Queen’s Seaport Development, Inc. receives $41 mln bid from Real Estate Developer
Santa Monica-based developer, O&S Holdings, LLC, has executed a purchase agreement with Howard Ehrenberg, partner at the Los Angeles-based law firm of SulmeyerKupetz (www.sulmeyerlaw.com) and the appointed Trustee of Queen's Seaport Development Inc. (QSDI) bankruptcy by the Office of the United States Trustee, to acquire the company that oversees the 66-year lease of the Queen Mary and its surrounding 40 acres of mix-use waterfront property for $41 million.
By being first, O&S has assumed the roles as the “stalking-horse” bidder, which means that any other parties interested in participating in the QSDI auction would need to overbid O&S Holdings’ current bid by at least $2.5 million.
“One of our goals when putting the Queen’s Seaport Development Inc. up for bid to qualified buyers was to receive bids which would enable repayment of the debt to the creditors,” said Mr. Ehrenberg. “The $41 million stalking-horse bid from O&S Holdings not only ensures that repayment will be made but also demonstrates that developers recognize the value of the mix-use property surrounding the Queen Mary.” Mr. Ehrenberg has worked closely with Long Beach city’s Steven T. Gubner, Esq. of Ezra Brutzkus Gubner LLP to identify only qualified bidders.
O&S Holdings’ Managing Member Gary Safady believes that “the Queen Mary attraction and surrounding real estate present an unrivaled draw for Southern California tourism, with value yet to be actualized from any prior operators of these assets.”
Founded by Paul Orfalea, the founder of Kinko’s Copies, and his cousin Gary Safady in 1992, O&S Holdings specializes in mixed use commercial developments and currently has more than 9 million square feet in various stages of development across the country.
O&S Holdings signed an unconditional offer with a non-refundable deposit, which will be held in an interest bearing account.
Queen's Seaport Development Inc. filed for bankruptcy protection in March 2005 when the city of Long Beach claimed that Queen’s Seaport Development, Inc. had taken rental credits it wasn’t entitled to take and owed the city millions in back rent.
Mr. Ehrenberg was appointed Trustee in April of 2006 and has since been overseeing the finances and operations of the company.
Mr. Ehrenberg, a partner at SulmeyerKupetz, is a member of the Chapter 7 Bankruptcy Panel of Trustees, appointed by the Office of the United States Trustee, and a state court receiver. He is certified as a Business Bankruptcy Law Specialist by the American Bankruptcy Board of Certification and member of the Los Angeles Bankruptcy Forum, the Financial Lawyers Conference, American Bankruptcy Institute and Council of Certified Bankruptcy Specialists. He is also a member of the Executive Board of the Commercial Law and Bankruptcy Section of the Los Angeles County Bar Association and a former commissioner in the City of Burbank, California.
O&S Holdings, LLC was formed in 1992 by Gary Safady and his cousin Paul Orfalea, the founder of Kinko’s Copies. O&S Holdings and its affiliates own more than 80 properties in the United States, including the 550,000 sq. ft. Louisiana Boardwalk in Bossier City, LA, and is currently developing the 2 million sq. ft. Bridge Street Town Centre in Huntsville, Alabama, the 1 million ft. Bridge Street Town Center in McKinney, Texas and the 5 million sq. ft. Bridge Street Town Center Chicagoland in Illinois. In addition, O&S Holdings is the franchisee of the Westin Huntsville, the Westin Heavenly Spa, the Westin McKinney and the developer of Monaco Pictures.
SulmeyerKupetz is a Los Angeles-based law firm that specializes in bankruptcy, business reorganizations, litigation and commercial collections. Established in 1952, SulmeyerKupetz has vast experience representing a variety of clients in all aspects of insolvency proceedings, including out-of-court debt restructurings, negotiation and implementation of complex Chapter 11 plans, debtor-in-possession financing, acquisitions and asset sales for distressed businesses, and bankruptcy litigation. The firm represents both secured and unsecured creditors, lessors, creditors' committees, debtors, governmental entities, trustees and receivers. The firm also serves as local counsel on cases being managed outside of California. For more information, please access the company's Web site -- www.sulmeyerlaw.com.
By being first, O&S has assumed the roles as the “stalking-horse” bidder, which means that any other parties interested in participating in the QSDI auction would need to overbid O&S Holdings’ current bid by at least $2.5 million.
“One of our goals when putting the Queen’s Seaport Development Inc. up for bid to qualified buyers was to receive bids which would enable repayment of the debt to the creditors,” said Mr. Ehrenberg. “The $41 million stalking-horse bid from O&S Holdings not only ensures that repayment will be made but also demonstrates that developers recognize the value of the mix-use property surrounding the Queen Mary.” Mr. Ehrenberg has worked closely with Long Beach city’s Steven T. Gubner, Esq. of Ezra Brutzkus Gubner LLP to identify only qualified bidders.
O&S Holdings’ Managing Member Gary Safady believes that “the Queen Mary attraction and surrounding real estate present an unrivaled draw for Southern California tourism, with value yet to be actualized from any prior operators of these assets.”
Founded by Paul Orfalea, the founder of Kinko’s Copies, and his cousin Gary Safady in 1992, O&S Holdings specializes in mixed use commercial developments and currently has more than 9 million square feet in various stages of development across the country.
O&S Holdings signed an unconditional offer with a non-refundable deposit, which will be held in an interest bearing account.
Queen's Seaport Development Inc. filed for bankruptcy protection in March 2005 when the city of Long Beach claimed that Queen’s Seaport Development, Inc. had taken rental credits it wasn’t entitled to take and owed the city millions in back rent.
Mr. Ehrenberg was appointed Trustee in April of 2006 and has since been overseeing the finances and operations of the company.
Mr. Ehrenberg, a partner at SulmeyerKupetz, is a member of the Chapter 7 Bankruptcy Panel of Trustees, appointed by the Office of the United States Trustee, and a state court receiver. He is certified as a Business Bankruptcy Law Specialist by the American Bankruptcy Board of Certification and member of the Los Angeles Bankruptcy Forum, the Financial Lawyers Conference, American Bankruptcy Institute and Council of Certified Bankruptcy Specialists. He is also a member of the Executive Board of the Commercial Law and Bankruptcy Section of the Los Angeles County Bar Association and a former commissioner in the City of Burbank, California.
O&S Holdings, LLC was formed in 1992 by Gary Safady and his cousin Paul Orfalea, the founder of Kinko’s Copies. O&S Holdings and its affiliates own more than 80 properties in the United States, including the 550,000 sq. ft. Louisiana Boardwalk in Bossier City, LA, and is currently developing the 2 million sq. ft. Bridge Street Town Centre in Huntsville, Alabama, the 1 million ft. Bridge Street Town Center in McKinney, Texas and the 5 million sq. ft. Bridge Street Town Center Chicagoland in Illinois. In addition, O&S Holdings is the franchisee of the Westin Huntsville, the Westin Heavenly Spa, the Westin McKinney and the developer of Monaco Pictures.
SulmeyerKupetz is a Los Angeles-based law firm that specializes in bankruptcy, business reorganizations, litigation and commercial collections. Established in 1952, SulmeyerKupetz has vast experience representing a variety of clients in all aspects of insolvency proceedings, including out-of-court debt restructurings, negotiation and implementation of complex Chapter 11 plans, debtor-in-possession financing, acquisitions and asset sales for distressed businesses, and bankruptcy litigation. The firm represents both secured and unsecured creditors, lessors, creditors' committees, debtors, governmental entities, trustees and receivers. The firm also serves as local counsel on cases being managed outside of California. For more information, please access the company's Web site -- www.sulmeyerlaw.com.
