up to 46 NYC TAXI MEDALLIONS

Auction by: Maltz Auctions

Bankruptcy Auction

up to 46 NYC Taxi Medallions
Minimum of 5 Medallions Will be Sold

Live On-Site Auction

Began: Monday, September 18, 2017 at 11:00 AM EDT

Location: LaGuardia Airport Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369

Details

Click on any image to view larger.

Bankruptcy Auction  United States Bankruptcy Court Eastern District of New York

In Re: Hypnotic Taxi, LLC, et al. – Case # 15-43300 (CEC) – Jointly Administered

 

up to 46 NYC Taxi Medallions
Minimum of 5 Medallions Will be Sold

 

Bidders May Present Bids on One, Multiple or All Medallions

 

Auction Date & Time: Monday, September 18, 2017 at 11:00 am (Registration commences at 9:30 am).  Only Qualified Bidders as defined in the Terms & Conditions of Sale are qualified to participate.  

Auction Location: New York LaGuardia Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369.

 

Details:

  • Gregory Messer, Esq., was appointed as Chapter 7 Trustee for the Debtors’ jointly administered bankruptcy estates of Hypnotic Taxi LLC et al.  Each Debtor entity owns two or three Medallions for an aggregate of 46 Medallions issued by the New York City Taxi and Limousine Commission (TLC). 

     

  • The Trustee has 34 Non-Restricted Medallions, 6 Alternative Fuel/Hybrid Medallions and 6 Handicap Medallions

     

  • The Trustee has the authority to sell up to 46 Medallions, with a minimum of five Medallions being sold in this auction.

     

  • This is a two-step bidding process: i) the first step is the submission of binding sealed bids; and ii) the top 7 highest or best multiple medallion bids “Bulk Bids” and the top 25 highest or best individual medallion bids “Individual Bids” will be invited to the live auction.  

     

  • Bidders May Present Bids on One, Multiple or All Medallions

     

  • Bid Submission Documents are Attached Under the “Documents” tab on Right Side of this Page  

     

  • Please Call Richard Maltz at 516.349.7022 x 202 with Questions or to Discuss Stalking Horse Opportunities

 

Overview of Sales Process: This is a two-step bidding process.  The first step is the submission of binding, sealed bids that are due Monday, September 11, 2017.  The top 7 highest or best Bulk Bids and the top 25 highest or best Individual Bids will be invited to bid at the live auction (subject to the Terms & Conditions of Sale approved by the bankruptcy court) on Monday, September 18, 2017.  Please Note: If two equivalent bids are received, the best bidder will be identified as the first bid received.

Sealed Bid/Bidder Qualification Deadline: Monday, September 11, 2017 before 1:00 pm.  Required Bid Documents (Signed Terms and Conditions of Sale & Bidder Identification and Offer Form) and 15% Deposit (cashier’s check) must be included for consideration.  See attached Terms & Conditions of Sale for details or call David Constantino (x205) or Richard Maltz (x202) for additional information. 

Sealed Bid Delivery Location: Richard Maltz, Maltz Auctions, Inc., 39 Windsor Place, Central Islip, NY 11722; with copies to LaMonica, Herbst & Maniscalco, LLP, Attn: Jacqulyn S. Loftin, Esq., 3305 Jerusalem Avenue, Suite 201, Wantagh, NY 11793.

Auction Date & Time: Monday, September 18, 2017 at 11:00 am (Registration commences at 9:30 am).  Only Qualified Bidders as defined in the Terms & Conditions of Sale are qualified to participate. 

Auction Location: New York LaGuardia Marriott Hotel, 102-05 Ditmars Boulevard, East Elmhurst, NY 11369.

Terms & Conditions of Sale: Medallions are sold free and clear of all monetary liens.  All prospective bidders must include a cashier’s check in the amount of 15% of the bid amount made payable to “Gregory Messer, Chapter 7 Trustee”.  The Trustee reserves the right to require potentially qualified bidders to bring an additional deposit (cashier’s check) to the live auction to increase their respective deposit to a total of 15% of the highest sealed bid.  Please download the complete Terms & Conditions of Sale. 

Buyer’s Premium: A six (6%) percent Buyer’s Premium will be added to the Successful Bidder’s high bid to determine the contract price to be paid by the Successful Bidder.

Buyer Broker Participation: A two (2%) percent commission will be paid to any properly licensed New York City Medallion Broker who registers a successful buyer in accordance with the Buyer Broker guidelines.  Please download the Broker Participation form for details.

 

Gregory Messer, Esq., Chapter 7 Trustee
LaMonica Herbst & Maniscalco, LLP, Attorneys for the Chapter 7 Trustee
Richard B. Maltz, Auctioneer DCA# 1240836
David A. Constantino, Auctioneer DCA# 1424944
Richard B. Maltz, Licensed Real Estate Broker
 Phone (516) 349-7022  Fax (516) 349-0105 


The Medallions are being sold “AS IS” “WHERE IS”, “WITH ALL FAULTS”, without any representations, covenants, guarantees or warranties of any kind or nature, and free and clear of any liens, claims, or encumbrances of whatever kind or nature, with such liens, if any, to attach to the proceeds of sale in such order and priority as they existed immediately prior to the Closing. By delivering their respective Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the Medallions, the state of title thereof and laws, rules and regulations applicable thereto, and will rely solely thereon and on their own independent investigations and inspections of the Medallions in making their bids. Neither Maltz, the Trustee, the Attorney for the Trustee nor any of their collective representatives makes any representations or warrantees with respect to the permissible uses of the Medallions.  All Bidders acknowledge that they have conducted their own due diligence in connection with the Medallions and are not relying on any information provided by Maltz, the Trustee, the Attorney for the Trustee, or their professionals.  The information contained herein was derived from sources deemed reliable, but is not guaranteed.  Most of the information provided has been obtained from third party sources and has not been independently verified.  It is the responsibility of the Buyer to determine the accuracy of all components of the sale and Medallions.  Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Medallions.  All prospective bidders are urged to conduct their own due diligence prior to participating in the Public Auction.  Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.

AuctionServices