Filed: May 10, 2019
Latest Update: May 10, 2019
Summary: ORDER APPROVING THE SALE OF REAL PROPERTY CARLTON W. REEVES , District Judge . On April 10, 2019, the Court entered an order that adopted procedures intended to allow Alysson Mills, in her capacity as the court-appointed receiver (the "Receiver") for Arthur Lamar Adams and Madison Timber Properties, LLC, to sell the real property at 134 Saint Andrews Drive, Jackson, Mississippi (the "Real Property") consistent with this Court's orders and in compliance with 28 U.S.C. 2001(b). The Court ins
Summary: ORDER APPROVING THE SALE OF REAL PROPERTY CARLTON W. REEVES , District Judge . On April 10, 2019, the Court entered an order that adopted procedures intended to allow Alysson Mills, in her capacity as the court-appointed receiver (the "Receiver") for Arthur Lamar Adams and Madison Timber Properties, LLC, to sell the real property at 134 Saint Andrews Drive, Jackson, Mississippi (the "Real Property") consistent with this Court's orders and in compliance with 28 U.S.C. 2001(b). The Court inst..
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ORDER APPROVING THE SALE OF REAL PROPERTY
CARLTON W. REEVES, District Judge.
On April 10, 2019, the Court entered an order that adopted procedures intended to allow Alysson Mills, in her capacity as the court-appointed receiver (the "Receiver") for Arthur Lamar Adams and Madison Timber Properties, LLC, to sell the real property at 134 Saint Andrews Drive, Jackson, Mississippi (the "Real Property") consistent with this Court's orders and in compliance with 28 U.S.C. §2001(b). The Court instructed that the Court would hold a hearing on the proposed sale on May 10, 2019 at 1:30 p.m. in Courtroom 5B. In advance of that hearing, the Receiver was required to obtain three qualified appraisals of the Real Property; announce the proposed sale and the Court's hearing on her website and in the Clarion Ledger; and consider any bona fide offers to purchase.
After notice and hearing, and after considering the submissions and argument of counsel, as well as the Receiver's declaration, attached as Exhibit A, the Court finds that the proposed sale is in the best interests of the Receivership Estate and authorizes the Receiver to finalize the proposed sale consistent with this Court's orders and in compliance with 28 U.S.C. §2001(b).
In support, the Court hereby ORDERS as follows:
1. The Court finds that the Receiver obtained three qualified appraisals as required by 28 U.S.C. §2001(b). She obtained appraisals from three different appraisers: Jamie Greer, Randy Knoese, and John Newell. Each has experience in appraising residential real estate located in the Jackson, Mississippi metropolitan area and each was deemed appointed by the Court. Their declarations are Exhibit 1 to the Receiver's declaration.
2. The Court finds that the average appraised value of the Real Property as determined by the three court-appointed appraisers is $549,667.
3. The Court finds that the Receiver's proposal to sell the Real Property for $540,000, subject to a repair allowance of $20,000, is more than two-thirds of the appraised value as determined by the three court-appointed appraisers, as required by 28 U.S.C. §2001(b). The contract for the proposed sale is Exhibit 2 to the Receiver's declaration.
4. The Court finds that the Receiver announced the proposed sale and the Court's hearing on her website, www.madisontimberreceiver.com, within three days of the entry of the Court's order adopting procedures intended to allow her to sell the Real Property.
5. The Court finds that the Receiver announced the proposed sale and the Court's hearing in the Clarion Ledger, a newspaper of general circulation, sufficiently in advance to allow ten days' notice as required by 28 U.S.C. §2001(b).
6. The Court finds that although the Receiver and her counsel invited bona fide offers of more than the proposed sale price, they did not receive any offers.
7. The Court finds that the Receiver has complied with all requirements of this Court's orders and 28 U.S.C. §2001(b) applicable to the sale of the Real Property.
8. The Court further finds that the proposed sale of the Real Property pursuant to the contract that is Exhibit 2 to the Receiver's declaration is in the best interests of the Receivership Estate.
8. The Court authorizes and directs the Receiver to finalize the proposed sale of the Real Property pursuant to the contract that is Exhibit 2 to the Receiver's declaration and perform any and all obligations required of her pursuant to that contract.
9. The Court authorizes and directs the Receiver to disburse the net proceeds from the sale of the Real Property pursuant to the Court's Order Approving Settlement [Doc. 94] entered on February 20, 2019.
EXHIBIT A
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF MISSISSIPPI
NORTHERN DIVISION
SECURITIES AND EXCHANGE No: 3:18-cv-252
COMMISSION,
Carlton W. Reeves, District Judge
Plaintiffs,
v.
ARTHUR LAMAR ADAMS AND
MADISON TIMBER PROPERTIES, LLC,
Defendants.
DECLARATION OF ALYSSON MILLS
I declare under penalty of perjury under the laws of the United States of America that the following is true and correct:
1. On April 10, 2019, the Court entered an order that adopted procedures intended to allow mc, in my capacity as the court-appointed receiver for Arthur Lamar Adams and Madison Timber Properties, LLC, to sell the real property at 134 Saint Andrews Drive, Jackson, Mississippi (the "Real Property") consistent with this Court's orders and in compliance with 28 U.S.C. §2001(b).
2. Thereafter I obtained appraisals from three different appraisers: Jamie Greer, Randy Knoese, and John Newell. Each has experience in appraising residential real estate located in the Jackson, Mississippi metropolitan area and each was deemed appointed by the Court. Their declarations arc attached as Exhibit 1.
3. The average appraised value of the Real Property as determined by the three appraisers is $549,667.
4. I propose to sell the Real Property for $540,000, subject to a repair allowance of $20,000. The contract for the proposed sale is attached as Exhibit 2.
5. The proposed sale price is more than two-thirds of the appraised value as determined by the three court-appointed appraisers, as required by 28 U.S.C. §2001(b).
6. I announced the proposed sale and the Court's hearing on my website, www.madisontimberreceiver.com, within three days of the entry of the Court's order adopting procedures intended to allow me to sell the Real Property.
7. I also announced the proposed sale and the Court's hearing in the Clarion Ledger, a newspaper of general circulation, sufficiently in advance to allow ten days' notice as required by 28 U.S.C. §2001(b).
8. Although I invited bona fide offers of more than the proposed sale price, I did not receive any offers.
DATED: 5/9/19
Alysson Mills
Receiver
EXHIBIT 1.A
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF MISSISSIPPI
NORTHERN DIVISION
SECURITIES AND EXCHANGE No: 3:18-cv-252
COMMISSION,
Carlton W. Reeves, District Judge
Plaintiffs,
v.
ARTHUR LAMAR ADAMS AND
MADISON TIMBER PROPERTIES, LLC,
Defendants.
DECLARATION OF JOHN R. NEWELL
I declare under penalty of perjury and in accordance with 28 U.S.C. § 1746 as follows:
1. I am over the age of majority, and if called to testify as a witness in this action, I would testify competently to the matters stated in this Declaration.
2. I am a resident of Jackson, Mississippi.
3. I obtained a bachelor's degree in Business Administration from the University of Mississippi in 1990. My majors were marketing and general business.
4. I am a Mississippi State Certified Real Estate Appraiser. My license number is RA-452.
5. I have experience in appraisals of condominiums, duplexes, residential properties, and vacant land.
6. From 1992 to 1997, I worked as a real estate appraiser with Ed Grantham and Associates. From 1995 to 1997, I also worked with James E. Craig, Jr., MAI.
7. I am currently self-employed as an appraiser.
8. In the past 15 years, I have averaged approximately 632 appraisals per year. In 2018, I performed 620 appraisals.
9. At the request of Alysson L. Mills, in her capacity as the Receiver of Arthur Lamar Adams and Madison Timber Properties, LLC, I prepared the attached Residential Appraisal Report for 135 St. Andrews Dr., Jackson, MS 39211.
10. My conclusion in the attached Residential Appraisal Report is that, using the appraisal methodology known as the sales comparison approach to value, the market value of the real estate and improvement items at 134 St. Andrews Dr., Jackson, MS 39211 is $550,000.
May 7, 2019
John R. Newell
