payment to Purchaser at Purchaser’s address set forth below. Seller agrees to use reasonable efforts to forward to Purchaser notices received with respect to the Interchange Claim.
EXCEPT AS SPECIFICALLY SET FORTH HEREIN, THE SELLER SELLS, ASSIGNS, AND TRANSFERS THE INTERCHANGE CLAIM TO THE PURCHASER “AS IS, WHERE IS” WITHOUT ANY REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS, IMPLIED OR IMPOSED BY LAW.
Free and Clear Sale. The sale of the Interchange Claim shall be free and clear of any liens, claims, or encumbrances to the extent provided for in the Plan and permissible under the Bankruptcy Code.
No Assumption of Liabilities. Notwithstanding any other provision of this auction sale, the Trustee hereby states that Purchaser is acquiring only the Interchange Claim and rights and interests related thereto, and that Purchaser is not acquiring or assuming, nor shall it be deemed to have acquired or assumed, any liabilities or obligations, including lien obligations, of Seller or its affiliates of any kind or nature, whatsoever, whether known or unknown, existent or future, arising out of, or in connection with, the Interchange Claim, except as may otherwise expressly be provided herein.
Documents of Assignment. From time to time upon request from Purchaser, Trustee shall execute and deliver to Purchaser such documents reasonably requested by Purchaser to evidence and effectuate the transfer contemplated by this Agreement in a form reasonably acceptable to the parties hereto. However, Purchaser shall reimburse Seller for its reasonable costs associated with such compliance.
Limited Power of Attorney. Solely with respect to the Interchange Claim, and to the extent permitted by law, Trustee hereby irrevocably appoints Purchaser as its true and lawful attorney and authorizes Purchaser to act in Seller’s stead, to demand, sue for, compromise and recover all such amounts as now are, or may hereafter become, due and payable for or on account of the Interchange Claim herein assigned. Seller grants unto Purchaser full authority to do all things necessary to enforce the transfer of the Interchange Claim to Purchaser and its rights thereunder pursuant to this Agreement.
The Trustee has received a stalking horse offer of the Interchange Claim to Oak Point is subject to overbid. In the event a party other than Oak Point (each, a “Competing Bidder”) wishes to purchase the Interchange Claim, the Creditor Trustee requests that all Competing Bidders adhere to the following overbid procedures:
The first overbid by a Competing Bidder for the Interchange Claim must be at least $2,000 more than the Purchase Price, or a total of $17,000;
The Competing Bidder for the Interchange Claim must purchase the Interchange Claim under the same terms and conditions set forth in the Purchase Agreement (attached hereto
Bidding Procedures: A closing cost fee of $575 will apply. This is all we know about this item. Any fees/liens owing on this item are not part of the final bid price. A bid submitted by a buyer is an agreement to our Terms. Buyers should not bid unless they fully intend to complete the sale in accordance with our Terms (to view terms, click “Terms” tab in Seller Store header at top of ad).
Legal Info: By Order of the United States Bankruptcy Court, BKAssets sells this and any other property/judgment “AS IS, WHERE IS”, with no warranties implied or stated. This means that the Seller and the trustee are not responsible for problems (if any) with the judgment, collection of same, or any liens or encumbrances against the defendants. The buyer will be entirely responsible for this judgment/assignment after the sale including but not limited to: paying any fees/costs associated with this judgment, pursuit of the collection any paperwork/documentation necessary for that process and for collection of the judgment. Seller and trustee are NOT appraisers or judgment brokers. BKAssets and the trustee shall be under no obligation to buyer except to provide buyer with an assignment. All the information as to the item description has been provided by the court. BKAssets cannot guarantee that all the information is accurate. BKAssets recommends all bidders perform their own due diligence prior to bidding. As with any bankruptcy sale, this sale may be subject to court approval.
Payment Info: $U.S. Money order, certified check, cashier’s check. BKAssets may also accept “Bill Pay” from Wells Fargo, Bank of America, Citibank, Chase, a local regional bank or Credit Union. If you would like to use “Bill Pay,” but do not bank at one of these establishments, please call BKAssets prior to sending payment.
A closing cost fee of $575 (payable to seller) will apply. Full payment must be received within (7) days of winning bid. Any bidder who does not complete the sale within 7 days from the close of auction will be considered in default. Seller has the right to proceed with the next highest bidder.
Shipping is included to all buyers in the United States. International bidders are welcome, please contact BKAssets for shipping costs to countries other than the United States prior to bidding. Shipping costs to locations outside of the US will be calculated at the close of auction. Please be advised that because this is a US Bankruptcy Court Ordered sale, and subject to approval, shipping can take an average of 3-6 weeks.
Liens: We are not aware of any liens
Bidding Guide: Please review the bkassets.com bidding guide for terms of auction prior to placing a bid or making an offer..