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The Court Order appointing the receiver authorized Larry Patrick to take control of the three named FM radio stations, and to "solicit offers for the sale of Defendants’ Radio Stations’ assets." However, that appointment order did not give Mr. Patrick control of the business entities.
While the receiver, retired Miami-Dade Circuit Court judge Alan Fine, says the auction is necessary to raise cash to pay back some of the $83.5 million owed to creditors, lender Altamar Financial ...
The main strip mall within the shopping center is in court-ordered receivership due to defaults on bank loans. ... The sale didn’t include The Home Depot or Target properties, which are owned by ...
The terms of the court-ordered bankruptcy would override the terms of the receivership. On the other hand, companies facing seemingly insurmountable debt can use a receivership to avoid bankruptcy.
In law, receivership is a situation in which an institution or enterprise is held by a receiver – a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" – especially in cases where a company cannot meet its financial obligations and is said to be insolvent. [1]
The defendants argued that the agreements contained clauses that required disputes to be submitted to arbitration, [7] while the plaintiffs stated that, as a court-appointed officer, the Receiver was not bound by the debtor's contracts, and could seek the direction of the court in order to achieve the objectives of the Bankruptcy and Insolvency ...
The same judge on Monday ordered that constables in Fort Bend County, Texas, accompany the court-appointed receiver to Peterson’s home when he shows up to seize the assets, according to the ...
A receivership is when an external administrator known as a "receiver" is appointed by a secured creditor to sell off a company's assets in order to repay the secured debt, or by the court to protect the company's assets or carry out other tasks. [1]