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Getting the money before order approving sale of estate property is entered.
Chapter 11.
Debtor is selling a small unimproved lot to his sister for a trivial
amount--6K. They signed a contract. The motion to approve sale is about
to be filed. There are no overbidders and the sale is for more than
appraised value (4K). I believe the sale will be approved without a
hearing, but this will take about a month.
The sister is ready to deliver the money which Debtor needs to rehab one of
his properties. After this rehab the property can be put on the market and
rented. In the meantime the case is stalled because Debtor does not have
money to rehab this property.
Debtor wants to get the money now and start the rehab. What if Debtor
receives money now before the sale was approved? What are the
implications? Alternatives?
Alik Segal
Alik.Segal@gmail.com
310-362-6157
California Central District
Chapter 11.
Debtor is selling a small unimproved lot to his
sister for a trivial amount--6K. They signed a contract. The motion to approve sale is about
to be filed. There are no overbidders and the sale is for more than
appraised value (4K). I believe the sale will be approved without a hearing,
but this will take about a month.
The sister is ready to deliver the money which Debtor needs to rehab one of his properties. After this rehab the property can
be put on the market and rented. In the meantime the case is stalled because Debtor does not have money to rehab this property.
Debtor wants to get the money now and start the
rehab. What if Debtor receives money now before the sale was approved?implications? Alternatives?
-- Alik SegalAlik.Segal@gmail.com310-362-6157California Central District
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