4.4056 % Limited Partnership Interest

Prospective 4.4056% Limited Partnership Interest!

ITEM ID#: Meilan01
CASE NUMBER: #06-14409
CASE NAME: Meilan, Joan M. & Anthony J.

IMPORTANT LEGAL INFO: BKassets specializes in the liquidation of tangible and intangible bankruptcy assets. We sell all items AS IS, WHERE IS, with no warranties implied or stated. This means that the Seller and the trustee are not responsible for any liens or encumbrances against the item. The buyer will be entirely responsible for the Limited Partnership Interest after the sale including but not limited to: pursuing the Limited Partnership Interest and all associated costs, paying all fees/liens (if any) associated with the Limited Partnership Interest, recording/transferring the title and gathering any paperwork/documentation necessary for that process. BKAssets and the trustee shall be under no obligation to buyer except to provide buyer with an Assignment for the Limited Partnership Interest. BKAssets cannot guarantee that all the information is accurate. BKAssets recommends all bidders perform their own due diligence prior to bidding. As with any bankruptcy case, this sale may be subject to court approval. Please read Notes and Terms sections of this ad carefully. BKAssets does not send Second Chance Offers. Please beware of Second Chance Offer scams.

IMPORTANT INFORMATION: Potential Bidders with feedback scores of 3 or lower must call (480) 969-1760 prior to bidding on this item.

DESCRIPTION OF ITEM:

Estate's 2.2028% Prospective Interest in the 3350 Hillside, LLC.

3350 Hillside LLC owns a single story commercial building structure of approximately 18,400 sq. ft. situated on a lot of approximately 54,000 sq. ft. The property is located at 3350 Hillside Ave. New Hyde Park, New York, New York. Click here to see the operating agreement.

The commercial building and land are appraised at $3,250,000. Click here to see appraisal. To the best of the trustee's knowledge, there is no mortgage on the commercial building or land. The 2006 tax return includes a balance sheet that provides information on the assets and debts of the LLC. Click here to see the 2006 U.S. Partnership Tax Return.

The 3350 Hillside LLC is comprised of the following members:

Louise D'Esposito LP 50.00%
Jennifer Vona 6.25%
Maria Thomson 6.25%
Christina Cianci 6.25%
Laura D'Esposito 6.25%
Richard D'Esposito 6.25%
Brian Lemke 6.25%
Timothy Lemke 6.25%
Matthew Lemke 6.25%

The Debtor, Joan Meilan (and now the bankruptcy estate) holds a direct .358% limited partnership interest in the Louise D'Esposito LP. Click here to see the limited partnership interest in the Louise D'Esposito LP and amendments. Click here to see the 2006 partnership tax return of Louise D'Esposito LP.

In addition to this interest, a trust established under the "Last Will and Testament of Louise D'Esposito" holds an 85% limited partnership interest in the Louise D'Esposito LP. Click here to see the last will & testament of Louise D'Esposito. Click here to see the 2006 tax returns of the Louise D'Esposito Trust. This trust (according to its own terms) will terminate on February 26, 2018, 15 years after the death of Louise D'Esposito which occurred on February 26, 2003. Pursuant to Article Second C, upon termination of the Trust, the 85% interest of the trust will be divided into (3) three equal shares. One of these three shares is to be distributed to the children of Teresa Benintendi. Teresa Benintendi died on August 11, 2005 and left (7) children who are living today and one of those children is the Debtor, Joan Meilan who was born May 23, 1956.

Therefore, according to the trust agreement; on February 26, 2018 the Debtor, Joan Meilan will be entitled to receive 4.05% interest in the Louise D'Esposito Trust created under the last will and testament.

Accordingly, along with the direct interest of .358% interest and the prospective 4.05% interest; the Debtor, Joan Meilan will be entitled to an ownership percentage of 4.4056% interest in the Louise D'Esposito LP. Finally, this 4.4056% interest will equate to a 2.2028% interest in the 3350 Hillside LLC.

In summary, the bankruptcy trustee is hereby selling (by assignment) the Estate's prospective 4.4056% interest in the Louise D'Esposito LP which would equate to a prospective interest in the 3350 Hillside LLC of 2.2028% in a commercial building with an appraised value of $3,250,000.

LIENS: We do not know of any liens.

NOTES: This is all we know about this Limited Partnership Interest. Bidders are encouraged to do their own research. A Document preparation fee of $500.00 (payable to BKAssets) will apply. All sales are final. Serious bidders familiar with Bankruptcy and Receivership Sales only. Any bid submitted will be considered an agreement to our Terms. Buyers should not bid unless they fully intend to complete the sale in order to avoid the penalties listed in our Terms.