NOTICE OF HEARING FOR CONFIRMATION OF PRIVATE SALE OF REAL PROPERTY BY RECEIVER. Pursuant to 28 U.S.C. §2001(b), notice is hereby given that Gil A. Miller, Receiver for Management Solutions, Inc., et al., plans to sell the following multifamily real property: Reese Road, 2503 E. Reese Grove Road, Bartlett, Tennessee, 38133 (the “Property”).
The Property is being sold as part of a portfolio of multifamily properties. A list of all properties included in the portfolio sale, a full legal description of each property, and the percentage allocation of the net proceeds from the sale for each property are available at http://www.managementsolutionsreceivership.com/multifamilyportfoliosale.html. The terms of the sale include a purchase of the entire portfolio in the amount of $338,500,000.00. A hearing to consider confirming this private sale of real property will take place at the United States District Court, District of Utah, located at 351 S. West Temple Street, Room 7.200, Salt Lake City, Utah, before Judge Bruce Jenkins, on the 19th day of May, 2014, at 9:30 a.m. The closing shall occur after receiving Court approval of such sale. The Receiver’s motion seeking the approval of the sale also seeks approval for the sale to be free and clear of liens with valid liens for any given property to attach only to the portion of the proceeds the Receiver attributes to the sale of that given property.
28 U.S.C. §2001(b) further provides as follows: “The private sale shall not be confirmed if a bona fide offer is made, under conditions prescribed by the court, which guarantees at least a 10 per centum increase over the price offered in the private sale.”
Thus, higher and better cash bids, in conformity with the statute, are solicited by the Receiver, Gil A. Miller.
Gil A. Miller, CPA CFE CIRA
Rocky Mountain Advisory
215 S. State Street, Suite 550
Salt Lake City, Utah 84111
Telephone No.: (801) 428-1602