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Introduction
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Jason:
My memory is that coop sales, unlike condos, can often require approval by
the board, thereby limiting their marketability. This is one of the reasons
that some coops get converted to condominium status. You will want to see
if that is true in your case.
If you have any questions or concerns, please contact me.
Pat
Patrick T. Green, Esq.
Fitzgerald & Green
Attorneys at Law
1010 E. Union Street
Suite 206
Pasadena, CA 91106
Tel: 626-449-8433
Fax: 626-449-0565
pat@fitzgreenlaw.com
The post was migrated from Yahoo.
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Jason:
Welcome to the group. We hope that you will use the group to improve your
knowledge of bankruptcy law by first checking the applicable law and rules
and then framing your questions in that light.
These questions involving Seizure World, excuse me, Leisure World, are new
to the group so I appreciate your posing them. I can see analyzing them in
two ways: either as property which may be subject to the homestead laws (and
possibly exempt under the CCP), or as executory contracts (Section 365). As property, they may be exempt because personal property like boats and
mobile homes can be homesteaded. This would require some research unless
someone has already done the work. The shares may also be analogized to
purchasing a co-op interest. Again, some research seems to be in order.
As executory contracts, you need to read and research the impact of Section
363(p)(2).
Regarding the valuation aspect of your question, my understanding is that
property in Leisure World is readily salable, i.e. there is a market. This
should provide a familiar valuation method (comparables).
Again, I was not aware of the specific mechanics which you describe and
would appreciate your providing us all with some additional information. David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Donny
Sent: Wednesday, July 14, 2010 9:56 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Introduction
Good morning!
My name is Jason Burris and I'm Don Brand's new law partner here at Brand &
Burris PC. I've been with the firm for just a short time now after
practicing insurance and business law.
I'd like to thank everyone I've met with or spoken with in the CDCBAA so far
for welcoming me to such a terrific group of lawyers. I'm looking forward to
getting involved with the group.
I'm posting my inaugural questions to you here. This one goes out to anyone
with experience listing a clients ownership share in co-ops like the one at
Leisure World in Orange County:
1. Are these types of shares subject to liquidation?
2. Do you have a referral to another professional who can perform a
liquidation analysis on these types of ownership shares?
Leisure World (LW) occupants are shareholders the Golden Rain Foundation
(GRF) and their mutual corporation, Mutual 2 (M2).
When occupants buy in they receive one share of common stock in Seal Beach
Mutual No. One containing a certain number of capital stock shares.
Apparently they do not have any real property interest in the land and their
share is subject to a lien by the corporation.
My preliminary understanding (a guess, really) is that the value of a LW
occupant's share is determined by some calculation using of the total land
value of LW, the number of residences, price per square foot, number of
occupant-shareholders, insured value, and basis price as variables to yield
a share value.
Since I'm not a appraiser or a real estate attorney, I'm hoping that one or
more of you can help point my client in the right direction to obtain a
liqudation analysis for their share.
Any assistance is greatly appreciated - thank you in advance.
Best,
JRB
Jason R. Burris, Esq
Attorney at law
Brand | Burris
3836 E. Anaheim St.
Long Beach, CA 90804
562-438-7500
888-99-BKRPT (888-992-5778)
www.brandburris.com
This message originates from the law firm of Brand & Burris PC and may
contain legally privileged and confidential information intended solely for
the use of the addressee. If you are not the intended recipient and have
received this message in error, please notify us at info@brandburris.com
and delete this email from your system. Any
unauthorized reading, distribution, copying, or other use of this email or
its attachments is strictly prohibited.
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Message
Jason:
Welcome to the group.
We hope that you will use the group to improve your knowledge of bankruptcy law
by first checking the applicable law and rules and then framing your questions
in that light.
These questions involving
Seizure World, excuse me, Leisure World, are new to the group so I appreciate
your posing them. I can see analyzing them in two ways: either as property
which may be subject to the homestead laws (and possibly exempt under the CCP),
or as executory contracts (Section 365).
As property, they may be
exempt because personal property like boats and mobile homes can be
homesteaded. This would require some research unless someone has already
done the work. The shares may also be analogized to purchasing a co-op
interest. Again, some research seems to be in order.
As executory contracts, you
need to read and research the impact of Section 363(p)(2).
Regarding the valuation
aspect of your question, my understanding is that property in Leisure World is
readily salable, i.e. there is a market. This should provide a
familiar valuation method (comparables).
Again, I was not aware of
the specific mechanics which you describe and would appreciate your providing us
all with some additional information.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
Good morning!
My name is Jason Burris and I'm Don Brand's new law partner here at Brand & Burris PC. I've been with the firm for just a short time now after practicing insurance and business law.
I'd like to thank everyone I've met with or spoken with in the CDCBAA so far for welcoming me to such a terrific group of lawyers. I'm looking forward to getting involved with the group.
I'm posting my inaugural questions to you here. This one goes out to anyone with experience listing a clients ownership share in co-ops like the one at Leisure World in Orange County:
1. Are these types of shares subject to liquidation?
2. Do you have a referral to another professional who can perform a liquidation analysis on these types of ownership shares?
Leisure World (LW) occupants are shareholders the Golden Rain Foundation (GRF) and their mutual corporation, Mutual 2 (M2).
When occupants buy in they receive one share of common stock in Seal Beach Mutual No. One containing a certain number of capital stock shares. Apparently they do not have any real property interest in the land and their share is subject to a lien by the corporation.
My preliminary understanding (a guess, really) is that the value of a LW occupant's share is determined by some calculation using of the total land value of LW, the number of residences, price per square foot, number of occupant-shareholders, insured value, and basis price as variables to yield a share value.
Since I'm not a appraiser or a real estate attorney, I'm hoping that one or more of you can help point my client in the right direction to obtain a liqudation analysis for their share.
Any assistance is greatly appreciated - thank you in advance.
Best,
JRB
Jason R. Burris, Esq.
Attorney at law
Brand | Burris
3836 E. Anaheim St.
Long Beach, CA 90804
562-438-7500
888-99-BKRPT (888-992-5778)
www.brandburris.com
This message originates from the law firm of Brand & Burris PC and may contain legally privileged and confidential information intended solely for the use of the addressee. If you are not the intended recipient and have received this message in error, please notify us at info@brandburris.com and delete this email from your system. Any unauthorized reading, distribution, copying, or other use of this email or its attachments is strictly prohibited.
The post was migrated from Yahoo.