Within 21 days of being hired, Keen-Summit Capital Partners LLC successfully solicited a $1,630,000 stalking horse contract for the turn-key sale of all of Organic Avenue LLC’s assets. Thereafter, at a spirited live auction four days later, on Friday, November 20, 2015, the chapter 7 bankruptcy trustee, Jil Mazer-Marino, Esq., declared Arrow Equity Fund, LLC’s $1,705,000 bid to be the highest and best offer. The sale to Arrow Equity was approved by an Order of the U.S. Bankruptcy Court for the Southern District of New York on November 24, 2015, 29 days after Keen’s retention. The sale to Arrow Equity closed today, 38 days following Keen’s retention.
From nineteen prospects who had executed confidentiality agreements, Keen solicited a total of eight bids for all or a portion of Organic Avenue’s assets. The November 20, bankruptcy auction included competing bids from retailers, an investor in intellectual property, machinery and equipment bidders, and landlords.
After the auction, Jil Mazer-Marino, the chapter 7 trustee, stated, “Keen and my legal counsel at Meyer, Suozzi, English & Klein, P.C., worked diligently and handled the process skillfully. As a result, we had an unexpectedly high level of interest at the auction, notwithstanding the limited time that we had to market the assets. I think this is a great example of how efficient and effective the bankruptcy sale process can be.”