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Stalking horse bid and sale process approved in marina receivership.
In a commercial receivership, the receiver sought approval of a stalking horse agreement and a court-supervised sales process for substantially all of the debtor companies' marina business assets.
Certain mortgagee creditors objected to the inclusion of two properties on the basis that the allocated purchase price understated fair market value and would not satisfy their registered charges.
The court held that the broader interests of creditors and stakeholders in preserving and selling the business as an operating marina outweighed those concerns at this stage, approved the stalking horse offer and sale process, and deferred any final determination about inclusion of the disputed properties to the ultimate sale approval motion under the applicable sales approval framework.
The court also granted a sealing order over commercially sensitive appendices and approved the receiver's reports and conduct.
