{"id":"court_ctb_1292_0","court":"CTB","case_no":"22-50073","doc_number":1292,"sub_number":0,"doc_type":"ORDER","filed_date":null,"title":"UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION In re:","summary_zh":null,"summary_en":null,"body_en":"## **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\nIn re:\n\nHO WAN KWOK, *et al.*[,](#page-0-0) 1 Chapter 11\n\nCase No. 22-50073 (JAM)\n\n<span id=\"page-0-1\"></span>Debtor.\n\n(Jointly Administered)\n\n<span id=\"page-0-3\"></span>Re: ECF No. 1257\n\n## **PACIFIC ALLIANCE ASIA OPPORTUNITY FUND L.P.'S LIMITED OBJECTION TO TRUSTEE'S MOTION TO EXTEND THE SALE PROCESS OF THE SHERRY NETHERLAND APARTMENT**\n\n# TO THE HONORABLE JULIE A. MANNING, UNITED STATES BANKRUPTCY JUDGE:\n\nPacific Alliance Asia Opportunity Fund L.P. (\"PAX\") respectfully submits this limited\n\nobjection to the *Motion of Chapter 11 Trustee, Genever Holdings Corporation, and Genever*\n\n*Holdings LLC, Pursuant to Bankruptcy Code Sections 327, 328, and 363, for Entry of Order*\n\n*Further Extending (i) Sale Process of Sherry Netherland Apartment and (ii) Retention of*\n\n*Sotheby's International realty as Broker*, ECF No. 1257 (the \"Motion\").<sup>2</sup>\n\nPAX objects to the Motion to the extent it seeks to diminish or eliminate PAX's\n\nconsultation rights, objection rights, or other rights or entitlements with respect to the marketing\n\nand sale of the Sherry Netherland Apartment as set forth in the *Second Amended and Restated*\n\n*Settlement Agreement* between Genever Holdings, LLC, PAX, and Bravo Luck Limited\n\n<span id=\"page-0-0\"></span>[<sup>1</sup>](#page-0-1) The Debtors in these chapter 11 cases are Ho Wan Kwok (also known as Guo Wengui, Miles Guo, and Miles Kwok, as well as numerous other aliases) (last four digits of tax identification number: 9595) (\"Kwok\" or the \"Individual Debtor\"), Genever Holdings Corporation (\"Genever BVI\"), and Genever Holdings LLC (last four digits of tax identification number: 8202) (\"Genever US\").\n\n<span id=\"page-0-2\"></span><sup>2</sup>  [T](#page-0-3)he Trustee, Genever Holdings Corporation, and Genever Holdings LLC are collectively referred to herein as \"Movants.\" Capitalized terms used but not defined in this objection have the meanings used in the Motion.\n\n<span id=\"page-1-1\"></span>(the \"Settlement Agreement\").[3](#page-1-0) PAX supports an extension of the sale process of the Sherry Netherland Apartment and the continued retention of Sotheby's International Realty as Broker. However, any extension of the sale process must preserve all of PAX's rights and entitlements under the Settlement Agreement. While that may also require Bravo Luck having continued rights, PAX has no objection to that—if Bravo Luck improperly impedes or thwarts the sale process, the Court can take appropriate remedial action upon expedited motion by the Trustee.\n\nAn inclusive, transparent process that facilitates the constructive participation of relevant parties will limit post-hoc criticism of any future sale of the Sherry Netherland Apartment. The sale process established by the Settlement Agreement has operated without issue to date (although it has not yielded the desired results). The Settlement Agreement provides PAX (and Bravo Luck) with rights to participate in the sale and marketing of the Sherry Netherland Apartment, including:\n\n- The right to object to decisions taken during the sale process, including selection of the qualified buyer, qualified offers, and successful and backup offers.\n- Consultation rights on marketing terms, including: (i) the floor price for minimum offers; (ii) any limitations on insider offers; and (iii) protocols for sale of the residence, including marketing, strategy, identification of potential buyers, duration of the sale process, target sale process, and other matters.\n- Consultation rights on sales procedures, including: (i) scheduling of an auction; (ii) selection of the winning qualified bidder; and (iii) the marketing and sale of the residence. The Settlement Agreement provides that PAX and Bravo Luck have\n\n<span id=\"page-1-0\"></span><sup>3</sup>  [A](#page-1-1) copy of the Settlement Agreement is attached as Exhibit B to the Motion.\n\nconsultation rights over the sale process \"with the [Sales Officer] to have final authority in the event of any dispute.\"\n\n- Consultation rights related to the Sales Officer's final approval of the sales process.\n- The right to review and approve a sale motion prior to filing.\n- The right to be kept fully informed regarding the sale process, offers received, and material issues relating to the negotiation and sale of the residence.\n- The right to approve the bank to hold the proceeds of sale and to receive prior notice of the release of proceeds of sale from escrow.\n- The right to object to the selection of the real estate broker, recommend candidates to act as broker, and object to compensation of the broker.\n\nSettlement Agreement at 3–6. The Settlement Agreement does not grant PAX or Bravo Luck any unconditional veto rights over any sale. *See* Settlement Agreement § 6 (listing final approval powers of Sales Officer).\n\nIn the context of the chapter 11 cases of the Individual Debtor, Genever BVI, and Genever US, it makes perfect sense to continue these rights for PAX. PAX is, by far, the largest holder of claims against each of the Debtors and it has been by far the most active participant in these cases. But for PAX's actions before and during the Genever bankruptcy, creditors could have been deprived of any value from the Sherry Netherland Apartment. And, PAX has its consent rights because it filed the Lift Stay Motion and Conversion Motion in the Genever case. It agreed to resolve those motions in exchange for the bargained-for consultation rights that are an integral part of the Settlement Agreement. Taking away those rights now would be unnecessarily punitive.\n\n3\n\nSince the Trustee was appointed in July 2022 (and even before then), PAX has exercised its limited consultation and consent rights in good faith. The Movants have not shown why cause exists to now exclude PAX from the process of marketing an asset of such substantial value, in which PAX has been involved, without issue, for over a year. Indeed, the Movants fail to point to any conduct by PAX that has frustrated the Trustee's ability to market the property. As described above, the Settlement Agreement specifically safeguards against any such conduct.\n\nFor all of these reasons, the Court should only grant the Motion if it maintains PAX's consultation rights, objection rights, and other rights or entitlements under the Settlement Agreement and order that PAX's rights and entitlements under the Settlement Agreement are preserved in full.\n\n#### *[Signature on following page]*\n\nDated: January 4, 2023 Hartford, Connecticut\n\n#### **Pacific Alliance Asia Opportunity Fund L.P.**\n\n*By: /s/ Patrick M. Birney*  Patrick M. Birney (CT No. 19875) Annecca H. Smith (CT No. 31148) **ROBINSON & COLE LLP**  280 Trumbull Street Hartford, CT 06103 Telephone: (860) 275-8275 Facsimile: (860) 275-8299 E-mail: pbirney@rc.com asmith@rc.com\n\n-and-\n\nPeter Friedman (admitted *pro hac vice*) Stuart M. Sarnoff (admitted *pro hac vice*) **O'MELVENY & MYERS LLP**  Seven Times Square New York, NY 10036 Telephone: (212) 326-2000 Facsimile: (212) 326-2061 Email: pfriedman@omm.com ssarnoff@omm.com\n\n### **CERTIFICATE OF SERVICE**\n\nI hereby certify that on January 4, 2023, a copy of the foregoing was filed electronically through the Court's CM/ECF System. Notice of this filing will be sent by e-mail to all parties receiving notice by operation of the court's electronic filing system. Parties in interest may access this filing through the Court's CM/ECF System.\n\n /s/ *Patrick M. Birney*  Patrick M. Birney","body_zh":"UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION（美国康涅狄格区联邦破产法院布里奇波特分部）\n\n关于：\n\nHO WAN KWOK（郭文贵）等[,] 1 第11章\n\n案件编号：22-50073 (JAM)\n\n债务人。\n\n（合并审理）\n\n涉及：ECF No. 1257\nPACIFIC ALLIANCE ASIA OPPORTUNITY FUND L.P.（太盟亚洲机会基金有限公司）对受托人延长雪莉荷兰公寓出售流程动议的有限异议\n致尊敬的 JULIE A. MANNING（朱莉·A·曼宁），美国联邦破产法官：\n\nPacific Alliance Asia Opportunity Fund L.P.（“PAX”）谨此对第11章受托人、Genever Holdings Corporation（振邦控股有限公司）及Genever Holdings LLC根据《破产法典》第327条、第328条和第363条提出的关于作出进一步延长(i)雪莉荷兰公寓出售流程及(ii)继续聘请Sotheby's International Realty（苏富比国际地产）作为经纪人的命令的动议（ECF No. 1257，即“动议”）提交本有限异议。2\n\n在动议意图削减或剥夺PAX根据Genever Holdings, LLC、PAX与Bravo Luck Limited之间签署的《第二次修订及重述的和解协议》对雪莉荷兰公寓营销与出售所享有的协商权、异议权或其他权利或权益的范围内，PAX对该动议提出异议\n\n[1] 本案第11章案件中的债务人为Ho Wan Kwok（亦称Guo Wengui、Miles Guo及Miles Kwok，以及其他诸多化名）（纳税人识别号后四位：9595）（“Kwok”或“个人债务人”）、Genever Holdings Corporation（“Genever BVI”）以及Genever Holdings LLC（纳税人识别号后四位：8202）（“Genever US”）。\n[受]托人、Genever Holdings Corporation及Genever Holdings LLC在本文中统称为“动议提出方”。本异议中使用但未予定义的首字母大写术语具有动议中使用的含义。\n\n（“和解协议”）。[3] PAX支持延长雪莉荷兰公寓的出售流程并继续聘请苏富比国际地产作为经纪人。然而，出售流程的任何延长都必须完全保留PAX在和解协议项下的所有权利与权益。虽然这可能同样需要Bravo Luck继续保留权利，但PAX对此并无异议——若Bravo Luck不当地阻碍或破坏出售流程，法院可在受托人提出加急动议时采取适当的补救措施。\n\n一个具有包容性、透明度并能促进相关方建设性参与的流程，将减少未来对雪莉荷兰公寓出售的秋后指责。和解协议确立的出售流程迄今运行顺畅（尽管尚未产生预期成果）。和解协议赋予了PAX（及Bravo Luck）参与雪莉荷兰公寓出售及营销的权利，包括：\n\n- 对出售流程中作出的决定提出异议的权利，包括对合格买家、合格出价以及胜出及备选出价的遴选提出异议。\n- 就营销条款的协商权，包括：(i) 最低出价底价；(ii) 对内部人出价的任何限制；以及 (iii) 住宅的出售规程，包括营销、策略、潜在买家的确认、出售流程的期限、目标出售流程及其他事项。\n- 就出售程序的协商权，包括：(i) 排定拍卖时间；(ii) 选定胜出的合格竞标者；以及 (iii) 住宅的营销与出售。和解协议规定，PAX和Bravo Luck对出售流程享有\n[和]解协议的副本作为附件B附于动议后。\n\n协商权，“在发生任何争议时由[出售主管]拥有最终决定权”。\n\n- 与出售主管对出售流程的最终批准相关的协商权。\n- 在提交出售动议前对其进行审阅并批准的权利。\n- 获得有关出售流程、所收到出价以及与住宅谈判及出售相关重大事项的全面通报的权利。\n- 批准持有出售收益的银行以及提前收到从代管账户释放出售收益通知的权利。\n- 对房地产经纪人的选任提出异议、推荐担任经纪人的候选人以及对经纪人报酬提出异议的权利。\n\n见和解协议第3–6页。和解协议并未赋予PAX或Bravo Luck对任何出售的任何无条件否决权。见和解协议第6条（列明出售主管的最终批准权）。\n\n在个人债务人、Genever BVI和Genever US的第11章案件背景下，继续保留PAX的这些权利完全合情合理。PAX是目前为止各债务人最大的债权持有人，且一直是这些案件中最积极的参与者。若非PAX在Genever破产案之前及期间采取的行动，债权人可能已被剥夺来自雪莉荷兰公寓的任何价值。并且，PAX之所以拥有其同意权，是因为其在Genever案中提交了解除中止动议和程序转换动议。PAX同意解决这些动议，以换取作为和解协议不可分割之组成部分的经谈判达成的协商权。现在剥夺这些权利将造成不必要的惩罚性后果。\n自受托人于2022年7月被任命以来（甚至在此之前），PAX一直秉持善意行使其有限的协商权和同意权。动议提出方未能说明为何现在存在将PAX排除在此类重大价值资产营销流程之外的事由，而PAX已在无任何问题的情况下参与该流程超过一年。事实上，动议提出方未能指出PAX存在任何阻碍受托人营销该财产的能力的行为。如上所述，和解协议已专门针对任何此类行为设置了防范机制。\n\n基于上述所有理由，法院仅应在保留PAX在和解协议项下的协商权、异议权以及其他权利或权益的前提下方可准予该动议，并裁定全面保留PAX在和解协议项下的权利与权益。\n[签名见下页]\n\n日期：2023年1月4日 康涅狄格州哈特福德\nPacific Alliance Asia Opportunity Fund L.P.\n\n签署人：/s/ Patrick M. Birney  Patrick M. Birney（康涅狄格州律师执号：19875）Annecca H. Smith（康涅狄格州律师执号：31148）ROBINSON & COLE LLP  280 Trumbull Street Hartford, CT 06103 电话：(860) 275-8275 传真：(860) 275-8299 电子邮箱：pbirney@rc.com asmith@rc.com\n\n-以及-\n\nPeter Friedman（特许出庭）Stuart M. Sarnoff（特许出庭）O'MELVENY & MYERS LLP（美迈斯律师事务所）  Seven Times Square New York, NY 10036 电话：(212) 326-2000 传真：(212) 326-2061 电子邮箱：pfriedman@omm.com ssarnoff@omm.com\n送达证明\n\n我特此证明，2023年1月4日，前述文书的副本已通过法院的CM/ECF系统以电子方式提交。本提交的通知将通过电子邮件发送给依法院电子立案系统运作接收通知的所有当事人。利害关系方可通过法院的CM/ECF系统查阅本提交文件。\n\n /s/ Patrick M. Birney  Patrick M. Birney","key_entities":["Je","Kwok","CIPA","Guo","Ho Wan Kwok","Miles Guo"],"ecf_references":[{"doc_number":1257,"court":"CTB"}],"word_count":1136,"status":"published","published_at":null,"created_at":null,"updated_at":"2026-08-23 12:46:12"}