Posted by Nike on July 18, 2005 at 08:09:49:
It shouldn’t be a problem if one of the officers is deceased–the title company is likely protecting against any future challenges by parties of interest. The problem seems to be that the corp. went through ch. 7 liquidation yet the Trustee failed to liquidate all the assets. Getting the bk. Trustee to sign deeds is the key and you’ve done that.
Are you talking to any former officers? What was their title? Your original question was about buying stock but it looks like there’s no need now-? It’s cleaner to buy the assets. Post back on your progress. Good luck
Anybody ever bought a corp. for it’s assets? - Posted by michaela-ATL
Posted by michaela-ATL on July 17, 2005 at 09:38:45:
Just wondering, if anybody ever bought a corporation or the shares of a bankrupt corporation in order to get hold of their assets (abandoned real estate)? How did/would you go about it?
Re: Anybody - Posted by Nike
Posted by Nike on July 17, 2005 at 10:55:36:
Yes. You’ll need an attorney. You can do an asset purchase or a stock purchase. Why not just purchase the assets? If you need to purchase the stock you should consider setting up a corp. to buy the shares. You need to confirm what you’re buying—assets and liabilities (is the corp. current with taxes, including payroll taxes?). Is the corp. in bk. now? If yes, what has the debtor corp. valued the property at (look at the Scedule A)? The Trustee will likely confirm the market value. If the bk. has been discharged you may need to bring a quiet title action to clear title–your attorney can help you sort this out.
Once you sort things out you need to make an offer to the shareholders or to the bk. court (if it’s in bk.).
Re: Anybody - Posted by michaela-ATL
Posted by michaela-ATL on July 17, 2005 at 11:41:35:
The final decree fort he corporation was in 2002. I have a certified copy. The trustee’s file has been destroyed (by law they’re allowed to destroy it after 2 years). The Bankruptcy trustee is willing to sign quitclaim deeds. Title company needs quitclaim deeds from original corporate officers.
I have an appointment at our local archives tomorrow to go through the Bankruptcy file and find out who the officers were. I will then ‘hunt’ them down. How do you hadnle it, if one of them died in the meantime? I understand, that he was very old in the early 90’s and kind of sickly. Does it only take the others then?