Castle Arch Real Estate Investment Company, LLC
Case #11-35082 JTM (Lead Case)

Affiliated Entities

Case #11-32237 - CAOP Managers, LLC
Case #11-35240 - Castle Arch Opportunity Partners I, LLC
Case #11-35241 - Castle Arch Opportunity Partners II, LLC
Case #11-35242 - Castle Arch Kingman, LLC
Case #11-35246 - Castle Arch Smyrna, LLC
Case #11-35243 - Castle Arch Secured Development Fund, LLC
(Jointly Administered)


Assets

The Trustee is currently investigating the assets and ownership issues of Castle Arch Real Estate Investment Company, LLC and its related affiliates, and will provide additional information about such assets as it becomes available.

On June 18, 2012, the Trustee engaged and subsequently submitted a motion to the Bankruptcy Court to employ Commerce Real Estate Solutions ("Commerce") as its real estate broker to sell certain real property and water rights owned by CAREIC and/or its related affiliates. The Bankruptcy Court issued an Order approving the employment of Commerce on July 25, 2012. The identified real property to be sold include approximately: (a) 348 acres in Tooele, Utah; (b) 534 acres in Kingman, Arizona; (c) 484 acres in Smyrna, Tennessee; and 39 acres in Thayne, Wyoming.

URGENT UPDATE

TOOELE PROPERTY HIGHER AND/OR BETTER PROPOSED BID DEADLINE IS JULY 25, 2017 – On June 21, 2017, the Trustee entered into a Purchase Agreement with Samuel D. Howard ("Howard") for approximately 78.6 acres of land (parcels 03-024-0-0005 and 03-024-0-0007) and rights to 24 acre-fee of water. The terms of the sale include: (a) purchase price of $372,000 for the land and $108,000 for the water rights; (b) an initial deposit in the amount of $25,000 to be held in escrow (non-refundable unless Buyer is not determined to be the highest and best offeror); (c) settlement to occur fifteen (15) days after entry of an Order approving the sale; (d) sale is subject to higher and/or better offers (e) sale will be free and clear of liens, claims, encumbrances and interests pursuant to 11 U.S.C. §§363(b), and (f) sale is "as is" without representations or warranties of any kind. Any Party interested in submitting a Higher and/or Better offer must submit a competing offer prior to July 25, 2017. All completing offers must be: (1) made in writing; (2) submitted to the Liquidating Trustee through his counsel at seim.nathan@dorsey.com prior to the expiration of the Higher and/or Better deadline; and (3) accompanied by a cash deposit in the amount of $25,000 and evidence of ability to perform. The Liquidating Trustee will not consider any offer that does not meet the requirements of a qualified bid as outlined in the motion and notice.

TOOELE PROPERTY HIGHER AND/OR BETTER PROPOSED BID DEADLINE IS AUGUST 1, 2017 – On July 5, 2017, the Trustee entered into a Purchase Agreement with Samuel D. Howard ("Howard") for approximately 7.6 acres of land (parcel 03-014-0-0020). The terms of the sale include: (a) purchase price of $38,901; (b) an initial deposit in the amount of $25,000 to be held in escrow (non-refundable unless Buyer is not determined to be the highest and best offeror); (c) settlement to occur fifteen (15) days after entry of an Order approving the sale; (d) sale is subject to higher and/or better offers (e) sale will be free and clear of liens, claims, encumbrances and interests pursuant to 11 U.S.C. §§363(b), and (f) sale is "as is" without representations or warranties of any kind. Any Party interested in submitting a Higher and/or Better offer must submit a competing offer prior to August 1, 2017. All completing offers must be: (1) made in writing; (2) submitted to the Liquidating Trustee through his counsel at seim.nathan@dorsey.com prior to the expiration of the Higher and/or Better deadline; and (3) accompanied by a cash deposit in the amount of $25,000 and evidence of ability to perform. The Liquidating Trustee will not consider any offer that does not meet the requirements of a qualified bid as outlined in the motion and notice.

Dell Nichols Commercial Real Estate LLC

Dell Nichols Commercial Real Estate LLC have been marketing the various properties and have worked with numerous potential buyers. Their marketing efforts continue. Parties with interest should contact Dell Nichols at (801) 502-9543. Below is the property listing for the remaining property.

The information contained on this page is provided for informational purposes only. This page does not purport to include all Trustee-related information relating to the Castle Arch bankruptcy cases which may affect your legal rights. The information on this page is subject to change without notice, and the accuracy of the information is not guaranteed. You are not justified in relying on any of the information provided on this page. You should immediately consult competent professionals (a) to determine your rights and obligations, (b) to identify hearings and deadlines that may affect your rights or obligations, (c) to independently verify all dates and deadlines that may affect your rights and obligations, and (d) to protect your rights and to preserve your rights in the Castle Arch bankruptcy cases.

Last Updated 7/13/2017 11:44:47 AM