Bay Ridge Federal Credit Union shall offer for sale at public auction the following property of certain debtors, pursuant to the Uniform Commercial Code as adopted in the State of New York.
Place and Time of Auction: The auction will commence on Wednesday, March 28, 2018 at 1:00 PM at the office of Matthew W. Daus, Esq, Transportation Practice Group Chair, at the law firm of Windels Marx Lane & Mittendorf, LLP, 156 West 56th Street, 22nd Floor, New York, New York 10019.
Collateral to be Auctioned: The following fifteen (15) New York City Taxi & Limousine Commission Taxi Medallions: Thirteen (13) Individual Medallions: 1A56, 1D64, 2E43, 2F16, 2T28, 2T64, 3D45, 3D79, 3E30, 3W15, 3W45, 3W95, 6E94, and one pair of Mini-Fleet Medallions: 3R30 and 3R31.
Terms of Sale: Bay Ridge Federal Credit Union shall determine which bid, or combination of bids, is the highest or best bid for the medallions. The successful bidder(s) at auction must produce a deposit of $30,000.00 for each medallion, by official bank check payable to Windels Marx Lane & Mittendorf, LLP, as attorneys for Bay Ridge Federal Credit Union. Bay Ridge Federal Credit Union will accept bids for individual, combination, and/or bulk bids.
Bay Ridge Federal Credit Union is willing to entertain stalking horse bids. A stalking horse bid shall constitute a bid, at an amount agreed upon by Bay Ridge Federal Credit Union and the bidder, to serve as an opening bid for the medallions bid upon, with the next bid being required to be at a negotiated percentage higher than the stalking horse bid.
Medallions 2E43, 2F16, 3D45, 3E30, 3W45, and 6E94 will be sold “AS IS,” “WITH ALL FAULTS” and “WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND.” Complete terms and conditions of sale are available prior to auction upon request.
Medallions 1A56, 1D64, 2T28, 2T64, 3D79, 3W15, 3W95, and 3R30 and 3R31, will be sold “FREE and CLEAR” of any liens or encumbrances. Complete terms and conditions of sale are available prior to auction upon request.
PLEASE TAKE NOTICE, that pursuant to defaults under the terms and provisions of certain Promissory Notes and Security Agreements executed on various dates from certain debtors to Bay Ridge Federal Credit Union and Bay Ridge Federal Credit Union Medallion Funding (hereinafter collectively “Bay Ridge Federal”), being the holder of said Notes and Security Agreements and the indebtedness secured thereby, will conduct a public auction each consisting of fifteen (15) New York City Taxi Medallions and related property of the debtor (the “Collateral”), to be conducted by Windels Marx Lane and Mittendorf, LLP, to the highest qualified bidder(s) at the above listed date, time and place. The borrower and Collateral to be auctioned are as follows: Sukar Miah, New York City Taxi Medallion No. 1A56 and the associated rate cards, meters and other personal property of the debtor; Dhilion Rattu, New York City Taxi Medallion No. 1D64 and the associated rate cards, meters and other personal property of the debtor; Aayat Corp., New York City Taxi Medallion No. 2E43 and the associated rate cards, meters and other personal property of the debtor; Angel Meza, New York City Taxi Medallion No. 2F16 and the associated rate cards, meters and other personal property of the debtor; Aysha Taxi Corp., New York City Taxi Medallion No. 2T28 and the associated rate cards, meters and other personal property of the debtor; Abdullah Yaqubi, New York City Taxi Medallion No. 2T64 and the associated rate cards, meters and other personal property of the debtor; Jeorge Rodriguez, New York City Taxi Medallion No. 3D45 and the associated rate cards, meters and other personal property of the debtor; Foysal and Arsal, LLC, New York City Taxi Medallion No. 3D79 and the associated rate cards, meters and other personal property of the debtor; Frantz William, New York City Taxi Medallion No. 3E30 and the associated rate cards, meters and other personal property of the debtor; Rumarafa LLC, New York City Taxi Medallion No. 3W15, and the associated rate cards, meters and other personal property of the debtor; Bangla Lion, Inc., New York City Taxi Medallion No. 3W45 and the associated rate cards, meters and other personal property of the debtor; Fatama LLC, New York City Taxi Medallion No. 3W95 and the associated rate cards, meters and other personal property of the debtor; Ruben Grigorian, New York City Taxi Medallion No. 6E94 and the associated rate cards, meters and other personal property of the debtor; and Preet & Jit, LLC, New York Medallion Nos. 3R30 & 3R31 and the associated rate cards, meters and other personal property of the debtor. The Collateral Medallions 2E43, 2F16, 3D45, 3E30, 3W45, and 6E94 will be sold “AS IS,” “WITH ALL FAULTS” and “WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND.” Complete terms and conditions of sale are available prior to auction upon request. The Collateral Medallions 1A56, 1D64, 2T28, 2T64, 3D79, 3W15, 3W95, and 3R30 and 3R31 will be sold “FREE and CLEAR” of any liens or encumbrances. Complete terms and conditions of sale are available prior to auction upon request. All potential bidders are presumed to have conducted any and all necessary due diligence of any kind, prior to the commencement of the auction, including but not limited to research as to the existence of fines, violations or unpaid taxes with regard to the Collateral. The sales are subject to the conditions set forth in the Terms and Conditions of Sale available upon request from the undersigned and such revisions thereto as may be announced at or before the start of the auction. Prior to entry into the auction each bidder will be required to execute an acknowledgement of the Terms and Conditions of Sale. The successful bidder(s) at auction must produce a deposit of $30,000.00 for each medallion, by official bank check payable to Windels Marx Lane & Mittendorf, LLP, as attorneys for Bay Ridge Federal Credit Union. Only bona fide bidders who exhibit and display a check for the initial deposit, lien holders and the debtor will be permitted to participate in the auction. Bay Ridge Federal Credit Union reserves the right to bid all or a portion of its claim(s) against the owner(s) of the Collateral without the need for deposit; amend the terms of payment as Bay Ridge Federal Credit Union sees fit; elect not to dispose of certain portions of the Medallions prior to, at, or during the auction; and/or reject any and all bids.
Financing is available to qualified purchasers seeking to become new members of Bay Ridge Federal Credit Union.
ATTENTION TO ALL PERSONS WISHING TO ATTEND OR PARTICIPATE AT THE AUCTION: Persons wishing to attend the auction must contact Matthew W. Daus, Esq. of Windels Marx Lane & Mittendorf, LLP at mdaus@windelsmarx.com, at least three (3) days prior to the auction, and provide a copy of their driver’s license or other form of valid photo identification. Those who register to attend or register as bidders will be placed on a listserv for any updates and/or additional notices related to this auction and any future auctions.
If you are interested in being a stalking horse bidder, please contact Matthew W. Daus, Esq. of Windels Marx Lane & Mittendorf, LLP at mdaus@windelsmarx.com.
