They'll come around...there is little choice.
http://lansner.ocregister.com/2012/05/22/agreement-expected-for-sale-of-bankrupt-villa/162961/
Agreement expected for sale of bankrupt villa
An agreement should be reached in a matter of days to resolve objections raised by the Irvine Co. to the $18.5 million sale of the bankrupt 1 Pelican Hill estate in Newport Coast, the property?s lawyer has said.
Both the Irvine Co. and the high bidder at a recent auction to sell the property are expected to support the proposed solution, clearing the way for the sale to go before a bankruptcy court judge on May 31.
?It?s just a matter of sitting down with the Irvine Co.?s lawyer and basically word-smithing a solution to a problem we both want to solve,? said Sean O?Keefe, attorney for the partnership that owns the Newport Coast estate. ?We will reach an agreement. I have confidence we will.?
During an auction last month, Japanese-American industrialist and newspaper publisher Toshiaki Ogasawara made the winning bid of $18.5 million to buy the unfinished estate.
But on Friday, the Irvine Co. filed a last-minute objection to the sale ?free and clear of liens and encumbrances.?
The objection said the transfer could eliminate provisions dating back to the June 2003 purchase by the property?s developers setting minimum design and construction standards and requiring that construction be finished before the property is resold.
The objection listed eight sets of covenants, conditions and restrictions in the initial purchase contract. A ninth condition gives the Irvine Co. a ?right of first refusal? to repurchase the property if owners default.
