Will Ben Johnston bid on these Cosworth XF engines for his Green Prix USA series?
The Chapter 7 Trustee for the Bankruptcy Case of Champ Car World Series, LLC has filed a Motion with United States Bankruptcy Court in the Southern District of Indiana, Indianapolis Division, Case No. 08-02172-AJM-7 to Approve Bidding Procedures and to Approve Asset Purchase Agreement and Sale.
In summary, the sale proposed by the Trustee will be for 93 Cosworth Engines from the Champ Car World Series Races, for a cash sale price of $250,000.00 "as is, where is." The minimum overbid is $275,000.00 and minimum bid increments of $5,000.00 thereafter.
The Trustee is in possession of 18 of the engines-the Trustee will obtain orders from the Bankruptcy Court directing the third parties in possession of the remaining engines to deliver them to the Trustee and/or buyer.
A hearing on the Bidding Procedures is set for November 18, 2008 at 10:00 a.m. and a hearing on the Asset Purchase Agreement and Sale (and any competitive bidding) is set for November 25, 2008 at 10:00 a.m., in the United States Bankruptcy Court, Room 311, U.S. Courthouse, 46 E. Ohio St., Indianapolis, IN 46224. Orders and Notices of the Hearings, as well as a copy of the Motion to Approve Asset Purchase Agreement and Sale, with an Asset Purchase Agreement Attached as Exhibit "A," which contain the details of the proposed sale and other important additional information, are found at this link.
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