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Fund seeks court approval for sale of San Vicente property
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Posted on Jun 23 2012
By Ferdie de la Torre
Reporter
Reporter
The NMI Retirement Fund is seeking authority from the U.S. District Court for the NMI Bankruptcy Division to approve the sale of the Fund’s 886 square meters of real property in San Vicente for $125,000.
Attorney Jeremy B. Coffey, counsel for the Fund, said the Fund believes that selling the property is in the best interest of the estate and its creditors because the sale proceeds will increase the estate’s cash assets to the benefit of all creditors, and divest a non-core asset.
In a motion for entry of order filed on Thursday in court, Coffey said that, on May 18, 2012, the Fund and James H. Arriola entered into a purchase and sale agreement.
The lawyer said purchaser Arriola acknowledges that the Fund acquired the premises through foreclosure and judicial sale.
Coffey said there are no known liens or encumbrances on the property.
The lawyer said an inspection and appraisal by Pacific Rim International estimated the fair market value of the property at $125,000.
The purchase agreement provides that the Fund has agreed to sell the property to Arriola for $125,000, which is to be paid in its entirety at the time of closing the sale less the $5,000 earnest money already deposited with Security Title Inc.
The agreement, Coffey said, requires the Fund to obtain court approval of the sale on or before July 15, 2012.
Coffey requested the court to waive the 14-day stay of the order authorizing the sale so that, the Fund will be able to close on the transaction within the time period prescribed by the purchase and sale agreement.
