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.