On March 24, 2021, the Court entered an Order granting the Receiver’s Motion for Approval of the (1) Private Sale of El Banco Espanol Building Located at 152 Tetuan Street, San Juan, Puerto Rico; and (2) Proposed Publication, Marketing, and Overbid Procedures Associated With the Sale of the Property (the “Motion”) (Dkt. 174).  A copy of the Order is available here.

In relevant part, the Court’s Order approved the Receiver’s proposed sale of the Property for $2.1 million in the event that any bona fide offer guaranteeing at least a 10% increase over this price (i.e., an offer of at least $2,310,000) pursuant to 28 U.S.C. § 2001 is not submitted to the Receiver pursuant to the parameters and within the time period set forth in the Motion and the Court-approved Notice of Sale which is being published in the Sarasota Herald Tribune and the El Nuevo Dia on March 31, 2021.  A copy of the Notice being published is available here.

Pursuant to the Notice:

Any person interested in making a bona fide offer that guarantees at least a ten percent (10%) increase over this price (i.e., an offer of at least $2,310,000) must make such an offer in accordance with terms of the Receiver’s “Motion for Approval of the (1) Private Sale of El Banco Espanol Building Located at 152 Tetuan Street, San Juan, Puerto Rico; and (2) Proposed Publication, Marketing, and Overbid Procedures Associated With The Sale Of the Property,” and the Court’s Order approving that Motion, which documents are located on the Receiver’s website at www.kineticreceivership.com, and such offer must be made and received on or before 5:00 p.m. EST on April 10, 2021 (the “Bid Deadline”) by mail to Jordan D. Maglich, Buchanan Ingersoll & Rooney PC, 101 East Kennedy Blvd., Suite 2400, Tampa, Florida 33602, or by email to jordan.maglich@bipc.com. Any offers received after the Bid Deadline will not be considered.  For additional details, visit the Receiver’s website or contact the Receiver’s counsel at (813) 222-2098.