imLegai

imLegai Ivl Notices UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AILEEN, INC, etal, Debtors NOTICE OF HEARING AND OF TERMS AND CONDITIONS OF SALE OF REAL PROPERTY CHAPTER 11 Case Nos. 94B 40330 and 94B 40331 (JHG) (Hon, Jeffry H. Gallet) Jointly Administered Notice is hereby given that a hearing (the "Hearing") will be held before the Honorable Jeffry H. GaHet on July 7, 1998, at 9:30 AM at the United States Bankruptcy Court for the Southern District of New York, The Alexander Hamilton Custom House. One Bowling Green, Room 523, New York, New York 10004 (the “Court"), upon the motion (the “Motion") of Aileen, Inc. and Aileen Stores, Inc. (the “Debtors”) for an order authorizing the Debtors to sell each of the three separate real properties (the “Properties") listed betow to the current bidder therefor, or to any person who submits a higher and/or better bid, which bid is approved by the Bankruptcy Court at the Hearing. The Hearing may be adjourned from time to time without further notice to creditors and parties-in-interest other than by announcement of such adjournment in open Court on the date scheduled for the Hearing on or the Court calendar of said date. A copy of the Motion is on We with the Clerk of the Court and may be reveiwed during the Court's regular business hours. Copies may be obtained, at the prospective bidder's sole cost and expense, from Parker Chapin Flattau & Klimpl LLP counsel to the Debtors, contact: Mariola Wiatrak, (212) 704-6000. ’ PROPERTIES TO BE SOLD The first Property (the "Treatment Facility”) and the bid are as follows: Water and wastewater treatment facility on approx. 9.7 acres of land in Edinburg, Shenandoah County, Virginia, adjoining property on which is located the Debtors’ vacant 410,000 S/F manufacturing plant The second Property (the "River Bottom Land”) and the bid are as follows: Approx. 37 acres of unimproved river bottom land in Edinburg, Shenandoah County Virginia, along the bank of the North Fork of the Shenandoah River and adjacent to the Treatment Facility property The third Property (the “Flint Hill Residence") and the bid are as follows: Residential, one-family dwelling structure on approx. 2.8 acres of land in Flint Hill, Rappahannock County, Virginia, adjoining proper! which is located the Debtors' vacant 100,000 S/F sewing plant TOTAL BID S250.000.00 S40.000.00 S50.000.00 The bids listed are subject to change prior to the Hearing. The Debtors intend to sell each of the Properties to the bidder identified in the Motion at the price set forth above unless the court approves a higher and/or better offer at the Hearing. The initiel overbid of a higher and/or better offer must be no less than 10% over the proposed purchase price for the Property set forth above Subsequent bidding increments will be $5,000.00 with respect to toe Treatment Facility and $2,000.00 with respect to the River Bottom Land and the Flint HHI Residence unless otherwise determined by the Court. The Debtors reserve the right to reject any and ail bids. HIGHER AND/OR BETTER OFFERS i admissable on the date of the Heai In order to be considered by the Court, and to be ac bid (the “Competing BicT) must satisfy the tollowingle _ be contingent upon receipt of financing necessary to its consummation,Tvid the Competing Crider shall demonstrate, to the sole satisfaction of the Debtors, evidence of its ability to conclude thetransaction withof the Hearing, any competing 1) the Competing Bid shall not r"”" ® i-uuiwoi ai um noanny a uenmou or Dana cneca payaoie to me order o in the amount of at least ten percent (10%) of the successful bid amount as a competing I Each purchaser must be prepared to pay In full for the Property within such time as set forth In the Contract of Sale attached as an Exhibit to the Motion. Bid Deposit, the terms of Objections, if any. to the relief requested In the Motion shall be in writing and filed with the deck of toe mtt, with a copy to the Chambers of the Honorable Jeffry H, Gallet, United States Bankruptcy Court. “ Alexander Hamilton Custom House, One Bowling Green, Room 528, New York. New Yourk10004 and a .The copy served upon attorneys for the Debtors, Parker Chapin Flattau & Klimpl, LLP, 1211 Avenue' o» toe Americas. New York, New York 10036, Attn: Henry Condell, Esq.; and attorneys for the Committee Otterbourg, Steindler, Houston & Rosen, P.C., 230 Park Avenue, New York, New Yoik 10169 Attn Scott l' Hazan, Esq., so as to be received no later than 1:00 P.M., July 2,1998 ' ' By Order of the Court Is/ Hon. Jeffry H. Gallet United States Bankruptcy Judge The Alexander Hamilton Custom House One Bowling Green York, New York 10004-1406 Parker Chapin Flattau & Klimpl, LLP 1211 Avenue of the Americas New York. New York 10036 Attn: Henry Condell, Esq. (212) 704-6000 #115801