Attorneys Represent Trustee In Tranzon's Successful Auction of Assisted Living/Skilled Nursing Homes

Press Release
June 21, 2007

Tranzon's Successful Auction of Assisted Living/Skilled Nursing Homes in MD, NC & TN Ensures Operational Continuum Care Locations Preserved as Ongoing Concerns, Elderly to Remain in Same Homes

Ocala, Florida, June 21, 2007 - Elderly residents of Continuum Care Corporations assisted living/skilled nursing facilities in Maryland, North Carolina and Tennessee may rest easier now knowing that the recent auction conducted by Tranzon Driggers ensures they still have a place to call home.

On June 20, 2007, the Florida Bankruptcy Court in Palm Beach approved the sale of the nine operational Continuum Care Corporation facilities, according to Soneet Kapila, the court-appointed trustee and founding partner of the Fort Lauderdale, Florida based forensic accounting firm of Kapila & Company. Scott Baena and Nicole Testa Mehdipour with the law firm of Bilzin Sumberg Baena Price & Axelrod of Miami, Florida, represent the Trustee in this case and on the transaction."

The Georgia non-profit group filed for chapter 11 bankruptcy protection in October of 2004 in the Southern District of Florida. Continuum care owned 11 properties, nine of which were operational. The other two were closed.

Kapila charged accelerated marketing/auction specialist Tranzon Driggers with the goal of selling the operational properties as ongoing business concerns to either one owner or several owners, and offering the two closed facilities to prospective buyers as well.

Tranzon Driggers, in Ocala, Florida, managed the successful sealed-bid at the May 30th auction of all operational facilities in tandem with the northern VA office of Tranzon Fox. Both are member companies of Tranzon, LLC, a nationwide group of accelerated marketing and auction companies.

There was more than adequate business justification to sell the operational facilities as a going concern, which would guarantee that their value was maximized. A pre-confirmation sale earlier this month was warranted as these facilities risked substantial deterioration in value if an expeditious sale did not occur and any of them were forced to close, said Kapila.

According to Stephen Karbelk, CAI, Regional President of Tranzon Fox and the lead project manager on the sale, the court approved the highest bidders from the May 30th sealed-bid auction. The nine operating facilities were purchased by four different bidders for an aggregate price of $12,060,000. The closings are expected to occur by the end of next month.

We were pleased with the results notes Karbelk. The facilities are being purchased by experienced operators that are ready to make all of these properties the best they can be.

About Bilzin Sumberg 
Bilzin Sumberg is a commercial law firm based in Florida. The Firm’s core practices include Business Finance & Restructuring, Corporate, Environmental, International, Land Development & Government Relations, Litigation, Real Estate, and Tax. For more information, please visit bilzin.com.

YOU MIGHT ALSO LIKE
Speaking Engagement September 27, 2024
Paul D'Alessandro, Jr. serves as a speaker at the STEP LATAM Conference in Buenos Aires, Argentina. Paul's presentation - U.S. Transparency Improvements - is an overview of recent U.S. transparency developments including the practical application of the reporting requirements imposed by the Corporat...
Press Release July 23, 2024
Bilzin Sumberg is proud to announce that it has been named to Bloomberg Law’s fourth annual Diversity, Equity, and Inclusion (DEI) Framework. Bilzin Sumberg is one of only 57 U.S.-Based Firms that were included in the 2024 Framework.
Press Release July 23, 2024
Bilzin Sumberg is pleased to announce the appointment of John Trach as Deputy Chair of the Bilzin Sumberg Cares Program.John will work alongside Program Chair Lori Lustrin to further strengthen the firm's commitment to community service and philanthropic initiatives.
VIEW MORE