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On September 14, 2006 at 10:00 a.m. (Eastern), the membership interests of IMA Real Estate Fund, LLC ("IMA") in three real estate development projects in the Los Angeles, CA area will be sold as a single package in a bankruptcy court auction (the "Auction") to the highest bidder as described in the Bid Procedures available below. IMA's interests represent limited liability company interests, and the managing member interests are held by GTO Development LLC of Los Angeles. The three projects are known as GTO Manchester, GTO Hollywood, and GTO Lake Arrowhead. To participate in the Auction, bidders must submit in writing a "qualified" bid as defined in the Bid Procedures no later than three business days prior to the Auction. Participation in this Auction can be in person at Courtroom 1401, Richard Russell Federal Building, 75 Spring Street, Atlanta, Georgia, or qualified bidders may participate telephonically.
The Bid Procedures have been approved by the Bankruptcy Court and will be strictly followed. Other important public documents available for download included below are the Membership Interest Purchase Agreement and the Operating Agreements for the three projects which the highest bidder will be required to execute at closing. The three operating agreements are each large documents in excess of 100 pages, and they include exhibits which provide important details regarding each project.
This brief summary is presented only for the purpose of providing potential bidders with a preliminary understanding of the transactions and to help navigate this website. They are not intended to preclude a careful review of the documents themselves. The Bid Procedures and other documents presented for downloading below provide extensive details regarding the projects and, along with the Bankruptcy Court, will govern the processes for the Auction.
The Chapter 11 Bankruptcy Trustee who will oversee the Auction on September 14, 2006 is Bill Perkins, and he may be contacted by phone at (404) 875-5645 or by email at bperkins@wghays.com. John Mills of Kilpatrick Stockton LLP is the Trustee's counsel, and may be contacted at (404) 815-6183 or jmills@kilpatrickstockton.com.
Available Downloads
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