(a) “Private Sale” Defined
A “private sale” is the sale to a specific entity on terms that are fixed at the time the Motion to Sell is filed, with no consideration of competing bids.
(b) Contents of Motion: All Chapters
A Motion to Sell by private sale shall have attached a copy of the agreement and identify:
(1) the property to be sold;
(2) the amount of a claimed exemption in the property;
(3) the prospective purchaser ("Prospective Purchaser");
(4) the sales price and an estimate of the net proceeds to be received by the estate, including a deduction for any exemption;
(5) a brief summary of all material contingencies to the sale;
(6) a description of the manner in which the property was marketed for sale, and a description of any other offer to purchase;
(7) a description of any relationship between the Prospective Purchaser and its insiders and the Debtor and its insiders or the trustee;
(8) a statement setting forth any relationship or connection the trustee or the Debtor or its insiders will have with the Prospective Purchaser or its insiders after sale consummation;
(9) a disclosure if the property to be sold contains personally identifiable information and, if so, the measures that will be taken to comply with 11 U.S.C. §363(b)(1); and
(10) if the proposed sale seeks to sell property free and clear of liens or other interests under 11 U.S.C. §363(f), the names of the lien or interest holders.
(c) Contents of Motion: Additional Requirements in Chapter 11 Cases
A Motion to Sell by private sale in a Chapter 11 case that proposes the sale of all or substantially all of the Debtor's assets shall include, in addition to the requirements in subparagraph (b) of this rule, a summary of the Debtor's debt structure, including the amount of the Debtor's secured debt, priority claims, and general unsecured claims.
(1) Distribution; Contents; Certificate of Service Generally.
The movant shall distribute notice of any hearing or deadline to object to a Motion to Sell, as determined by subparagraphs (d)(2) and (3) of this rule, unless the Court orders otherwise. The notice shall contain all of the information required by subparagraphs (b) and (c) of this rule. The movant shall file a Certificate of Service. The motion, notice, and Certificate of Service may be combined into one document, a sample of which is available on the Court's website.
(2) Chapter 7, 12, and 13 Cases
In a Chapter 7, Chapter 12, or Chapter 13 case, the movant shall provide a 21-day Objection Notice of the Motion to Sell, unless the Court orders otherwise.
(3) Chapter 11 Case
In a Chapter 11 case, the movant shall contact the courtroom deputy to obtain direction as to whether the Court desires a notice with opportunity to object to the Motion to Sell or a hearing notice. The movant shall distribute the notice and file a Certificate of Service.
(e) Report of Sale
The movant shall file a report of sale under Fed.R.Bankr.P. 6004(f)(1)within 14 days of the later of the completion of sale under this rule or the last scheduled sale date, should the transaction fail to close.