A court-appointed receiver sought approval of a sale of the corporate defendant’s convenience store assets for $140,000 following a marketing process.
One shareholder opposed the sale and sought to cancel it, discharge the receiver, and regain control of the business, arguing the price was below market value and the sales process was flawed.
Applying the principles governing approval of receiver sales, including the factors from Soundair, the court held the receiver had acted reasonably and in the interests of stakeholders.
The competing offer lacked a deposit and contained significant conditions, while the approved offer was firm and supported by the secured creditor and the other shareholder.
The court approved the sale and dismissed the defendants’ motions to stop the transaction and remove the receiver.
