No Foreclosure for Camp Cooley Ranch.
On Monday, June 20, 2011, the United States Bankruptcy Court for the Western District of Texas granted Camp Cooley Ltd.'s request for an injunction preventing Amegy Bank from foreclosing on Camp Cooley Ranch and permitting Camp Cooley to proceed with an auction sale of the Ranch to be held in August 2011 pursuant to Section 363 of the Bankruptcy Code. Alternatively, prior to the date of the auction, Camp Cooley may, at its discretion, designate a stalking horse bidder or elect to sell to a designated buyer in a sale approved by the Bankruptcy Court.
What does this mean to you as a prospective buyer of the Ranch?
A. Camp Cooley Ranch will not be foreclosed upon on July 5th, 2011.
B. If the ranch has not sold or an offer has not been accepted prior to August 3rd 2011 then the Ranch, minerals and various assets will be sold to the highest bidder at an internationally advertised Auction scheduled for the first week of August 2011.
Any buyer now has three different opportunities or processes under which to buy Camp Cooley Ranch.
1. Qualify and competitively bid by invitation at Auction at the Ranch in August.
2. Or submit and negotiate a Farm and Ranch Earnest money contract acceptable to Camp Cooley prior to 5 pm, July 15th 2011, requesting designated buyer status. (Protects buyer from potential of overbid in bankruptcy court of an already accepted contract)
3. Or submit and negotiate by 5 pm, July 15th 2011 a Stalking Horse bid which incorporates protections and breakup fees that is accepted by Camp Cooley.
The Auction will be held by a nationally recognized auction company and held at the ranch. The auction will be for the surface, and mineral interests.
Additionally, various non-fixed assets, equipment, machinery, vehicles', tractors, hay equipment, irrigation equipment, office equipment, furniture, personal property and other inventory will be available and offered for sale at auction after the sale of the surface and minerals (at a date and time TBA).
There will be more information to follow and also available on request. All inquiries are to be directed through Bernard Uechtritz, Great Estates Ranches and Real Estate, an Affiliate of Texas Farms and Ranches.