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Article Excerpt
NOTICE OF CHAPTER 11 SALE OF SUBSTANTIALLY ALL ASSETS PLEASE TAKE NOTICE:
1. On April 17, 2009, Sidney Kimmel Cancer Center ("Debtor") filed a voluntary petition under Chapter 11 of Title 11 of the United States Code in the U.S. Bankruptcy Court for the Southern District of California ("Bankruptcy Court"). On May 13, 2009, the Debtor filed a motion ("Sale Motion") seeking authority to sell substantially all of Debtor's assets free and clear of all liens, claims, encumbrances and interest ("Sale Transaction") and authority to assume and assign certain executory contracts and unexpired leases in connection with the Sale Transaction.
2. As set forth in the Sale Motion, Debtor has entered into an Asset Purchase Agreement with the Burnham Institute for Medical Research ("BIMR") to sell: a 72,000 square foot research facility located on 3.5 acres in the Torrey Pines Mesa in San Diego, California; a 2.5 acre vacant lot adjacent to the research facility; and the majority of the fixtures, equipment, furniture, furnishings, appliances, supplies, and research animals owned by SKCC in exchange for BIMR assuming liabilities estimated to be approximately $28.15 million as of June 1,2009.
3. On May 8, 2009, the Bankruptcy Court approved Bidding and Sale Procedures. The Bidding and Sale Procedures set forth the procedures that govern the manner in which the assets are to be sold. Pursuant to the Bidding and Sale Procedures, the assets will be sold in an auction and the initial overbid must be $800,000 more than BIMR's offer and subsequent overbids must be $150,000 more than the previous bid. All potential bidders must comply with the Bidding and Sale Procedures and qualify as a Qualified Over Bidder (defined in the Bidding and Sale Procedures) no later than June 10, 2009.
4. The Auction for the assets and hearing on the Sale Motion is scheduled to occur on June 15, 2009 at 2:30 p.m. at the Bankruptcy Court, 325 West F Street, Department 4, Room 328, San Diego, California 92101. 5. A copy of the Bidding and Sale Procedures, Sale Motion and the Asset Purchase Agreement may be obtained by contacting, Jan D'Alvise, Interim Chief Executive Officer, Sidney Kimmel Cancer Center, 10905 Road to the Cure, San Diego, California 92121.
6. OBJECTIONS TO ANY RELIEF REQUESTED IN THE SALE MOTION, INCLUDING THE DEBTOR'S REQUEST TO APPROVE THE SALE OF THE PURCHASED ASSETS FREE AND CLEAR OF ALL LIENS, CLAIMS AND ENCUMBRANCES TO BIMR OR THE SUCCESSFUL BIDDER MUST BE MADE IN WRITING, FILED WITH THE BANKRUPTCY COURT, AND SERVED BY JUNE 1,2009 ("OBJECTION DEADLINE") FOR ALL PARTIES IN INTEREST.
7. The failure of any person or entity to file an Objection on or before the applicable Objection Deadline shall be deemed to consent to the Sale Transaction, the Sale Motion and the other relief requested in the Sale Motion, and be a bar to the assertion, at the Sale Hearing or thereafter, of any objection to the Bidding Procedures Relief, the Sale Motion, the Auction, the sale of the assets, the Debtor's consummation and performance of the Asset Purchase Agreement or other agreement with a different Successful Bidder (including in any such case, without limitation, the transfer of assets free and clear of all liens, claims and encumbrances).
8. This Notice is subject to the full terms and conditions of the Sale Motion and the Bidding and Sale Procedures, which shall control in the event of any conflict. The Debtor encourages parties in interest to review such documents in their entirety and consult an attorney if they have questions or want advice.
BY ORDER OF THE COURT
San Diego, California
NOTICE OF TRUSTEE'S SALE TS No. 090009285 Title Order No. 09-8-037871 APN No. 441-090-37-26 YOU ARE IN DEFAULT UNDER A DEED OF TRUST, DATED 11/18/2004. UNLESS YOU TAKE ACTION TO PROTECT YOUR PROPERTY, IT MAY BE SOLD AT A PUBLIC SALE. IF YOU NEED AN EXPLANATION OF THE NATURE OF THE PROCEEDING AGAINST YOU, YOU SHOULD CONTACT A LAWYER." Notice is hereby given that RECONTRUST COMPANY, N.A., as duly appointed trustee pursuant to the Deed of Trust executed by MARISA PEDROZA, A SINGLE WOMAN, dated 11/18/2004 and recorded 12/08/04, as Instrument No. 2004-1153135, in Book, Page 795), of Official Records in the office of the County Recorder of San Diego County, State of California, will sell on 06/01/2009 at 10:00AM, At the South entrance to the County Courthouse, 220 West Broadway, San Diego at public auction, to the highest bidder for cash or check as described below, payable in full at time of sale, all right, title, and interest conveyed to and now held by it under said Deed of Trust, in the property situated in said County and State and as more fully described in the above referenced Deed of Trust. The street address and other common designation, if any of the real property described above is purported to be: 4444 WEST POINT LOMA BLVD. #90, SAN DIEGO, CA, 92107. The undersigned Trustee disclaims any liability for any incorrectness of the street address and other common designation, if any, shown herein. The total amount of the unpaid balance with interest thereon of the obligation secured by the property to be sold plus reasonable estimated costs, expenses and advances at the time of the initial publication of the Notice of Sale is $320,119.60. It is possible that at the time of sale the opening bid may be less than the total indebtedness due. In addition to cash, the Trustee will accept cashier's checks drawn on a state or national bank, a check drawn by a state or federal credit union, or a check drawn by a state or federal savings and loan association, savings association, or savings bank specified in Section 5102 of the Financial Code and authorized to do business in this state. Said sale will be made, in an "AS IS" condition, but without covenant or warranty, express or implied, regarding title, possession or encumbrances, to satisfy the indebtedness secured by said Deed of Trust, advances thereunder, with interest as provided, and the unpaid principal of the Note secured by said Deed of Trust with interest thereon as provided in said Note, plus fees, charges and expenses of the Trustee and of the trusts created...
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