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Details

United States Bankruptcy Court Southern District of New York

In Re: Erica Simone and Keith Simone – Case No.: 20-22374-SHL

Sale of Commission Payment Rights

Pursuant to Allstate Commission Payment Agreement

  • Sale of payments that may become due and payable to the Trustee on behalf of the bankruptcy estate of Erica Simone by Allstate Insurance Company on or after August 1, 2023 pursuant to the attached Order and Judgment and Commission Payment Agreement (the “Asset”)
  • Payments Through Allstate Lending Connection
  • Terms of Original Assignment of Commission (Executed on December 7, 2018)
    • January 1, 2019 – December 26, 2028
    • 120 Monthly Payments of $1,484.92
  • The Trustee has Received and accepted a stalking horse Bid in the amount of $70,000. The Next acceptable bid is in the Minimum Amount of $77,000.
  • Interested parties are required to complete (and Remit to [email protected]) the Signed NDA in the “Documents” Section to review the Commission Payment Agreement & Accounts Receivable Status Report which are exhibits to the Terms & Conditions and incorporated by reference into the Terms & Conditions.

 

ONLINE BIDDING ONLY – CLICK HERE FOR ONLINE BIDDING

Bidding is available by computer or download of the Maltz Auctions App on the App Store or Google Play

  Pre-Registration Required to Bid. You Must send in signed Terms & Conditions of Sale, signed Online Bidding Form and a deposit (cashier’s check only) to be approved for bidding.

Pre-Registration Required to Bid:  You must send in signed Terms & Conditions of Sale, signed Online Bidding Form, and a $7,700 deposit to be approved for bidding. Registration Closes Wednesday, October 18, 2023 at 10:00 AM.

Auction Date: Online-Only Bidding will open Monday, October 16, 2023 at 11:00 AM and is scheduled to close on Wednesday, October 18th, 2023 at 11:00 AM.  Visit RemoteBidding.MaltzAuctions.com or download the Maltz Auctions App on the Apple Store or Google Play.

 

Bidding Process: If a bid is placed with less than one minute remaining, the bidding period will be extended so one minute remains for competing bids to be entered.  If any further bidding occurs, the extension timer will reset to one minute.  Once no further bidding activity occurs, the sale closes when the time runs out.

Terms & Conditions of Sale: The Property will be sold free and clear of any and all monetary liens.  In order to register to bid, all prospective bidders must Deliver a cashier’s check in the amount of $7,700 made payable to “Marianne T. O’Toole, Chapter 7 Trustee”, signed Terms & Conditions of Sale, and signed Online Bidding Form to Maltz Auctions at 39 Windsor Place, Central Islip, NY 11722 before Wednesday, October 18th, 2023 at 10:00 am.  Please download the complete Terms & Conditions of Sale.

 

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Documents

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Marianne T. O’Toole, Chapter 7 Trustee
William F. Macreery, Esq., Attorney for the Chapter 7 Trustee
Richard B. Maltz, Auctioneer
David A. Constantino, Auctioneer
Phone (516) 349-7022 Fax (516) 349-0105

*The Asset is being sold “AS IS” “WHERE IS”, “WITH ALL FAULTS,” without any representations, covenants, guarantees or warranties of any kind or nature whatsoever, and free and clear of any and all interests including, but not limited to any liens, claims, encumbrances, interests, judgments or adverse claims, of whatever kind or nature (collectively, “Interests”), with such Interests, if any, to attach to the proceeds of sale in such order and priority as they existed immediately prior to the entry of the Order for Relief against the Debtor, and subject to, among other things: (a) any state of facts that due diligence may show; or (b) any covenants or  restrictions of record.  By delivering Qualifying Deposits, each bidder acknowledges that it has had the opportunity to review the Asset and will rely solely thereon and on its own independent investigation of the Asset in making its bids. Neither the Trustee nor any of her representatives make any representations or warranties with respect to the Asset. Each bidder acknowledges that it has conducted its own due diligence in connection with the Asset and is not relying on any information provided by the Trustee and her professionals.

All prospective bidders are responsible for conducting their own independent inspections, investigations, inquiries, and due diligence concerning the property. All prospective bidders are urged to conduct their own due diligence prior to participating in the public auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.