1 Share in Ridgewood Energy X Fund LLC and Resulting Payment Stream!

Description

Item Id: Warner01
Case Name: Warner, Curtis L & Karen L
Case Number: 12 32988
Trustee:
Starting Minimum Bid: $1,995

Description: Estate’s interest in 1 share in Ridgewood Energy X Fund, LLC. The share percentage represents 0.00209643% in the Energy X Fund. The fund owns a working interest in some oil and gas leases.

Ridgewood Energy is a private equity firm focused on investments in the Deepwater Gulf of Mexico. With more than two decades of experience investing in Gulf of Mexico oil and gas projects, Ridgewood Energy has earned its reputation as a reliable, professional, value-adding project partner to many leading energy companies. Ridgewood Energy applies a highly-disciplined evaluation process across a broad range of opportunities, and selects only those projects that meet the firm’s high standards for investment. Ridgewood participates in annual Federal offshore lease sales alongside industry partners. Ridgewood also acquires leasehold interests and participate in projects that exhibit compelling prospectivity.

As of 6/1/16, the debtors have received a combined total of $51,000 in payment royalties as a result of their original investment in Energy X Fund. The payment stream documentation is linked below under ‘Payment History’

Upon completion of the auction, a stock transfer assignment will be provided to the winning bidder. That new assignment must be submitted to Ridgewood Energy under the provisions of their document on the Energy X Fund (Article 9, Section 9.4) which permits ownership transfer due to bankruptcy filing by the share owner(s)

Location Info Ridgewood Energy is headquartered in Montvale, New Jersey, outside of Newark. The SEC prohibits foreign investors from owning any interest. Ridgewood states potential buyers must meet specific financial criteria as required by the SEC (a minimum of $2,000,000 net worth excluding the value of a primary residence).

Payout History:

Distribution History Report

Ridgewood Fund LLC Agreement

Notes: A closing cost fee of $200 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).

Bidders should familiarize themselves with BKAssets.com policy regarding ‘Proxy Bidding’ (see ‘Bidding Guide’ on bkassets.com Home Screen). BKAssets is not responsible for connectivity issues, or Internet transmission times, when submitting an auction bid near the close of auction. The auction process does not extend past the set close time of the auction and bidders are solely responsible for the timing and receipt of their bids if they elect not to utilize Proxy bidding.

Title and Escrow: The stock transfer will be an assignment of the stock certificates which must be submitted by the winning bidder to Ridgewood Energy. Please note above under ‘Description’ related to Ridgewood qualifications for ownership. Because this is a US Bankruptcy Court ordered, as is, where is, sale, BKAssets.com is not permitted to use an escrow company, or provide any warranties or guarantee, implied or stated.

Legal Info: By Order of the United States Bankruptcy Court, Bkassets.com sells this and any other property “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 title, the condition of the stock, or any liens or encumbrances against the unit or Ridgewood Energy. The buyer will be entirely responsible for this stock after the sale including but not limited to: paying any fees/costs associated with this stock, paying all fees/liens (if any), recording/transferring the assignment and gathering any paperwork/documentation necessary for that process. Seller and trustee are NOT realtors or stock investors. BKAssets and the trustee shall be under no obligation to buyer except to provide buyer with a Bill of Sale, death certificate, and the stock certificates. All the information as to the item description has been provided by the management company, trustee and Relief Mine website. 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 Citibank, Chase, Wells Fargo, Bank of America, 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 $200 (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 Info: Shipping is free 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 do not know of any other liens.

Bidding Guide: Please review the bkassets.com bidding guide for terms of auction prior to placing a bid or making an offer..