McAllister & Associates has been retained to handle the sale of assets in the US. Bankruptcy Court, Western District of Texas, Austin Division under Case No. 19-11649-tmd and Case No. 19-11527 through Case No. 19-11530-tmd. Case No. 19-11649 for 56 East Avenue may have a different timeline than Case No. 19-11527 through Case No. 19-11530-tmd. Please check each individual property webpage for updated timelines and procedures.
The properties are still available for sale. Though adjustments will be made to the bidding process due to unforeseen circumstances related to COVID, the owners are seeking written bids for the properties by Monday, May 18th, 2020. The bids submitted by that date will be taken into consideration for selection as stalking horse offers.
In addition, please note the following:
- When making a bid you will need to be able to show that you are a qualified bidder in order to participate either as the stalking horse or in the auction. This will require not only that you can show proof of funds needed to support your offer, but also that you have the ability to deposit the required earnest money and close within the timeframes required under the contracts in the data room (i.e. 10 days after being selected as the winning bidder at Auction).
- Due diligence remains available for review and we can supplement as needed based on any requests.
- We encourage you to discuss your interest directly with management for the owners, and I encourage you to submit a written communication requesting the same.
- The owners have the right to negotiate directly with potential buyers and to seek approval for a selected buyer, so engaging directly will as soon as possible will help the chances that your offer could be tendered to the court with the owners’ support.
- By the last week of May, the Court will further advise as to other process changes in light of COVID.