Register, or Login to view the article
Multiple Parties – including Chapter 7 Trustee for the estate of Gary Alan Frank; 101 Walnut Condominium Association and Michel’s Bakery – filed with the U.S. Bankruptcy Court separate objections to Legal Coverage Group’s Chapter 11 Trustee’s motion to (i) authorize the sale of real property and (ii) to approve bidding procedures and bid protections for the sale of real property. The Chapter 7 trustee for the estate of Gary Alan Frank asserts, “Prior to the Petition Date, Mr. Frank (a) purchased a condominium for himself with an address of 190 Presidential Boulevard, Bala Cynwyd, PA 19004 and (b) used 101 Walnut to purchase two condominiums and two parking spaces located at 101 Walnut Street, Philadelphia, PA 19106 (collectively, the ‘Real Property’)….As of this date, the instant Application to Employ Silverman is pending Bankruptcy Court approval. Therefore, it comes as no surprise, that no appraiser valuation report whatsoever has been prepared or submitted by Silverman. Against this backdrop, it is important to note that on April 9, 2018 an involuntary bankruptcy petition in accordance with 11 U.S.C. 303(b) was filed against Mr. Frank by three different creditors – (i) Michel’s, (ii) Mr. Seefried and (iii) Michael Zion. It is important to also note that, on May 7, 2018, the Chapter 11 Trustee filed the instant Motion to sell Real Property….Unfortunately, based on the available record, most of these averments are not supported by either fact or law and the Chapter 7 trustee objects to the relief requested by the Chapter 11 trustee and incorporates by reference the reasoning set forth in the objection of Michel’s Bakery and Jon Liss and joins in their objection.”
Read more bankruptcy news.