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Securities & Exchange Commission v. Bic Real Estate Development Corp

United States District Court, E.D. California

April 10, 2017

SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
BIC REAL ESTATE DEVELOPMENT CORPORATION and DANIEL R. NASE, individually and d/b/a BAKERSFIELD INVESTMENT CLUB, Defendants, BIC SOLO 401K TRUST and MARGARITA NASE, Relief Defendants.

          ORDER AUTHORIZING RECEIVER'S SALE OF REAL PROPERTY LOCATED AT 940 BEAVER RISE DR., BAKERSFIELD, CA 93306

          LAWRENCE J. O'NEILL, UNITED STATES CHIEF DISTRICT JUDGE

         ORDER

         In accordance with its September 19, 2016 Order Granting Stipulation to Waive Requirements of 28 U.S.C. § 2001(a) and (b) in Connection with, and to Establish Sales Procedures for, Receiver's Sales of Residential Real Property (the "Stipulation") and the sales procedures approved therein (the "Sales Procedures"), this Court has reviewed the March 20, 2017, Declaration of David P. Stapleton, the Court-appointed receiver (the "Receiver") regarding his proposed sale of the real property located at and commonly known as 940 Beaver Rise Drive, Bakersfield, CA 93306, Assessor's Parcel Number 388-472-08-00-2 (the "Property"). The legal description for the Property is as follows:

All that certain real property in the County of Kern, State of California, described as follows:
Lot 16 of Tract No. 5990 Phase 2, in the County of Kern, State of California, as per map recorded in Book 49, Page(s) 69 and 70, of Maps, in the office of the County Recorder of said County.
Except therefrom all oil, gas minerals, and other hydrocarbon substances lying below the surface of said land, but with no right of surface entry, as provided in deeds of record.
APN: 388-472-08-00-2

         Having confirmed the Receiver's compliance with the Sales Procedures, and the 15-day notice period provided for in the Stipulation having lapsed without objection to the Receiver's proposed sale of the Property, this Court orders as follows:

         1. The terms of the purchase and sale agreement, and all attendant documents (collectively, the "PSA"), by and between the Receiver and Jiang Investments, LLC ("Buyer") in connection with the Receiver's proposed sale of the Property to Buyer are approved;

         2. The Court ratifies the Receiver's execution of the PSA and authorizes the Receiver to perform all of his obligations under the PSA;

         3. The Receiver's is authorized to sell the Property to Buyer or Buyer's designee, as contemplated in the PSA, in exchange for the aggregate sum of $130, 000 subject to the applicable terms of this Order;

         4. The Receiver is further authorized to pay any commissions provided for in the PSA and in connection with the consummation of his sale of the Property;

         5. In accordance with the terms of the PSA, and without limiting those terms, Buyer or Buyer's designee shall purchase the Property on an "as-is / where-is" basis, without any representations or warranties whatsoever by the Receiver and his agents and/or attorneys including, without limitation, any representations or warranties as to the condition of the Property, except as expressly set forth in the PSA. Buyer or its designee is responsible for all due diligence, including but not limited to inspection of the condition of and title to the Property, and is not relying on any representation or warranty of the Receiver, except as expressly set forth in the PSA;

         6. In the performance of his obligations pursuant to this Order, the Receiver's liability in connection with the PSA and the sale of the Property to the Buyer shall be limited to the assets of the receivership estate (the "Estate"). Neither the Receiver nor his professionals shall have any personal liability for claims arising out of or relating to the ...


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