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MOTION FOR ENTRY OF AN ORDER APPROVING (A) STALKING HORSE BIDDER, (B) REVISED SALE AGREEMENT, AND (C

MOTION FOR ENTRY OF AN ORDER APPROVING (A) STALKING HORSE BIDDER, (B) REVISED SALE AGREEMENT, AND (C 2026

MOTION FOR ENTRY OF AN ORDER APPROVING (A) STALKING HORSE BIDDER, (B) REVISED SALE AGREEMENT, AND (C Preview on Page 1

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The document is a court filing related to the case U.S. Commodity Futures Trading Commission v. Peregrine Financial Group, Inc. and Russell R. Wasendorf, Sr., where the Receiver seeks approval for the sale of real property located at One Peregrine Way, Cedar Falls, Iowa. The motion includes details about the selection of Karlin Real Estate, LLC as the stalking horse bidder with a proposed purchase price of $3,400,000 and outlines customary bid protections including a break-up fee. The document also discusses procedural history regarding allegations against the defendants for misappropriating customer funds and failing to maintain required segregated accounts.

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What is a stalking bidder?

CREDIT BID The stalking horse bidder is the bidder who sets the floor for other bidders to bid against. By establishing a baseline bid, the stalking horse bidder protects the debtor from a situation where it might only receive unreasonably low bids for its assets.

Is a stalking horse bid good?

Most of the time, bidding procedures give the stalking-horse bidder an added advantage over other bidders at an auction. While the creditor committee, appointed trustee, and the court may object to certain terms of the bidding procedures, a stalking-horse bidder can make the bidding process favorable to itself.

What is a bid procedure motion?

Bid Procedures Motion means a motion filed by the DIP Borrower in the Bankruptcy Court setting forth, among other things, the bidding procedures in respect of the Sale Transaction in form and substance satisfactory to the DIP Agent.

What is true about a stalking horse in a 363 asset sale?

The stalking horse bid ensures that the debtor will have a purchaser willing to pay an acceptable price and serves as a starting point against which other potential purchasers must initially bid. If the debtor receives overbids, it will hold an auction.

What is a notice of sale, bidding procedures, auction and sale hearing?

This Standard Document is used to give notice of bidding procedures, the schedule for an auction of assets, and the timeline for a hearing on the approval of a sale of property outside the ordinary course of business under section 363 of the Bankruptcy Code.