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Creditors committee does not object to Fund’s selling of San Vicente land

13 years ago Ferdie De La Torre | Reporter

The Official Committee of Unsecured Creditors does not object to the NMI Retirement Fund’s request for authority from the U.S. District Court for the NMI Bankruptcy Division to approve the sale of the Fund’s 886-square-meter property in San Vicente for $125,000.

Don Jeffrey Gelber, the Hawaii-based counsel for the committee, informed the Bankruptcy Court Friday that they have no objection to the property’s sale.

Gelber did not cite any reason why the committee does not object to the request.

Except for Florida-based lawyer Mary Flanagan, no other party has questioned the Fund’s request to approve the sale.

Attorney Jeremy B. Coffey, the Fund’s Boston-based counsel, told the court last month that 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.

Coffey said the purchase agreement provides that the Fund has agreed to sell the property to James H. Arriola for $125,000.

By Ferdie de la Torre
Reporter