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Details

Bankruptcy Auction – United States Bankruptcy Court District of Connecticut

In Re: THE STANDARD BEEF COMPANY · Case # 08-30377 (JAM)

14.5% or 48.7% of Stock in Land Holding Company That Owns

20+ Acres Directly on I-95 – Extraordinary Redevelopment Opportunity

“The New Haven Food Terminal” – Improved with Bank, Gas Station, Hotel, Theater, Industrial Buildings & More

Details:

  • Keith Lowey, as the Inter-Creditor Appointed Agent (the “ICAA”) of The Standard Beef Company (the “Debtor”) bankruptcy is selling the Debtor’s main asset consisting of 650 shares (14.5%) in a land holding company known as New Haven Food Terminal, Inc. (the “NHFT””).  The ICAA has entered into option agreements with several other shareholders of the NHFT whereby said shareholders have granted the ICAA the option to purchase an additional 1,530 shares as part of this auction process.  The 650 shares and the 1,530 shares under option agreement collectively total 2,180 shares (48.7%) and referred to as the pooled shares (the “Pooled Shares”).
  • Underlying Asset of the New Haven Food Terminal Inc. is 200-400 Sargent Drive, New Haven, CT 06511
  • Issued and Outstanding Shares of Common Stock in New Haven Food Terminal Inc.: 4,480
  • Shares Owned by Debtor: 650
  • Shares Available Under Executed Option Purchase Agreements: 1,530
  • Total Available Shares for Purchase: 2,180
  • 200-400 Sargent Drive, New Haven CT:
  • Prime Location on I-95 with Endless Redevelopment Options (Adjacent to IKEA)
  • Spectacular Exposure/Visibility
  • Lot Size: 20.35 Acres
  • Zoning: BA (General Business) & BE (Wholesale & Distribution)
  • Partial Tenant/Improvement Overview:
  •   Bank of America
  •   Mobil Service Station
  •   La Quinta Inn & Suites Hotel
  •   130,000+ Sq Ft of Additional Commercial Space
  • Two Bidding Tracks:
  • Track A: Sale of 650 Shares of Stock, Representing 14.5% of the 4,480 Issued and Outstanding Shares of Common Stock
  • Minimum Bid: None (Subject to ICAA and Bankruptcy Court Confirmation)
  • Track B: Sale of 2,180 Shares of Stock, Representing 48.7% of the 4,480 Issued and Outstanding Shares of Common Stock
  • Minimum Bid: $4,500/Share or $9,810,000

Sealed Bid Submission Deadline:  5:00 pm EST on Friday, April 24, 2015.

Sealed Bid Delivery Locations: 

   Original Executed Documents & Certified Check: Richard Maltz, Maltz Auctions Inc., 39 Windsor Place, Central Islip, NY 11722.

   Copies of Executed Documents/Check: Keith D. Lowey, CPA, Verdolino & Lowey P.C., 124 Washington Street, Suite 101, Foxboro, MA 02035.

Sale Procedures: This is a two step bidding process.  The three highest bidders under Track A and the three highest bidders under Track B will be invited to the final bid event in the form of a live open outcry auction on April 28, 2015 in New Haven, CT.  Participation and access will be restricted to Qualified Bidders only.  Bids under Track A for the 650 shares must be submitted with a certified check in the amount of $100,000.  Bids under Track B for the 2,180 shares must be submitted with a certified check in the amount of $500,000.  All Checks must be made payable to “V&L Escrow for The Standard Beef Company”. Bids submitted without the required deposit will not be considered.  Please download the complete Terms and Conditions of Sale.

Buyer’s Premium: A six percent (6%) Buyer’s Premium will be added to the Successful Bidder’s high bid to determine the contract price to be paid by the Successful Bidder.

Buyer Broker Participation:  A two percent (2%) commission will be paid to any properly licensed Buyer Broker who registers a successful buyer in accordance with the Buyer Broker guidelines.  Please download the Broker Participation form for details.

Have Questions? Get In Touch

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Keith D. Lowey, Inter-Creditor Appointed Agent
Murtha Cullina LLP, Attorneys for the Inter-Creditor Appointed Agent
David R. Maltz, Auctioneer DCA# 762794
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022  Fax (516) 349-0105

The Inter-Creditor Committee Agent,  Attorneys for the the Inter-Creditor Committee Agent, the Auctioneer/Broker and their Agents do not guarantee the accuracy of any of the descriptions or any other information pertaining to the sale of these assets. All prospective bidders are urged to conduct their own due diligence prior to participating in the Auction.

These shares of stock are being sold on an “AS IS, WHERE IS” basis, and no warranty or representation, either expressed or implied, concerning the shares or underlying asset(s) of NHFT is made by the Inter-Creditor Committee Agent,  Attorneys for the The Inter-Creditor Committee Agent, the Auction Company or any of their Agents.  The information contained herein was derived from sources deemed reliable, but is not guaranteed.  Most of the information provided has been obtained from third party sources and has not been independently verified.  It is the responsibility of the prospective bidders and/or prospective bidder’s professionals to determine the accuracy of all components of the sale and underlying asset(s).  Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the shares and underlying asset(s), including without limitation, environmental and physical condition of the underlying asset(s).  All prospective bidders are urged to conduct their own due diligence prior to participating in the Auction.

Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.