of certain assets located in Florida. In particular,
the debtors are seeking approval of the sale
of real property located in Panama City Beach
and St. Augustine, Florida, which is where the
debtors' golf world and marine land facilities
are located. In addition, the debtors are seeking
approval of the transfer of three dolphins from
the marine land facility to Theater of the Sea,
which is an educational marine park also located
in Florida. I think we should start with a discussion
about presentation. Last week, after all objection
deadlines had passed and the debtors had resolved
all their then pending objections, we asked permission
for this hearing to be afforded by Zoom to reduce
the logistics and costs of having parties, including
five witnesses from various out -of -state locations,
attend in person. After we filed the agenda for
the hearing, We received seven letters, which
were docketed on Friday afternoon, which I'm
sure that Your Honor has seen, and another that
was docketed this morning. There was insufficient
time to have all parties make travel plans with
less than a full business days notice. We are
prepared today to go forward via Zoom. The letters
that were filed relate only to the marine land
sale, leaving the golf world and the theater
of the sea sales uncontested. I think they relate
to the theater. of the seized sale as well, but
okay. As it relates to marine land, we submit
that while the objecting parties may wish to
have their views known to the court, such parties
do not have standing to object to the sale. None
of them are creditors. factual issues that are
in dispute today. I don't think that anything
that was said in the letters we disagree with,
we have a sale in hand. There are developers
that are the buyers for these locations. And
we are anticipating transferring dolphins. So
I don't think there's any contested factual issue.
I think the issues are surrounding the auction
and who was permitted to... be at the auction
and how the auction took place and how it went
forward. I think there are issues. Your Honor,
to that point, I don't think there's a contested
factual issue with respect to the auction and
the proceedings at the auction. There was no
bid that was submitted by these parties. We have
no APA. I don't think you will hear anything
different from the parties that have submitted
the objection. And the bid procedures expressly
state, without discretion of the debtors, that
those are not qualified bids. So I think that's
a matter of interpreting the bid procedures order.
The debtor has no discretion with respect to
how an auction proceeds. That's not the usual
order. I'll look at this one. Certainly I think
that under the terms of this we could have allowed
the bid if we had thought that it was qualified
or that it needed some tweaking in order to become
qualified or if we thought it was in the best
interest of the proceeding to allow the bid to
go forward. Under the express terms of of the
bid procedures, and I can reference the specifics
if you'd like, where the bid does not satisfy
the conditions for a qualified bid. It is not
a qualified bid, and those bidders are not permitted
to attend the auction. It's on page 11 of the
bidding procedures. parties who have indicated
that they were prepared to work with the debtors.
I want to understand about the timeline for this
sale. I want to understand about what considerations
the debtors put into determining when this particular
auction should go forward. I will say that the...
for future... What the papers that are put in
front of me didn't provide me are any Specifics
about a particular properties a particular property
that was for sale Each debtors property is unique
as I understand it There was nothing in front
of me in these motions that told me for example
That the property in st. Augustine is the Seaquarium,
that it has, if I've got it right, that it has
in it a scientific research aspect. Is it operating?
Is it not operating? What is happening with all
of the animals in that facility? Is there a group
that's interested in trying to save it, as opposed
to... Another facility that's closed down is
not operating. There are no animals. That's a
pure real estate deal. Maybe this one isn't.
So I got nothing of that. I knew nothing of that
until I read the objections. So in the future,
when you come to me with a sale of properties,
I want to know about them. I want to understand
what they are, the debtor's efforts with respect
to them, so I can understand the picture of what
is happening. But for purposes of today, we probably
should go forward with the Gulf World property,
which does seem to be a pure real estate play
and which I think there are no objections to.
The other thing that would be helpful is to not
relate everything back to the bid procedures
motion, okay? Because that's going to be every
property's end. I had to pull them apart. I had
to figure out which objection with which asset
purchase agreement and try to pull it together.
So it would be helpful not to relate them back
to just the generic bid procedures motion. but
to relate a particular objection to a particular
uh subsequent here notice of filing of something
so that it can be pulled together but i think
i've pulled it together correctly and i believe
that there are no objections to uh the panama
city florida golf world property there are i
will hear them but i don't think there are I'd
like to make sure I understand what that property
is in connection with the sale and I didn't see
that in any of the declarations and I just want
to make sure I understand what this property
is. If what I've heard is consistent with your
view, I think how we would proceed today is that
we would put our declarations into evidence.
In particular, I think we'll need that for the
Gulf World sale, and I don't think there's any
objections there. If there is someone that wishes
for more information about theater this year,
the Gulf World, we can address that. Me. I want
the more information. Okay. After we walk through
it, I'm happy to do that. And then we'll see
where we are. And if you think that we need some
additional information or there needs to be someone
in person or what have you, we can address that
at the time. another for the future. I would
like a separate declaration for each property.
If there were three like here at the auction
I want a separate declaration on each one. Again
to be able to pull it together and know what
relates to what. I view each of these properties
as separate. These three were auctioned separately.
I want one declaration for each one in the future.
All right. With that, Your Honor, before we move
into the summary of the cell process, which we
are prepared to do, let's address the declarations
and evidentiary record. We have five declarants
that are appearing via Zoom. The debtors have
filed five corresponding declarations at docket
numbers 632 through 635 and 638. Those are Mr.
Carr's declaration and and that is with respect
to the Gulf World transaction at Panama City
Beach. Hugh Jackson's declaration, which is at
dock at number 633, which is for the Theater
of the Sea sale. Harold Boardwin, he is the debtor's
real estate broker, and his declaration is at
634. at number 635. And the Wagstaff declaration,
Mr. Wagstaff is the Debtors Chief Restructuring
Officer, and that's at declaration, or excuse
me, docket number 638. We ask that the debtors'
declarations be admitted at this time as a direct
testimony in support of the sales. And in addition,
Your Honor, and I can pause if you'd rather,
we would also ask that the affidavits of service
found at docket numbers 466. 471, 495, 498, 527,
533, and 581 be admitted. I prefer not to do
it in this, again, sort of global fashion, treating
everything as if it comes in with respect to
every property, which it does not. Let me...
With respect to the golf world property... That
is Mr. Carr's declaration that is specific only
to that property. It's document number 632. It's
specific to the Panama City Beach sale, which
is the Gulf World transaction that is uncontested.
Yes. Does anyone have any objection to Mr. Carr's
declaration coming into evidence in support of
the Gulf World? property. I hear no objection.
That declaration is admitted. With respect to
Mr. Fordman's declaration, does anyone object
to it coming into evidence for the purposes of
the Gulf World property? I hear no one. It is
admitted for that property. Does anyone object
to Mr. Wagstaff's declaration coming into evidence
for purposes of the sale of the Gulf World property?
I hear no objection. It's admitted for that purpose.
Those are the only three declarations, correct,
for Gulf World property? The other two go to
other properties, correct? That's correct, Janet.
Okay. So those three are admitted. Let me ask
this question. Is there anyone that is objecting
to the sale of the Gulf World property? I hear
no one. So let's proceed with that one, and I
would like to understand and make sure I understand
the nature of this property as well as the auction
and the sale. Okay, I know that you're a hard
copy fan. I brought hard copies of the affidavits
of service as well, if that's helpful for you.
Oh, I forgot about the affidavits of service.
No, I will admit those into evidence, certainly
for purposes of this sale. All right. So Your
Honor, to set the stage for the debtor's sales,
I'll briefly summarize the sale process that
led up to the proposed transactions, and then
I'll summarize the material terms of the sale.
I can go through each of the material terms for
all of the sales or just make a call for all
of them? No, just one call for all of them. Okay.
Well, as the court well knows, the debtors began
these cases in a precarious position. Having
long been in default under their pre -petition
loan agreements, the debtors were operating on
fumes. and required a substantial cash infusion
to continue operating. The debtors initially
focused on obtaining the necessary post -petition
financing that was necessary to finance the cases,
which also included caring for the animals. Ultimately,
that dip financing was approved in the amount
of up to $43 million in new money loans. After
engaging in a substantial amount of litigation,
as this court was... and other issues, the debtors
stabilized their operations domestically and
as best as possible in Mexico, and then commenced
a sale and marketing process for all of their
assets. Initially, the debtors focused on their
domestic assets located in Florida. As Your Honor
heard, a little over a week ago, the debtors
entered into an assignment transaction for the
Miami Seaquarium, which is located in Miami,
and had been working with various interested
parties to obtain the necessary approvals and
were... operational transfer of that facility.
Other than the Miami Seaquarium, the debtors
have three Florida assets. Gulf World, and if
you don't mind, Your Honor, I know that you don't
want me to talk about the others, but when I'm
maybe talking about the marketing process generally,
it all sort of overlaps. So I'll kind of reference,
at least for you to frame it, what the operations
are, where the assets are, that kind of thing.
So there's three facilities, other than the Miami
Seaquarium. It's Gulf World in Panama City Beach,
Marineland in St. Augustine, and the Dalton connection
in Duck Key. The debtor's investment banker and
real estate broker, Green Hill, which is the
investment banker and King's Summit, the broker,
respectively conducted the marketing of the Florida
assets. Some of the assets were marketed as real
estate only transactions. For example, the Gulf
World facility, because the debtors had ceased
operations at that facility. location was marketed
jointly between Keene and Green Hill to buyers
as either a going concern or real property transaction.
And then finally, the Dolphin Connection facility
is a leased location rather than an owned facility.
And Green Hill led the marketing of that facility
as a going concern. Is that the one I approved?
Or is it the second, another one? So, Your Honor,
that one, which I'll get to in just a second.
The debtors obtained some interest in that area,
but determined to adjourn the auction as to that
particular facility. Given that it is a going
concern facility, there are some substantial
licensing and regulatory issues and challenges
with the transition. And so we've been working
with various parties to see if we could get a
bid that would be actionable at a value that
makes sense. Objection deadlines for these assets,
which we're calling the other Florida assets,
was established as October 6th, 2025. The auction
was scheduled for October 13th, 2025. And the
deadline to object to the auction was established
as October 16th, 2025. The bid procedures order,
including the bid procedures, were served on
the notice parties identified in the bid procedures
order. That included the entire creditor matrix,
which in my experience is actually a little unusual.
So it went to the whole creditor body, contract
counterparties, anyone expressing an interest
in the assets, and various regulatory and governmental
authorities, including the ones that were identified
and attached to the back of the bid procedures
order. For their part, Keen and Greenhill teams
created and refined marketing materials for the
assets, including a confidential information
memorandum, which was provided to interested
parties. The Keen Team coordinated drone and
exterior photography, which was used for marketing
materials and property listings, and those were
sent directly to strategic buyers and then provided
to parties in interest. That was done both regionally
and also nationally. The Keen Team published
print advertisements of the sales in various
regional print publications. including the Miami
Herald. And in addition, electronic marketing
materials and various publications were circulated
through digital advertisements, internet listings,
industry publications, and various newsletters.
Keen also coordinated a mass email publication
to more than 20 ,000 individual parties from
Keen's own proprietary database, as well as using
some commercial real estate software. These efforts
led to strong engagement. The debtors tracked
the views of the electronic marketing materials
and confirmed that we received tens of thousands
of views for these assets. More than 180 parties
executed a confidentiality agreement to access
the first full data room and to conduct due diligence.
And both the Keen and the Greenhill teams engaged
extensively with parties regarding various aspects
of the assets and the proposed transactions.
to establish baseline bids and in consultation
with the consultation parties, which in this
case are the various lenders as well as the council
for the official committee of unsecured creditors.
The debtors selected stocking horse bids for
both the Gulf World and the marine land properties.
We did that so that we could go into the auction
with a floor price for the assets. entering into
the stocking horse bids, the debtors received
bids in excess of those bids for each of the
facilities. As mentioned, with respect to Dolphin
Connection Facility, we received several bids
at very low values for certain of the bids. For
one of the bids, it was an interesting proposal
that we believed was important to continue to
discuss, so that has been adjourned. particular
party, but it is also wrapped up in the objection.
So hearing Your Honor wanting to separate these,
I'll pause and we'll come back to that. The debtors
proceeded to auction. We did the auction together.
We proceeded in two lots and we started the auction
with the auction for Marineland. Given that Your
Honor would like me to segregate these, I'll
move on to the Gulf World segment of that auction.
The starting bid was at 3 .5 million, and after
five rounds, By the Sea Resorts, which was the
stocking horse bidder, was designated the successful
bidder with a final cash bid of 4 .55 million.
Following the conclusion of the auction, the
debtors filed notices of successful bidders,
proposed sale orders, and executed asset purchase
agreements, which can be located at docket numbers
582 -603 -629. As I mentioned, it's a real property
sale. There are no dolphins located on that facility.
The successful bidder is By the Sea Resorts,
Incorporated, which again was the stocking horse
bidder for the successful price, all cash price
of $4 .55 million. The closing of the sales are
contemplated to take place promptly. All of the
sales are subject to a broker fee for Keene and
Greenhill. In this instance, because specifically
Gulf World is just a real property sale, the
fee is for Keene at 3 .5%. I'll speak to the
general sale objections that we received putting
aside the letters that were filed on Friday and
Monday. The debtors received three timely responses.
One was an informal comment from the Office of
the United States Trustee, which we resolved
with revised language to the proposed sale orders.
We also received a cure and assignment reservation
of rights from the Landlord to the Dolphin Connection
Facility, which obviously is not going forward
today. And an objection from Tradewinds, which
is a judgment creditor of Controladora Dolphin,
which is one of the debtors. and trade winds
withdrew its objection per docket item 628. I'll
just point out with respect to the Boardwind
Declaration, Mr. Boardwind's testimony is that
the debtors ran a fair and extensive and thorough
sale process, that there was no collusion, that
the auction was ran in a fair manner. The parties
had the opportunity to have counsel present.
None of the bidders are affiliates or are related
to the debtors or any of their prior management.
Mr. Wagstaff's declaration, the testimony there
is that the debtors considered all of the bids
in the circumstances. The debtors determined
in their reasonable business judgment that the
sale was in the best interest of the debtors
in their states. And that the debtors have to
requisite corporate authority to enter into and
finalize the transactions. If you don't have
some further questions, that is the presentation
for Call the World. Okay, I would like to make
sure I understand this facility. Is it closed?
It is. Okay. You said there are no dolphins there.
Are there any other animals there? No, you are
not. Okay. So this is just a pure real estate
deal. Yes. I understand there are some co -tenants
that have an interest in certain of the parcels
that are also being sold, and that's all consensual
as well. That's right. Co -tenant is the word
that we used younger. I think off the top of
my head, I can't remember, it's five or six,
but there are a certain number of parcels that
make up the Gulf World facility or property.
Two of those parcels are 50 % owned as tenants
and co -tenants. common with this other entity
called Flipper LLC. And Flipper LLC agreed to
a purchase price to sell its portion of that
parcel, which is in the APA. And so it is transferring
its interest to the buyer in connection with
the transaction. OK. And is Flipper LLC a related
entity or not? Are there any open issues with
respect to representations that have been made
or anything that needs to be resolved before
closing can happen? No, as far as I'm aware,
Your Honor, we're prepared to close as soon as
all of the title documentation and deeds and
everything are ready. Okay, would anyone else
like to be heard with respect? to the sale of
the golf world property. Okay, I'm prepared to
approve the sale of the golf world property.
to buy the sea resorts. It was a successful bidder.
I'm also prepared to approve the Crotty Company
LLC as the backup bidder with respect to this
particular property. The declarations that have
come in show that as to this property, it was
marketed. An auction took place. There were rounds
of bidding. The purchase price has increased
from $3 .5 million to $4 .55 million. There's
no suggestion of any type of collusion or other
concern with respect to the auction. And the
declaration of Mr. Carr. supports the fact that
I'm being asked to make that the buyer is a good
faith purchaser as that term is used for purposes
of sales in the bankruptcy context. He specifically
also testifies in his declaration that the debtor
is not. He's not a buyer is not affiliated with
the debtor in any way shape or fashion The I'm
prepared to say that the price that has resulted
from this auction is a fair price Given the market
and given this facility and There are no objections
to this particular sale which is a pure real
estate sale of a closed facility. So I am prepared
to enter that order. Let me see if I have any
questions with respect to the actual order. They
do. On page 4 of the order, paragraph C, there's
a reference to 365. Okay, there are no, just
confirming, there are no contracts that are going
with this. Okay. I think that's the only place
I saw that and assumed it was discussed over.
The question I have is why are we incorporating
my findings on the bid procedures order here?
John, I don't think it's necessary. You've made
them once. Sorry. I don't know that we need them
in the order as well. Okay. Paragraph five. I
don't know that I'm approving the purchase agreement.
as much as I'm authorizing the debtor to enter
into the purchase agreement, which I think is
paragraph 6. Okay, and paragraph 15. This might
have prompted the question. I remember reading
this. Just again, there are no... conditions
precedent to closing that you're aware of that
are unfulfilled. I think this refers to purchase
price has been obtained, and cash has actually
been transferred, the title and date have been
finalized, those kinds of things. It is a fact
that there are conditions to close such as that,
but they are not things that we would not expect.
Is this relevant to this particular sale or how
is it relevant? But I don't know that I feel
strongly about it, given that I don't think that
there's really any applicability to this particular
cell. Okay. Well, before submitting your revised
order, why don't you check with the buyer on
that? And if it's relevant to something, I'll
keep it in. I put in myself to determine what
it might be relevant to. Understood. purchase
agreement may be modified. The last, it says
provided that any such modification does not
have a material effect, does not conflict with
the order, and prior written notice of such modification
is provided by the debtor to the affected parties.
Who would they be? We shouldn't be affecting
third parties by modifying this agreement. I
also usually require something that says your
modification cannot impact third parties because
it just can't after the fact. So that's why I'm
not quite sure what this is getting to. If the
parties want to amend something, I don't know
what it would be here, that would not have a
material adverse effect on the debtor's estate,
conflict with this order, or impact third parties,
I'm fine. Are you suggesting that we revise the
provision and require written notice through
parties and delete that piece? Yes, I think it
just can't impact third parties. If you're doing
something that does something other than that,
then you have to bring something in front of
me, probably more than notice, probably also
an opportunity for a hearing. I don't anticipate
that here. Perhaps we could say it does not impact
third parties without their consent. So if you
submit an order consistent with that, then I
will sign it for the reasons that I have stated.
And let's make sure, yes, that the order clearly
identifies which property it is, which it does.
Thank you. Your Honor, help me help you on how
to proceed. I have an inkling that there won't
be an objection to the testimony that we intend
to submit with respect to marine lands. But I
hear that Your Honor has additional questions
and I don't know if... Objections that have been
filed some of which are. By. Persons who really
have no connection to the case, but. Two of which
at least and I didn't see the one this morning.
So I don't know what it says. I guess I need
to. It's the same thing as the rest of them,
too, Your Honor. It says, please accept a $4
million bid, not a $7 .1 million bid, because
the animals. And I think it's one page. It's
very consistent with the others, the substance
of the others. OK. Well, what I want to hear,
and I'll hear from the objectors, but by way
of evidence, I think you have to put forward
your case that this, which means I need to understand
the facility. I need to understand what's happening.
I need to understand what consideration was given
to a group that would like to preserve the current
state of what's there, of the necessity to go
forward on this timeline with the sale. I need
to understand that. Because this is a unique
facility, at least as I understand from the objections.
And I didn't get any of that from what the debtors
put in front of me. And this isn't just a real
estate play. So it seemed almost cookie cutter,
and this isn't cookie cutter. What I'm hearing
you say is you'd like us to come back at another
time and supplement the record. One thing I want
to make really clear, which may or may not sway,
Your Honor, but we don't have a qualified bid.
We don't have any bid from anyone else. We have
this bid. And it was obtained through an auction
process after 34 rounds of bidding. And so I
hear you'd like a better record and we can come
back and supplement that. Well I think maybe
there's many things that could happen here. And
I'll hear from the objectors if they have any,
I'd like to hear what they have to say. I don't
know whether they can come up with more money
or not. I don't know, this is not just highest
and best, right? It's, I can look at what's...
best overall and we at least have some parties
and a group that was able to get some financing
in what looks like a short time frame. Now if
I had testimony that they've been working together
for six months and And there's no agreement put
in front of you, that's different. But I don't
have that. So I'm just trying to understand what
the situation is here. This is, from what I understand,
a unique property. And it should be viewed in
a one -off situation. What are we doing with
this property? How was this property marketed?
Separate from, for example, the last property,
because they're different. Your honor, I think
that we have a sound hearing on Monday of next
week. I've been working on something, you know,
with these individuals for a long time. I have
nothing in that. I have nothing in that record
with respect to that. We will come back. And
another thing I don't understand is at least
as I read this asset purchase agreement, it's
supposed to close in 30 days. That's right. Okay.
And at least as I read the objections, you can
tell me there are 17 dolphins at this facility.
And there are 1 ,200 other marine species at
this facility. What's happening to them? Your
Honor, part of my presentation today was to talk
about the Asset Purchase Agreement, which is
on the docket. And there is a built -in structure
to allow for a post -closed transition period
of 90 days for transfer of the animals. And that
process is well underway. So you will hear, and
I think it's in Mr. Webb's declaration, that
the debtors believe that that is... patently
reasonable and doable under the circumstances.
And in fact, it's better for the estates for
this to proceed apace because the dip maturity
is the end of the year. We do have limited resources
and it's important that this asset, that the
sale proceeding proceed and close on a reasonably
efficient time frame. Is this facility open?
It is. Is it cash flow positive? It's not losing
money. Well, for now, that is the case, Your
Honor, I believe. Okay. But the Chapter 11 cases,
Your Honor, go, you know, are a huge cash burn
on the estates. And the longer that these operate
and continue to operate, the longer the Chapter
11 cases have to proceed, and the more expensive
it is. And it's extremely expensive, the run
rate. Okay. And none of that. I have none of
that in any evidentiary form. And it certainly
may have something in it, but it didn't leave
that impression on me. Let's put it that way.
I'd like to hear from Mr. Kasavets if you are
on or you are represented by council. I'm on,
Judge. Good afternoon. I did read the submissions
that you have made and others have made with
respect to what I guess I would characterize
as a community coalition backed by a private
family fund who's interested in keeping the facility
open as both a research center and open to the
community. I guess I'm trying to figure out how
real this possibility is. What can you tell me
about your efforts today? That's a good question,
Judge, and thank you for allowing me to speak
to you. We brought on the former manager of Marineland,
and we've created a budget that shows that we
can be successful as a business. The business
model works. We were fortunate to have a contributor
come forward and offer the $4 million, plus,
Judge, $1 .5 million to get us through the next
couple of months, because this is the winter
season, and it's very slow season. But we're
convinced that we can make the model work Partly
because Felicia cook who's the former manager
knows how it works and in 2023 she showed a very
good profit for Marine land we believe we can
do that also What what what happened to us and
I don't want to labor than it we were shut out
We were told by a river on that we were and we
could bid by Michael Flynn. And then two days
later, we're told you can't bid. Not only did
Michael Flynn say we could bid, he said, don't
worry about the APA stuff. We'll take care of
all that when the sale takes place. And that's
all in the documents that we supply to you, Judge.
And as a last of this, we believe we're the only
ones. that can save this facility, this national
historic monument, and save this, and continue
the dolphins home. Some of these dolphins were
born there. We have three generations in terms
of some of these dolphins, and I'm just appealing
to the court to give us a chance. We believe
we can do it. I believe Felicia Cook's online
with us also here today. She's the former manager,
and we also have the rubles online who are the
people who are willing to help us save this.
We're all willing, Judge, not just about marine
land, because marine land is not just the land,
it's the dolphins. We're here to try to save
those dolphins. I'm sorry if I belabored that,
Judge. Let me ask this question. Yes, ma 'am.
The rubles are on the line. Yes, ma 'am. Now,
I'm actually not going to ask a question. What
I'm going to do, because what I really hear in
these objections is that This coalition believes
they were closed out of the auction. And so I
think they'd really like me to reopen the auction.
The question is whether I should do that. And
I think the coalition needs to understand that
the current high bid is in the $7 million. I
think the debtor ought to consider whether to
reopen the auction and work with this group to
see if there's anything that can be done. And
then I would hear the evidence. And I think in
considering that, the timeline is something that
the debtor should consider. And I make no decision
at this time whether this timeline as it existed
was appropriate or not. this group should be
given some consideration. And I'm not saying
they weren't, because I don't know the facts.
But, and I don't know, quite frankly, what's
already been shipped off site. The suggestion
is there is stuff that's already been shipped
off site. Well I hate this because I have everybody
here. I hate to adjourn this hearing. I think
that needs to happen. But I think in the meantime
while it's adjourned there ought to be discussions.
with his wife as a shareholder of a parent and
has potential prior relationship with prior equity
holders and former management and all kinds of
other things that we will certainly present to
you at the appropriate time. All should be considered,
but I'm just saying there's the possibility that
this auction will be reopened. So the debtor
ought to decide how to come back to me and what
it ought to do in the meantime because... On
this record, I'm not going to approve the sale.
Maybe another record. But not on this record.
Mr. Joyce. Good afternoon, Your Honor. Mike Joyce
for Apex Associates. Thank you for allowing me
to be heard, Your Honor. Your honor, Apex is
an entity to be formed to hopefully bid on these
assets and is affiliated, your honor, with some
certain other per se objectors appearing today.
Your honor, I rise just to say that we would
truly appreciate some additional time to participate
in the auction. Apex would, your honor. And I
also wanted to ask, your honor, if the court
was inclined to require the debtors to re -notice
the sale objection. in connection with any further
auction proceedings. Why do we need to re -notice
the sale objection? Well, Your Honor, I don't
want to dig back into the bid procedures and
the sale, or I'm sorry, and the documents. Your
Honor, we had similar difficulty in discerning
deadlines, what assets were being sold, et cetera,
et cetera. And that may be water under the bridge
at this point, Your Honor, and immediately Apex
was a little late to the game. But, Your Honor,
to the extent there was any issues with the auction,
we would want the opportunity to object to this
sale. Okay, well, I thought Apex is the Rubel's
entity, correct? Or is that a different entity?
It is affiliated with the rules, Your Honor.
Okay. And I have an objection. If there's some
supplement to the objection that needs to be
made, that's fine. But Mr. Joyce, in my understanding
now that you represent this, who do you represent?
Ask that question. So I represent the entity,
Your Honor, to be formed to hopefully bid on
these assets. And this has come together in somewhat
of an unusual way admittedly, Your Honor. I think
my clients on a per se basis were attempting
to bid on these assets. They had some difficulty
doing that as you've heard from Mr. Kasowitz
today. And they reached out to me, Your Honor,
albeit with limited time to kind of act. That's
the current situation. Okay. Well, I think it
is helpful that they now have counsel that you
can speak with and coordinate with. And so, Mr.
Joyce, I'm glad that you are representing APEX.
but I would encourage the debtors to consider
all their options between now and then. And that
hearing could turn into a status conference if
the debtors so desire. It could turn into some
other request if the debtors so desire. But I
will continue it to that time. Mr. Joyce, are
you available? I am available on the third round,
yes. And the party should coordinate as to what
that hearing will look like if it's an evidentiary
hearing going forward. This one, yes. Okay. I
think the only other matter that was still pending
is going forward with the fee application. I
don't know if your honor has had a chance to
look at that. We were asked to keep it on the
docket or on the agenda, excuse me. No, I was
going to look at it yesterday, but then I found
out these were contested, and so my time went
towards that. So unfortunately, no, I did not
have the time to look at that. How would you
like us to handle it? It will not be going forward
on the 3rd, but I will review the applications
and let you know if I have any questions.