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Securities and Exchange Commission v. BIC Real Estate Development Corp.

United States District Court, E.D. California

September 6, 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 1509 WEST DR., BAKERSFIELD, CA 93305

          ORDER

          Lawrence J. O'Neill, UNITED STATES CHIEF DISTRICT JUDGE

         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 August 25, 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 1509 West Dr., Bakersfield, CA 93305, assessor's parcel number 138-081-17-00-5 (the "Property"). The legal description for the Property is as follows:

That portion of Block 382, of the Pacific Company's Subdivision, in the County of Kern, State of California, as per map recorded May 10, 1901 in Book 1, Page 51 of Maps, in the Office of the County Recorder of said County, described as follows:
Beginning at a point in the Westerly line of said block 70 feet Northerly from the Southwesterly corner of said block; thence East and parallel to the Southerly line of said block 20 feet for the true point of beginning; thence Northerly and parallel to the Westerly line of said block, 65 feet; thence Easterly and parallel to the Southerly line of said block, 50 feet; thence Southerly and parallel to the Westerly line of said block, 65 feet; thence Westerly and parallel to the Southerly line of said block, 50 feet to the point of beginning.

APN: 138-081-17-00-5

         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 Sarah Trigueiro ("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 $73, 000, subject to the applicable terms of this Order;

          4. The Receiver is further authorized to pay any commissions provided for in the PSA in connection with the consummation of the 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 performance of any actions necessary to complete the sale of the Property as provided for herein;

         7. Provided Buyer or Buyer's designee consents, in writing, the Receiver is hereby authorized to amend or otherwise modify the PSA, in writing, as necessary to complete the sale of the Property in the event that the Receiver determines, in his reasonable business judgment, that such amendment or modification is reasonable and necessary, will benefit the Estate, avoid the imposition of any liability upon the Estate, or is required pursuant to the terms of the PSA or any other amendment or modification thereto, provided that any such ...


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