{"id":"court_ctb_1858_0","court":"CTB","case_no":"22-50073","doc_number":1858,"sub_number":0,"doc_type":"ORDER","filed_date":"2023-05-30","title":"Hearing Date and Time: June 27, 2023 at noon (ET) and, if necessary, June 28, 2023 Objection Deadline: June 23, 2023 at","summary_zh":"受托人出售「Lady May」号游艇动议 —— Ho Wan Kwok 破产案（郭文贵 / Guo Wengui / Miles Guo），CTB 22-50073 ECF #1858（2023-05-30立案）。第 11 章受托人依据《破产法》第 363 条等规定提交动议，申请批准以 2,400 万美元的价格将豪华游艇「Lady May」号无负担出售给 Herb Chambers Yachting, LLC，并支付经纪商 5%（即 120 万美元）的佣金。","summary_en":"Trustee's Motion to Approve Sale of Yacht Lady May — In re Ho Wan Kwok (Miles Guo / Guo Wengui), CTB 22-50073 ECF #1858 (filed May 30, 2023). The Chapter 11 Trustee moved under Bankruptcy Code Section 363 for approval to sell the luxury superyacht Lady May to Herb Chambers Yachting, LLC free and clear of liens for a purchase price of $24 million pursuant to a purchase and sale agreement, subject to a 5% broker commission ($1.2 million).","body_en":"**Hearing Date and Time: June 27, 2023 at noon (ET) and, if necessary, June 28, 2023 Objection Deadline: June 23, 2023 at 4:00 p.m. (ET)**\n\n## **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n| ------------------------------------------------------ | x | |\n|---------------------------------------------------------|-------------|-------------------------|\n| In re: | :
: | Chapter 11 |\n| HO WAN KWOK, et al.,1 | :
: | Case No. 22-50073 (JAM) |\n| Debtors. | :
:
: | (Jointly Administered) |\n| ------------------------------------------------------x | | |\n\n# **TRUSTEE'S MOTION, PURSUANT TO BANKRUPTCY CODE SECTIONS 105 AND 363, BANKRUPTCY RULES 2002, 6004(c), AND 9014, AND LOCAL RULES 6004-1 AND 6004-2, SEEKING ENTRY OF ORDER: (I) AUTHORIZING AND APPROVING SALE OF THE LADY MAY FREE AND CLEAR OF LIENS, CLAIMS, INTERESTS, AND ENCUMBRANCES, (II) AUTHORIZING AND APPROVING PURCHASE AND SALE AGREEMENT, AND (III) GRANTING RELATED RELIEF**\n\nLuc A. Despins, in his capacity as the chapter 11 trustee (the \"Trustee\") appointed in the chapter 11 case of Ho Wan Kwok (the \"Debtor\"), by and through his undersigned counsel, hereby files this motion (the \"Motion\") seeking entry of an order, substantially in the form attached hereto as **Exhibit A** (the \"Proposed Sale Order\"), pursuant to sections 105, 363(b), and 363(f) of title 11 of the United States Code (the \"Bankruptcy Code\"), Rules 2002, 6004(c), and 9014 of the Federal Rules of Bankruptcy Procedure (the \"Bankruptcy Rules\"), and Rules 6004-1 and 6004-2 of the Local Rules of Bankruptcy Procedure of the United States Bankruptcy Court for the District of Connecticut (the \"Local Rules\"), (i) authorizing and approving the Trustee's\n\n1 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), Genever Holdings LLC (last four digits of tax identification number: 8202) and Genever Holdings Corporation. The mailing address for the Trustee, Genever Holdings LLC, and the Genever Holdings Corporation is Paul Hastings LLP, 200 Park Avenue, New York, NY 10166 c/o Luc A. Despins, as Trustee for the Estate of Ho Wan Kwok (solely for purposes of notices and communications).\n\nsale (the \"Sale\") of the Lady May2 to Herb Chambers Yachting, LLC (the \"Buyer\") free and clear of all liens, claims, interests, and encumbrances pursuant to that certain purchase and sale agreement, dated May 30, 2023, by and among the Buyer and the Trustee, attached hereto as **Exhibit B** (together with the related addendum, the \"PSA\"), (ii) authorizing and approving the PSA, and (iii) granting related relief. In support of the Motion, the Trustee relies upon and incorporates by reference the declaration of Dirk Johnson (the \"Johnson Declaration\"), attached hereto as **Exhibit C**. In further support of the Motion, the Trustee respectfully states as follows:\n\n## **PRELIMINARY STATEMENT**\n\n1. The Trustee is pleased to report that he has secured a winning bid for the Sale of the Lady May to the Buyer for a purchase price of \\$24 million pursuant to the terms of the PSA.3 The PSA represents the highest and best bid obtained after an extensive marketing campaign conducted by the Trustee's yacht broker, Edmiston and Company Limited (\"Edmiston\"), followed by a competitive bidding process among multiple bidders, during which process the proposed purchase price for the Lady May was substantially increased. The Trustee submits that the Sale of the Lady May to the Buyer pursuant to the PSA is in the best interest of the Debtor's estate, and, accordingly, the Trustee requests authorization to proceed with the Sale.\n\n2. As detailed below and in the Johnson Declaration, Edmiston has actively marketed the Lady May since its retention was approved by this Court on April 27, 2023. Consistent with best industry practices for marketing a luxury superyacht such as the Lady May,\n\n2 For purposes of the Sale under the PSA, the term \"Lady May\" consists all assets to be sold pursuant to the PSA, including all gear, machinery, equipment, furniture, fuel, consumables, all registered or unregistered tenders, toys, articles and appurtenances on board the Lady May and/or included on the Lady May's listing specification as of the date of the PSA (*i.e.*, May 30, 2023). For the avoidance of doubt, the Lady May II is not included as part of the Sale.\n\n3 Subject to approval of this Court, Edmiston's 5% sales commission (*i.e.*, \\$1.2 million) would be funded out of the purchase price.\n\nEdmiston has actively canvassed the yacht market for potential buyers, both within its own network of potential buyers and through numerous other yacht brokers in the industry, as well as advertised the Lady May both online and in print.\n\n3. From the outset of the marketing process, there has been significant interest in the Lady May. In fact, by May 20, 2023, five prospective buyers (the \"Initial Bidders\") had provided Edmiston with formal offers for the Lady May with proposed purchase prices ranging from \\$18 million to \\$20 million. In response, the Trustee countered with \\$23 million, but (with the exception of one bidder who increased its bid to \\$20 million), none of the Initial Bidders responded to the Trustee's counteroffer.\n\n4. In order to stimulate a competitive bidding process, and as the Trustee had previewed with the Court at the May 23, 2023 status conference, the Trustee decided, after consultation with Edmiston, to set a deadline of **Tuesday, May 30, 2023, at 5:00 p.m. (ET)** to submit best and final bids. This bid deadline was designed to maintain maximum momentum with the Initial Bidders and other interested parties. As part of the bidding process, the Trustee also required that such best and final bids satisfy certain conditions, including that (a) the purchase price must exceed \\$20 million, (b) bids must be based on the Trustee's form of purchase agreement, (c) the winning bid must provide a 20% deposit of the purchase price within 48 hours after the bid has been selected as the winning bid, (d) the purchase agreement must be executed by June 9, 2023, and (e) while the purchaser may conduct a survey, the purchaser would only be able to reject the Lady May if the surveyor certifies that survey revealed a defect affecting the operational integrity of the Lady May or her machinery or her systems or renders the Lady May unseaworthy. The Trustee also advised bidders that all bids would be subject to review and approval of this Court.\n\n5. As of the May 30, 2023 bid deadline, the Trustee received five formal bids (in addition to the initial bids), including two new bidders that had not previously submitted any bids. Of these five bids, three exceeded the \\$20 million minimum, while two bids were below that minimum. Following receipt of these bids, the Trustee engaged in further negotiations with the three bidders that had satisfied the minimum bid requirement, resulting in one of the bidders (namely, the Buyer) increasing its bid to \\$24 million. Because the other two bidders did not further increase their bids, the \\$24 million bid submitted by the Buyer was the highest and best bid. Accordingly, the Trustee determined to select the Buyer's final bid as the winning bid and request Court approval of the PSA.4\n\n6. The Trustee recognizes that the aforementioned bidding process was not preapproved by the Court pursuant to a separate bidding procedures order and that the Trustee did not conduct a public auction. Nevertheless, in light of the significant marketing to date, and the competitive bidding that resulted in a substantial increase in the purchase price over the initial bids, the Trustee believes that formal bidding procedures and/or a public auction would not result in higher bids. Indeed, given the nature of the market for luxury superyachts and the small pool of high net-worth individuals having the financial wherewithal to purchase the Lady May, the Trustee, after consultation with Edmiston, determined not to pursue a formal auction process, as such a process would likely have deterred interested buyers and/or resulted in lower bids, including because of the delays associated with an auction process and bidders' concerns about overpaying in an auction. This is especially so given that other luxury superyachts can be purchased through yacht brokers without having to go through an auction process. In any event,\n\n4 The Trustee notes that there should be no concerns about the Buyer's financial ability to close. The ultimate beneficial owner of the Buyer is Herbert G. Chambers, an American billionaire businessman, who is the owner and president of The Herb Chambers Companies, a group of 60 car dealerships in the greater Boston, Massachusetts area.\n\nthere is no requirement, whether under the Bankruptcy Code, the Bankruptcy Rules, or the Local Rules that estate property must be sold through a public sale.\n\n7. The Trustee also recognizes that the Local Rules require a \"description of the means by which the movant determined the fair market value of the property to be sold.\" Local Rule 6004-2(b)(4). While under different circumstances this may have required a formal valuation by an appraiser, the Trustee submits that, in light of the extensive marketing and bidding process, the purchase price under the PSA reflects the best measure of the fair market value of the Lady May and, thus, no formal valuation is necessary.5 Indeed, the competitive nature of the bidding process conducted here is perhaps best illustrated by the fact that while none of the bidders initially accepted the Trustee's counteroffer of \\$23 million, the purchase price under the PSA exceeds that amount. Moreover, during the process of selecting a yacht broker, the Trustee had received several indications of the price at which the Lady May could sell, which indications were lower than the purchase price obtained through the bidding process here.\n\n8. Another important consideration in selecting the Buyer as the winning bidder is that the Buyer has accepted all modifications the Trustee made to the standard form of purchase agreement published by the International Yacht Brokers Association (the \"IYBA Form\") modifications that were designed for the benefit of the estate. Most importantly, and in contrast to the IYBA Form, the Trustee's form of purchase agreement limits a buyer's ability to reject the Lady May following the completion of a survey of the Lady May. In particular, the Buyer may\n\n5 Even if the Trustee were to incur the expense of procuring a formal valuation, such valuation would not alter the results of the bidding process or increase the purchase price that the Buyer is willing to pay. Moreover, the ultimate purchase price in yacht transactions is not publicly available generally, and such information is often subject to confidentiality and non-disclosure restrictions, making a formal valuation more speculative and subjective than in other types of transactions such as real property.\n\nonly reject the Lady May (on or prior to June 20, 2023) if the surveyor (who must be a duly qualified marine surveyor) certifies in writing that it discovered defects that affect the operational integrity of the Lady May or her machinery or her systems or renders the Lady May unseaworthy. The Buyer may not reject the Lady May on other grounds. To be clear, to the extent that the survey were to reveal any such defects, the Trustee will update the Court and parties in interest regarding any such defects, including whether the Buyer has chosen to reject the Lady May or whether the parties were able to agree to a modification of the purchase price to reflect the reasonable cost of addressing any such defects.\n\n9. Finally, and to be clear, the Trustee is serving copies of this Motion on all parties that have expressed to Edmiston an interest in purchasing the Lady May, in accordance with Local Rule 6004-2(g). To the extent any additional superior offers are received before or at the hearing on this Motion, the Trustee understands that he is duty-bound to consider such offers.\n\n10. For all these reasons, and as further detailed below, the Trustee requests that the Court approve this Motion and authorize the Trustee to proceed with the Sale of the Lady May to the Buyer.\n\n### **JURISDICTION, VENUE, AND STATUTORY BASES**\n\n11. The Court has jurisdiction over this matter pursuant to 28 U.S.C. §§ 157 and 1334 and the *Standing Order of Reference* from the United States District Court for the District of Connecticut. This is a core proceeding within the meaning of 28 U.S.C. § 157(b).\n\n12. Venue in this District is proper pursuant to 28 U.S.C. §§ 1408 and 1409.\n\n13. The statutory bases for the relief requested in this Motion are sections 105(a) and 363 of the Bankruptcy Code, Bankruptcy Rules 2002, 6004(c), and 9014, and Local Rules 6004-1 and 6004-2.\n\n### **BACKGROUND**\n\n### **A. Procedural Background**\n\n14. On February 15, 2022 (the \"Petition Date\"), the Debtor filed with the Court a voluntary petition for relief under chapter 11 of Bankruptcy Code.\n\n15. On March 21, 2022, the United States Trustee appointed an Official Committee of Unsecured Creditors (\"Committee\") in the Debtor's chapter 11 case (the \"Chapter 11 Case\"). No examiner has been appointed in the Chapter 11 Case.\n\n16. On June 15, 2022, the Court entered a memorandum of decision and order [Docket No. 465] (the \"Trustee Order\") directing the United States Trustee to appoint a chapter 11 trustee in the Chapter 11 Case. Pursuant to the Trustee Order, the United States Trustee selected Luc A. Despins as the Trustee.\n\n17. On July 8, 2022, the Court entered an order granting the appointment of Luc A. Despins as the Trustee in the Chapter 11 Case [Docket No. 523].\n\n## **B. Status of Lady May**\n\n18. On March 27, 2023, the Court entered an order [Docket No. 172 in Adv. Proc. No. 22-5003] (the \"Lady May Order\") finding, among other things, that the Lady May is the property of the Debtor's estate.6 On April 10, 2023, HK USA and Ms. Guo filed a notice of appeal to the United States District Court for the District of Connecticut from the Lady May Order, but did not seek a stay pending appeal.\n\n19. On April 5, 2023, the Trustee filed his motion [Docket No. 1637] (the \"Yacht Maintenance Motion\") seeking, among other things, authorization to enter into, and perform\n\n6 On March 31, 2023, the Court entered the Amendment to Order Granting Motion of Chapter 11 Trustee for Estate of Ho Wan Kwok for Partial Summary Judgment [Docket No. 182 in Adv. Proc. No. 22-5003] to also include a finding that the Lady May II is property of the Debtor's estate.\n\nunder, the management agreement with Yachtzoo Sarl. As noted in the Yacht Maintenance Motion, the monthly operating expenses for the Lady May range from approximately \\$100,000 to approximately \\$300,000 (depending on when certain payments, such as insurance premiums, come due). On April 12, 2023, the Court entered an order [Docket No. 1662] granting the Yacht Maintenance Motion.\n\n20. On April 18, 2023, the Trustee filed his application [Docket No. 1675] (the \"Edmiston Retention Application\") to retain Edmiston as broker for the sale of the Lady May (as well as the Lady May II). As detailed in the Edmiston Retention Application, with respect to the sale of the Lady May, Edmiston is entitled to a fixed fee of (i) 5% in case of a transaction not involving any other broker, intermediary, or third-party commission agent (a \"Sub-Listing Broker\") or (ii) 6% in case of a deal with a Sub-Listing Broker. On April 27, 2023, the Court entered an order [Docket No. 1717] (the \"Edmiston Retention Order\") granting the Edmiston Retention Application.\n\n21. On April 24, 2023, the Trustee filed his motion [Docket No. 1696] (the \"Relocation Motion\") seeking, among other things, to (i) relocate the Lady May to the navigable waters of Rhode Island and (ii) enter into, and perform under, the dockage license agreement with the Safe Harbor Newport Shipyard in Newport, Rhode Island. On April 27, 2023, the Court entered an order [Docket No. 1718] granting the Relocation Motion. The Lady May was moved to the Safe Harbor Newport Shipyard on May 2, 2023.\n\n22. On May 4, 2023, the Trustee filed his motion [Docket No. 1758] (the \"FTZ Transfer Motion\") to transfer the Lady May into the foreign trade zone (the \"FTZ\") in Newport, Rhode Island. The monthly fee of docking the Lady May in the FTZ at the Safe Harbor Newport Shipyard in Newport, Rhode Island, is approximately \\$50,000. On May 10, 2023, the Court\n\nentered an order [Docket No. 1779] granting the FTZ Transfer Motion. On May 17, 2023, the Lady May was transferred into the FTZ in Newport, Rhode Island, and it remains currently docked at the Safe Harbor Newport Shipyard.\n\n### **C. Marketing of Lady May**\n\n23. As set forth in detail in the Johnson Declaration, since approval of its retention on April 27, 2023, Edmiston has been engaged in an extensive marketing campaign to sell the Lady May to the highest bidder. Consistent with best industry practices for marketing a luxury superyacht such as the Lady May, Edmiston has actively canvassed the yacht market for potential buyers, both within its own network of potential buyers as well as through numerous other yacht brokers in the industry, as well as advertised the Lady May both online and in print. These marketing efforts were initially focused on residents outside of the United States and, following the Lady May's transfer to Newport's FTZ, Edmiston expanded its efforts to also include U.S. residents.\n\n- 24. Among other things, as part of its marketing efforts:\n- (1) Edmiston created an electronic brochure of the Lady May, including photographs and listing its specifications, which brochure was included in industry-wide announcements to other yacht brokers as well as posted on Edmiston's website and social media;\n- (2) Edmiston engaged in a direct client email marketing campaign, which featured the Lady May in its monthly mailer update (distributed to approximately 10,000 clients and other potentially interested parties);\n- (3) Edmiston used extensive digital advertising to market the Lady May on its website and social media accounts, including Instagram, Facebook, LinkedIn and YouTube;\n- (4) Shortly after the Lady May was moved into the FTZ in Newport, Rhode Island, Edmiston issued further announcements regarding the Lady May on its website and social media.\n\n25. Edmiston also connected the Lady May with its network of industry brokers through single and multi-yacht mailers and listed the Lady May on multiple brokerage listing pages and business-to-business search facilities, which centralize broker information for the yacht industry. Further, Edmiston featured the Lady May as part of Edmiston's brand collateral (*i.e.*, marketing materials) in exclusive, private airports and aviation centers.\n\n## **COMPETITIVE BIDDING PROCESS**\n\n26. As set forth in the Johnson Declaration, from the outset of the marketing process, there has been significant interest in the Lady May, but not at prices that the Trustee deemed acceptable. A handful of potential buyers requested to be shown (and were shown) the Lady May, while several brokers visited the Lady May on behalf of prospective buyers. By May 20, 2023, five prospective buyers (the \"Initial Bidders\") had provided Edmiston with formal offers for the Lady May with proposed purchase prices ranging from \\$18 million to \\$20 million. In response to each of these offers, Edmiston advised the Initial Bidders that the Trustee determined to counter at \\$23 million. In response to the Trustee's counteroffer, one of the Initial Bidders increased its bid to \\$20 million, while the other Initial Bidders did not increase their offer.\n\n27. In order to stimulate a competitive bidding process, the Trustee decided to schedule a deadline of Tuesday, May 30, 2023, at 5:00 p.m. (ET) to submit best and final bids.7 This deadline was chosen to maintain maximum momentum with the Initial Bidders and other interested parties. On May 24, 2023, Edmiston sent emails to the Initial Bidders and other parties that had expressed an interest in purchasing the Lady May, advising them of the May 30, 2023 bid deadline. In that email, interested bidders were also advised that (a) due to the fact that\n\n7 The Trustee previewed the following bidding procedures at the May 23, 2023 status conference before this Court.\n\nthe Trustee had received offers for the Lady May from several potential buyers, Edmiston was inviting all interested parties to present their best and final offer prior to the May 30, 2023 bid deadline and (b) any such bid would have to comply with the following requirements:\n\n- Only bids with a purchase price in excess of \\$20 million would be considered by the Trustee;\n- Offers must be based on the Trustee's form of purchase agreement (which was provided to interested parties on Thursday, May 25);\n- To the extent the prospective buyer intended to modify the form of purchase agreement, mark-up of the agreement should be included as part of the bid (and advising the parties that such modifications, if any, would be evaluated in determining the highest and/or best offer);\n- The winning bid must provide for a 20% deposit of the purchase price, which deposit must be received within 48 hours after such bid has been selected as the winning bid;\n- The 20% deposit would be forfeited if the winning bidder fails to close on purchase of Lady May in accordance with terms of purchase agreement (subject to the right to reject the Lady May if the survey reveals a defect affecting the operational integrity of the Lady May or her machinery or her systems or renders the Lady May unseaworthy);\n- The purchase agreement must be executed by June 9, 2023;\n- The Lady May must be accepted or rejected (based on results of survey) by June 28, 2023;\n- In the event the winning bidder does not close on the purchase at the price set forth in the purchase agreement, the Trustee may, at his option, purchase the survey from the buyer, at cost;8\n- Closing would take place as soon as practical on or before July 20, 2023;\n- All bids would be subject to bankruptcy court review and approval; and\n- All bids had to be sent directly to the Trustee.\n\n 8 The Trustee included this provision in order to avoid the delay of potential second survey in the event that the sale with the winning bidder does not close (for whatever reason) and the Trustee has to proceed with another purchaser. In that event, the Trustee would provide the survey results to such other purchaser, instead of such purchaser having to conduct another survey.\n\n28. In addition, also on May 24, 2023, Edmiston circulated emails to more than 1,857 other yacht brokers advising them of the deadline to submit best and final bids and that such bids would be subject to certain conditions, including a minimum bid of \\$20 million. As with the email to the Initial Bidders, the email distribution advised the brokers that the Trustee was setting May 30, 2023 as the deadline to submit best and final bids due to multiple offers received to date. Furthermore, on May 27, 2023, Edmiston updated the Yatco.com listing for the Lady May to advise interested parties of the bid deadline and the minimum bid requirement.\n\n29. As of 5:00 p.m. (ET) on May 30, 2023, five formal bids (in addition to the initial bids) were received from prospective buyers (the \"Second Round Bidders\"), including from both U.S. residents and non-U.S. residents. Three bids exceeded the \\$20 million minimum, while two bids were below the minimum. During this second round, two bidders that were not Initial Bidders submitted bids. But not all bidders that participated in the initial round submitted a further bid by the May 30, 2023 deadline. For example, one of the Initial Bidders who had previously offered \\$20 million did not submit any bid in connection with the May 20, 2023 bid deadline because the bidder did not want to participate in a competitive bidding process.\n\n30. Following receipt of these bids, the Trustee engaged in further discussions with each of the three bidders that had satisfied the minimum bid requirement. Because the bidder that submitted the highest bid (which was substantially below \\$24 million) had modified the form of purchase agreement to add provisions that were not acceptable to the Trustee (including giving the buyer an absolute right to terminate the purchase process based on the results of a sea trial that would not take place for more than 10 days), the Trustee requested that the bidder remove these modification and/or further increase its bid. Concurrently, the Trustee, through Edmiston, also reached out to the second and third highest bidders to explore whether they would\n\nbe willing to increase their bid. Ultimately, one of these two bidders increased its proposed purchase price to \\$24 million, thereby becoming the highest bidder. Because that increased bid (which was the one submitted by the Buyer) did not include any modifications to the Trustee's form of purchase agreement (other than to move up the closing date to a date on or before June 30, 2023), the Trustee selected the Buyer as the winning bidder. To be clear, neither of the other two bidders further increased their bids, even though they were invited to do so.\n\n## **SUMMARY OF MATERIAL TERMS OF PSA**\n\n31. The chart below sets forth the materials terms of the PSA9 between the Trustee and the Buyer for the Lady May.\n\n| Provision | Summary Description |\n|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Parties | Seller: Luc A. Despins, solely in his capacity as chapter 11
trustee for the estate of Ho Wan Kwok, and not in his personal
capacity.
Buyer: Herb Chambers Yachting, LLC |\n| Purchase Price | \\$24,000,000 |\n| Property to Be Sold
(PSA §1) | The Lady May and all gear, machinery, equipment, furniture,
fuel, consumables, all registered or unregistered tenders, toys,
articles and appurtenances on board the Lady May and/or
included on the Lady May's listing specification as of the date
of the PSA (i.e., May 30, 2023).
For the avoidance of doubt, the Lady May II is not included as
part of the Sale. |\n| Deposit
(PSA §2) | On May 31, 2023, the Buyer paid the deposit of \\$4,800,000
(20% of the Purchase Price) to the Trustee's account, as a
deposit toward the Purchase Price to be held in escrow subject
to the terms of the PSA. |\n\n9 The terms of the PSA are summarized herein for the convenience of the Court and parties in interest. To the extent that there are any discrepancies, the terms of the PSA shall govern. Capitalized terms used in this summary that are not defined herein shall have the meanings ascribed to them in the PSA.\n\n| Survey Option;
Acceptance of Lady May
(PSA §3) | Buyer's obligation to purchase the Lady May is subject to
Buyer's satisfaction with a trial run and survey of the Lady May
though Buyer may elect not to have the Lady May inspected;
provided, however, that Buyer may only reject the Lady May if
the surveyor (who shall be a duly qualified marine surveyor)
certifies in writing that it discovered defects that affect the
operational integrity of the Lady May or her machinery or her
systems or renders the Lady May unseaworthy. The Buyer may
not reject the Lady May on other grounds.
The outside date for the Buyer to reject the Lady May based on
the results of the survey (i.e., the Accept/Reject Date) is June
20, 2023.
Whether or not the Buyer has inspected the Lady May, the
Buyer will be deemed to have accepted the Lady May if it fails
to give timely written notice of its rejection in accordance with
the PSA.
If the Buyer rejects the Lady May in accordance with the PSA
and is not otherwise in breach of the PSA, (i) the Trustee shall
return the Deposit to the Buyer, (ii) the PSA will terminate, and
(iii)
the Trustee, the Buyer, and the Brokers will be released
from any further liability under the PSA. |\n|------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Closing
(PSA §4) | The transfer of
the Lady May's ownership (the \"Closing\") will
occur on or before June 30, 2023
(the \"Closing Date\"). The
Closing will occur in international waters off
the coast of
Rhode Island,10 simultaneously with payment of all funds due
from
the Buyer and delivery of
originals of all other documents
necessary for transfer of good and
marketable title to the Buyer.
At Closing, the Buyer will pay the balance of the Purchase
Price (i.e., \\$19,200,000) to the Trustee (subject to Paragraph 6
of
the PSA) and the Deposit will be released to the Trustee,
subject to deductions the Trustee owes to the Brokers for the
commission, storage,
insurance,
repairs and/or other items
(which are subject to approval of this Court). |\n| Sellers Representations/
Requirements for Closing
(PSA §6) | The Trustee represents and warrants that it will transfer to the
Buyer good and marketable title to the Lady May, free and
clear of all debts, claims, maritime or common law liens,
security interests, encumbrances, excise taxes, and other
applicable taxes, customs' duties, or tariffs due to any state, |\n\n10 This is necessary to take advantage of the benefits provided by the FTZ.\n\n| | country, regulatory and/or taxing authority of any kind
whatsoever (collectively the \"Encumbrances\"). |\n|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| | No less than two (2) business days before Closing, the Trustee
will deliver to the Buyer (a) satisfactory evidence of title, (b)
proof of payment or removal of all Encumbrances (except for
those encumbrances that will be paid in full at closing), which
proof may be the order entered by the Bankruptcy Court
approving the sale of the Lady May (and which order shall
provide the Lady May is being sold to Buyer free and clear of
any Encumbrances), and (c) copies of any other documents
necessary for transfer of good and marketable title to Buyer. |\n| Risk of Loss
(PSA §7) | The Trustee will bear the risk of loss of or damage to the Lady
May prior to Closing. |\n| | If the Lady May is damaged subsequent to the Buyer's
acceptance and the necessary repairs will cost less than five
percent (5%) of the Purchase Price and require fewer than 30
days to complete, then, at the Trustee's option, the Trustee may
repair the damage prior to Closing in accordance with sound
marine practices to the standard of the Lady May immediately
prior to the damage and the Buyer may inspect such repair, in
which case (a) the Buyer shall pay the Balance and take
delivery of the Lady May as repaired and (b) the Closing Date
will be extended by the length of the repair period. If the Lady
May is damaged to a greater extent subsequent to the Buyer's
acceptance or the Trustee does not exercise the option in the
foregoing sentence, either party may terminate the PSA with
the same consequences as if the Buyer had rejected the Lady
May. |\n| Default
(PSA §8) | If Closing is not consummated due to the Buyer's non
performance, including, without limitation, failure to pay the
Balance or execute all documents necessary for completion of
the purchase by the Closing Date: (i) the Deposit will be
retained by the Trustee as liquidated and agreed damages, as
consideration for the execution of the PSA, in full settlement of
all claims between the parties; (ii) the Selling Broker (i.e., the
broker for the Buyer) shall return to the Buyer any other funds
received from the Buyer, and (iii) the parties will be relieved of
all obligations under the PSA.11 |\n\n 11 The PSA also provides that in the event that, after this Court has approved the PSA, the Closing is not consummated due to the Buyer's non-performance, the Trustee shall pay to the Listing Broker (*i.e.*, Edmiston) an amount equal to \\$200,000 out of the Deposit, which amount will count against, and reduce, any commission\n\n| | If the Closing is not consummated due to the Trustee's non
performance (which, for the avoidance of doubt, shall not
include this Court declining to approve the PSA), the Deposit,
and any other money paid or deposited by the Buyer pursuant to
the PSA, will be returned to Buyer upon demand. If the
Closing is not consummated due to the Trustee's non
performance, the Trustee shall forthwith pay the Brokers the
same commission otherwise payable had the transaction closed;
provided, however, that the Bankruptcy Court declining to
approve the PSA will not constitute non-performance on the
part of the Trustee.
In the event this Court does not approve the PSA, the PSA will
be deemed terminated with the same consequences as if the
Buyer had rejected the Lady May in accordance with the PSA.
If the Closing is not consummated for any reason, the Trustee
will have the option to purchase the survey from the Buyer at
cost and, if the Trustee exercises this option, the Buyer will |\n|------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| | provide the complete survey to the Trustee immediately upon
payment of the cost of such survey. |\n| Sales and Use Taxes
(PSA §9) | Sales or use taxes payable on the Buyer's purchase of the Lady
May, if applicable, are the Buyer's responsibility, and the
Buyer shall pay the taxes due to the Trustee at Closing. The
Buyer will indemnify and hold harmless the Trustee and
Brokers against and from any sales or use taxes for which the
Buyer is responsible. |\n| Representations and
Warranties
(PSA §10) | Upon Closing, the Buyer will be deemed to have accepted the
Lady May in its \"as is\" condition, the Trustee and the Brokers
have given no warranty, either expressed or implied, and make
no representation as to the condition of the Lady May, its
fitness for any particular purpose or merchantability, all of
which are disclaimed. |\n| Financing
(PSA §11) | The Buyer's obligations are not contingent upon Buyer's
obtaining financing. The Buyer represents that it will arrange |\n| | financing, if necessary. The Buyer also represents and warrants
that it has sufficient cash and/or financing to fund the Purchase
Price at Closing. |\n| Reimbursement | In the event any dispute between the parties hereto arising out |\n| (PSA §16) | of the subject matter of the PSA, the prevailing party (including |\n\nthat the Listing Broker may earn (in accordance with its engagement letter with the Trustee) if a sale of the Lady May is consummated with a different buyer.\n\n| | the Brokers) will be reimbursed for their reasonable costs and
attorney's fees, at all pretrial, trial and appellate levels, unless
such prevailing party is found, in a final non-appealable
judgment of this Court, to have engaged in willful misconduct
or acted with gross negligence. |\n|-------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Bankruptcy Court
Approval
(Addendum §2) | The PSA and all terms in the PSA are subject to approval of
this Court. |\n| Exclusive Bankruptcy
Court Jurisdiction
(Addendum §3) | Notwithstanding anything in the PSA to the contrary, this Court
will have exclusive jurisdiction over any claim or dispute in
respect of or arising out of the PSA, and the parties and the
Brokers irrevocably submit to the exclusive jurisdiction of this
Court, waive any objection they now or hereafter may have to
venue or convenience of forum, agree that all claims relating to
the PSA will be decided in this Court, and, further, not to bring
any claim relating to the PSA in any other court. |\n\n# **COMPLIANCE WITH LOCAL RULE 6004-2(c)**\n\n32. In accordance with Local Rule 6004-2(c), the Trustee further states:\n\n| Local Rule 6004-2 | Terms of Sale |\n|---------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Disclosure | |\n| Sale to Insider
(Local Rule 6004-2(c)(1)) | The Buyer is not an insider within the meaning of section
101(31) of the Bankruptcy Code. Indeed, the Buyer has
represented and warranted that it is not affiliated with or related
to the Debtor and/or is not acting on behalf of or at the behest
of the Debtor. PSA §11. |\n| Agreements with
Management
(Local Rule 6004-2(c)(2)) | Not applicable. |\n| Releases
(Local Rule 6004-2(c)(3)) | The PSA contains no releases. |\n| Private Sale/No
Competitive Bidding
(Local Rule 6004-2(c)(4)) | While the Trustee is not contemplating conducting an auction,
the PSA reflects the result of a competitive marketing process
(as detailed in this Motion).
Nor has the Trustee agreed not to solicit competing offers for
the Lady May or otherwise limit shopping of the Lady May.
Indeed, the Trustee will consider any offers made at any prior
to or at the hearing on the Sale Motion. Moreover, in |\n\n| | accordance with Local Rule 6004-2(g), the Trustee will serve a
copy of this Motion on all parties that have expressed an
interest in the Lady May during the marketing process. |\n|--------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Closing and Other
Deadlines
(Local Rule 6004-2(c)(5)) | The closing of the Sale will take place on or before June 30,
2023.
The deadline for the Buyer to accept or reject the Lady May in
accordance with the PSA is June 20, 2023. |\n| Good Faith Deposit
(Local Rule 6004-2(c)(6)) | The Buyer has made a good faith deposit of 20% of the
Purchase Price, which deposit is being held by the Trustee in
escrow subject to the terms of the PSA. |\n| Interim Arrangements
with Proposed Buyer
(Local Rule 6004-2(c)(7)) | There are no interim arrangements with the Buyer. |\n| Use of Proceeds
(Local Rule 6004-2(c)(8)) | The proceeds from the Sale will be deposited into the Trustee's
account and will be used and/or distributed by the Trustee in
accordance with the Bankruptcy Code.
To the extent there are any liens on the Lady May, such liens
will attach to the proceeds.12 |\n| Tax Exemption
(Local Rule 6004-2(c)(9)) | The Trustee is not seeking to have the Sale declared exempt
from taxes under section 1146(a) of the Bankruptcy Code.
As noted above, sales or use taxes payable on the Buyer's
purchase of the Lady May, if applicable, are the Buyer's
responsibility, and the Buyer shall pay the taxes due (if any) to
the Trustee at Closing. |\n| Record Retention
(Local Rule 6004-2(c)(10)) | Not applicable. |\n| Sale of Avoidance Actions
(Local Rule 6004-2(c)(11)) | The Trustee is not seeking to sell any avoidance actions. |\n\n 12 The Trustee is not aware of any liens on the Lady May. The Trustee conducted a lien search with the Cayman Island registry, but no maritime liens have been registered against the Lady May. In addition, the Trustee conducted a UCC search with respect to HK USA, but that search also did not uncover any liens against the Lady May.\n\n| Requested Findings and
Order as to Successor
Liability
(Local Rule 6004-2(c)(12)) | The Trustee is not requesting any findings as to successor
liability claims. |\n|--------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Sale Free and Clear of
Unexpired Leases
(Local Rule 6004-2(c)(13)) | The Trustee is not seeking to convey any real property. |\n| Credit Bid
(Local Rule 6004-2(c)(14)) | Not applicable. |\n| Relief from Bankruptcy
Rule 6004(h)
(Local Rule 6004-2(c)(15)) | The Trustee seeks relief from the fourteen-day stay imposed by
Bankruptcy Rule 6004(h) to permit the sale to close
immediately upon approval by this Court. |\n| Carve-Outs and/or \"Gifts\"
(Local Rule 6004-2(c)(16)) | Not applicable. |\n| Residual Assets
(Local Rule 6004-2(c)(17)) | The Sale is not a sale of substantially all of the assets of the
estate. Additional assets will exist following the Sale Closing. |\n\n## **RELIEF REQUESTED**\n\n33. By this Motion, the Trustee seeks entry of the Proposed Order, pursuant to sections 105(a), 363(b), and 363(f) of the Bankruptcy Code, Bankruptcy Rules 2002, 6004, and 9014, and Local Rules 6004-1 and 6004-2 (i) approving and authorizing the Sale of the Lady May, (ii) authorizing and approving the PSA, and (iii) granting related relief.\n\n# **BASIS FOR RELIEF**\n\n## **A. Sale Should be Approved Pursuant to Section 363(b) of the Bankruptcy Code**\n\n34. Section 363(b) of the Bankruptcy Code authorizes a trustee to sell assets other than in the ordinary course of its business after notice and hearing. *See* 11 U.S.C. § 363(b). Additionally, Bankruptcy Rule 6004(f) authorizes a trustee to sell estate property outside of the ordinary course of business by private sale or public auction. Fed. R. Bankr. P. 6004(f).\n\n35. The decision to sell assets outside of the ordinary course of business is based upon the sound business judgment of the trustee. *See e.g. In re Chateaugay Corp*., 973 F.2d 141 (2d Cir. 1992); *Comm. of Equity Security Holders v. Lionel Corp (In re Lionel Corp.)*, 772 F.2d\n\n1063, 1071 (2d Cir 1983). The trustee has broad discretion to determine the manner in which its assets are sold and private sales outside the ordinary course of business are permissible pursuant to section 363(b) of the Bankruptcy Code. *See In re Bakalis*, 220 B.R. 525, 531 (Bankr.\n\nE.D.N.Y. 1998) (noting trustee has authority to conduct a sale of estate property through private sale); *see, e.g., Palermo v. Pritam Realty, Inc. (In re Pritam Reality, Inc.)*, 233 B.R. 619 (D. P.R. 1999) (upholding the bankruptcy court's approval of a private sale conducted by a chapter 11 debtor); *In re MF Glob. Inc.*, 535 B.R. 596 608 (Bankr. S.D.N.Y. 2015) (approving a private sale of a chapter 11 debtor's assets where the standards of section 363(b) were met). Courts have approved private sales where the benefit of such outweighs the delay and expense of conducting a public sale. *See In re Dewey & Leboeuf LLP*, No. 12-12321 MG, 2012 WL 5586278, at \\*6 (Bankr. S.D.N.Y. Nov. 1, 2012) (finding good business justification to sell property through a private sale where public sale would be more costly).\n\n36. A court-approved auction process is not required to establish a sale is within the business judgment of the trustee under the Bankruptcy Code, the Bankruptcy Rules, or the Local Rules. *See, e.g., In re The Great Atl. & Pac. Tea Co., Inc*., 544 B.R. 43, 49–50 (Bankr. S.D.N.Y. 2016) (\"[T]here is no rule that . . . asset sales are . . . conditioned on such a requirement [a formal auction], which does not appear in the Bankruptcy Code or Bankruptcy Rules.\") (internal citations and quotations omitted).13\n\n13 The Local Rules only require a public sale process with respect to the sale of real estate, unless otherwise ordered by the Court. Local Rule 6004-1(a) (\"Unless otherwise ordered by the Court upon a showing of good cause, a party proposing to sell real property must do so by public sale.\").\n\n37. Once a court is satisfied that there is a sound business justification for a proposed sale, the court must then determine whether (i) the trustee has provided the interested parties with adequate and reasonable notice, (ii) the sale price is fair and reasonable, and (iii) the purchaser is proceeding in good faith. *See In re MF Global Inc.*, 467 B.R. 726, 730 (Bankr. S.D.N.Y. 2012); *In re Betty Owens Sch., Inc*., No. 96 Civ. 3576, 1997 WL 188127, at \\*4 (S.D.N.Y. Apr. 17, 1997).\n\n38. As detailed in this Motion, there is a strong business justification for the Sale of the Lady May to the Buyer. The Trustee submits that, in light of the extensive marketing and the competitive bidding process, the proposed Sale to the Buyer is in the best interests of the Debtor's estate and should be approved. There would have been no incremental benefit to first seeking approval of formal bidding procedures and running a public auction, in light of the nature of the property to be sold (*i.e.*, a luxury superyacht) and the small pool of potential buyers (*i.e.*, high net-worth individuals). To the contrary, conducting an auction would likely have discouraged potential buyers from bidding and/or making their best offer. Potential buyers would likely not have participated in a process that would have exposed them to the risk of overpaying (if selected as the winning bidder in an auction), and, to the extent they would have participated in such a process, they would likely have discounted their bids to reflect that risk. In fact, two of the Initial Bidders withdrew from the process because of his dissatisfaction with the competitive process the Trustee was considering.\n\n39. Moreover, because an auction process would have required more time (including to seek Court approval of the auction procedures), many of the Initial Bidders would not have remained in the process, and otherwise motivated buyers would likely have been discouraged from participating out of a concern that they would have wasted a lot of time if they were\n\nultimately not selected as the successful bidder. This is especially so given that other luxury superyachts can be purchased through brokers without having to go through an auction process. Furthermore, given the fairly small pool of potential buyers, it is unlikely that an auction process would have attracted any additional interest beyond the parties that Edmiston (through its extensive network of clients and connections to other brokers) was able to attract.\n\n40. In addition, the delay associated with pursuing an auction process would also require the Trustee to continue incurring the substantial cost of maintaining the Lady May. As the Court is aware, the maintenance costs for the Lady May are substantial and typically range between \\$100,000 and \\$300,000 per month (and these amounts do not even include the substantially higher dockage fee associated with docking the Lady May at the Safe Harbor Newport Shipyard, which are approximately \\$50,000 per month). To be clear, the Trustee is not suggesting that these costs justify selling the Lady May below fair market value; however, the substantial cost of operating the Lady May needs to be considered as part of the overall cost/benefit analysis of proceeding with the Sale to the Buyer now compared to seeking approval of bidding procedures and pursuing a public auction.\n\n41. Moreover, as detailed above, the Sale is the result of a competitive bidding process (even if not pre-approved by the Court), which process resulted in a Purchase Price that the Trustee submits is fair and reasonable for the Lady May. As part of that process, the Trustee also utilized a seasoned yacht broker (*i.e.*, Edmiston) that specializes in the sale of luxury superyachts. In the end, the bidding process succeeded in eliciting higher bids, with the ultimate winning bid (\\$24 million) exceeding even the highest initial bid (\\$20 million) by \\$4 million. In any event, in accordance with Local Rule 6004-2(g), the Trustee is serving copies of this Motion on all parties that have expressed to Edmiston an interest in purchasing the Lady May, and, if\n\nsuperior bids are received before or at the hearing this Motion, the Trustee understands that he is duty-bound to consider such bids.\n\n42. Finally, as noted, the winning bid submitted by the Buyer did *not* modify the terms of the Trustee's form of proposed PSA (including the terms set forth in the addendum), other than to require the closing of the Sale to occur on or before June 30, 2023. Accordingly, the PSA preserves *all* of the beneficial terms that the Trustee added to the IYBA Form. For example, unlike the IYBA Form which would allow a buyer to reject a vessel for any reason until after the completion of the survey, the Buyer here may only reject the Lady May if the surveyor certifies in writing that it discovered defects that affect the operational integrity of the Lady May or her machinery or her systems or renders the Lady May unseaworthy.14\n\n43. For the reasons stated above, the Trustee submits that the Sale of the Lady May to the Buyer is in the best interest of the estate and should be approved under section 363(b) of the Bankruptcy Code.\n\n# **B. Sale of Lady May Free and Clear of Liens, Claims, Interests, and Encumbrances Should Be Authorized Pursuant to Section 363(f) of the Bankruptcy Code**\n\n44. Section 363(f) of the Bankruptcy Code authorizes a trustee to sell assets free and\n\nclear of liens, claims, interests, and encumbrances if:\n\n- (1) applicable non-bankruptcy law permits sale of such property free and clear of such interests;\n- (2) such entity consents;\n\n- (3) such interest is a lien and the price at which such property is to be sold is greater than the aggregate value of all liens on such property;\n- (4) such interest is in bona fide dispute; or\n- (5) such entity could be compelled, in a legal or equitable proceeding, to accept a money satisfaction of such interest\n\n14 In the event that the surveyor certifies any such defects, the Trustee will update the Court, parties in interest, and potential bidders regarding such developments, including whether the Buyer has chosen to reject the Lady May or whether the parties were able to agree to a modification of the Purchase Price to reflect the reasonable cost of addressing such defect.\n\n11 U.S.C. § 363(f). Because section 363(f) of the Bankruptcy Code is drafted in the disjunctive, satisfaction of any one of the five requirements will suffice to permit the sale of the Lady May \"free and clear\" of liens and interests. *See In re Dundee Equity Corp*., 1992 WL 53743 at \\*4 (Bankr. S.D.N.Y. Mar. 6, 1992) (\"[S]ections 363(f) is in the disjunctive, such that the sale of the interest concerned may occur if any one of the conditions of Section 363(f) have been met\").\n\n45. The Trustee has conducted a search for maritime liens (with the Cayman Island registry) as well as any UCC filings with respect to HK USA, but neither search has revealed any liens or other encumbrances with respect to the Lady May. However, to the extent there are any liens, claims, interests, or encumbrances against the Lady May, the Trustee submits that the Sale should be approved free and clear of any such liens, claims, interests, and encumbrances because one or more of the requirements under section 363(f) of the Bankruptcy Code are satisfied. In this regard, the absence of an objection to the relief sought in this Motion is, or should be deemed, consent within the meaning of section 363(f)(2) of the Bankruptcy Code. *See Borders Group*, 453 B.R. 477, 484 (Bankr. S.D.N.Y. 2011) (\"Under 363(f)(2), a lienholder who receives notice of a sale but does not object within the prescribed time period is deemed to consent to the proposed sale, and assets thereafter may be sold free and clear of liens.\").\n\n46. Further, to the extent there is any lien holder, it will be adequately protected by having its lien attach to the proceeds of the Sale, subject to any claims and defenses that the Trustee may have with respect thereto. *See, e.g.*, *In re Healthco Int'l, Inc*., 174 B.R. 174, 177 (Bankr. D. Mass. 1994) (\"I therefore conclude the Trustee may sell the property pursuant to section 363(f)(5), free of the County's lien, with the lien transferred to the sales proceeds. Transfer of the lien to the proceeds provides adequate protection for the lien.\"); 3 Collier on Bankruptcy P 363.06 (16th 2023) (\"Section 363(f) permits a sale of property of the estate free\n\nand clear of an interest in the property, including a lien, under a number of circumstances. It has long been recognized that the bankruptcy court has the power to authorize the sale of property free of liens with the liens attaching to the proceeds, with or without the consent of the lienholder.\").\n\n47. For all these reasons, the Trustee requests that the Court authorize the Trustee to\n\nsell the Lady May free and clear of any liens, claims, interests, and encumbrances.\n\n## **C. Sale of Lady May Should Be Subject to Protections of Section 363(m) of the Bankruptcy Code**\n\n48. Section 363(m) of the Bankruptcy Code protects a good faith purchaser's interest\n\nin property purchased from the estate notwithstanding that the sale conducted under section\n\n363(b) of the Bankruptcy Code is later reversed or modified on appeal. Specifically, section\n\n363(m) of the Bankruptcy Code provides as follows:\n\nThe reversal or modification on appeal of an authorization under [section 363(b)] . . . does not affect the validity of a sale . . . to an entity that purchased . . . such property in good faith, whether or not such entity knew of the pendency of the appeal, unless such authorization and such sale . . . were stayed pending appeal.\n\n49. Although \"good faith\" is not defined in the Bankruptcy Code, the Second Circuit\n\nhas stated that:\n\nGood faith of a purchaser is shown by the integrity of his conduct during the course of the sale proceedings . . . A purchaser's good faith is lost by fraud, collusion between the purchaser and other bidders or the trustee, or an attempt to take grossly unfair advantage of other bidders.\n\n*In re Gucci*, 126 F.3d 380, 390 (2d Cir. 1997) (internal quotations omitted). Section 363(m) of\n\nthe Bankruptcy Code \"fosters the 'policy of not only affording finality to the judgment of the\n\nbankruptcy court, but particularly to give finality to those orders and judgments upon which third\n\nparties rely.'\" *In re Chateaugay Corp*., 1993 U.S. Dist. Lexis 6130, \\*9 (S.D.N.Y. 1993) (quoting\n\n*In re Abbots Dairies of Penn., Inc*., 788 F.2d 143, 147); *see also Allstate Ins. Co. v. Hughes*, 174 B.R. 884, 888 (S.D.N.Y. 1994); *In re Stein & Day, Inc*., 113 B.R. 157, 162 (Bankr. S.D.N.Y. 1990).\n\n50. The Buyer was selected by the Trustee as having submitted the highest and best bid following an extensive marketing effort by Edmiston and a competitive bidding process, including arms' length negotiations following the submission of bids on May 30, 2023. The Trustee has no reason to believe that the Buyer colluded with other interested parties or otherwise attempted to obtain an unfair advantage over other parties in the process. Moreover, the Buyer has no affiliation with the Debtor nor is the Buyer acting on behalf of or at the behest of the Debtor, all as reflected in the Buyer's representations and warranties in the PSA. All payments to be made by the Buyer, and other agreements or arrangements entered into by the Buyer in connection with the Sale set forth in the PSA, have been disclosed. Accordingly, the Trustee submits that the Buyer is a good faith purchaser entitled to the protections pursuant to section 363(m) of the Bankruptcy Code.\n\n### **D. Trustee Should Be Authorized to Pay Commission to Edmiston**\n\n51. Pursuant to the Edmiston Retention Order, the Court previously approved Edmiston's compensation structure, including a fixed fee of 5% of the purchase price in the event of an in-house deal not involving a Sub-Listing Broker (as defined in the Edmiston Retention Application). In light of Edmiston's substantial efforts in marketing the Lady May, which efforts culminated in the selection of the Buyer as the winning bidder, the Trustee submits that the Court should authorize the payment of such fee, in the amount of \\$1.2 million to Edmiston upon the Closing of the Sale.\n\n52. In addition, pursuant to the PSA, if following entry of the Proposed Sale Order, the Sale is not consummated due to the Trustee's non-performance, the Trustee is required to pay\n\nthe aforementioned Full Fee (as defined in the Edmiston Retention Order) to Edmiston. The Trustee submits that this provision is reasonable including because, in that event, Edmiston will have performed the same services and the Closing would have occurred but for the Trustee's non-performance. Accordingly, the Trustee submits that it is reasonable for the Trustee to agree, as part of the PSA, to pay the 5% fee to Edmiston in that scenario, and the Court should approve the payment of such fee. That said, and to be clear, the Trustee has no intention not to perform his obligations under the PSA and proceed to consummation of the Sale to the Buyer (assuming, of course, that this Court approves the Sale).\n\n53. Finally, the PSA provides that if, after the Court has approved the Sale, the Closing is not consummated due to the Buyer's non-performance, the Trustee shall pay to Edmiston an amount equal to \\$200,000 out of the Deposit, which amount will count against, and reduce, any commission that Edmiston may earn (in accordance with its engagement letter with the Trustee) if a sale of the Lady May is consummated with a different buyer. The Trustee submits that this provision is reasonable and should be approved as well, including because the Trustee believes that, if the Sale fails due to the Buyer's non-performance, the Trustee will be able to sell the Lady May to another interested buyer, for a purchase price that would result in a commission to Edmiston well in excess of \\$200,000—and, accordingly, there would be no net loss to the estate.\n\n### **WAIVER OF STAY UNDER BANKRUPTCY RULE 6004(h)**\n\n54. The Trustee requests that the Court waive any applicable stay imposed by Bankruptcy Rule 6004(h), which provides that \"[a]n order authorizing the use, sale, or lease of property other than cash collateral is stayed until the expiration of 14 days after entry of the order, unless the court orders otherwise.\" Fed. R. Bankr. P. 6004(h).\n\n55. As noted, it is a condition to the proposed Sale to the Buyer that the Closing occur on or before June 30, 2023. Unless the default stay period set forth in Bankruptcy Rule 6004(h) is waived, the Closing deadline could not be met and the Buyer may attempt to walk and terminate the Buyer's obligations to purchase the Lady May, in which case the Trustee would lose the highest bid on the Lady May, to the detriment of the Debtor's estate. Accordingly, the Trustee respectfully requests that the Court waive the fourteen-day stay imposed by Bankruptcy Rule 6004(h), as the exigent nature of the relief sought herein justifies immediate relief.\n\n### **WAIVER OF LOCAL RULE 6004-2 REGARDING VALUATION**\n\n56. Pursuant to Local Rule 6004-2(b), sale motions must include a description of the means by which the movant determined the fair market value of the property to be sold, unless otherwise provided by order of the Court. The Trustee has determined that under the facts of this case, the best evidence of the fair market value of the Lady May is the result of the marketing process conducted by Edmiston and the subsequent competitive bidding process. Accordingly, the Trustee believes that it was not necessary to obtain (and pay for) a separate fair market valuation from an appraiser. Thus, to the extent necessary, the Trustee requests that the requirements of Local Rule 6004-2(b) be waived.\n\n### **NOTICE**\n\n57. Notice of this Motion will be served upon (i) the Office of the United States Trustee for the District of Connecticut, (ii) the Buyer, (iii) counsel for the Debtor, (iv) the Committee, (v) all entities and individuals, if any, known to have expressed to Edmiston an interests in the Lady May, (vi) all parties who have requested notice in the Debtor's case pursuant to Bankruptcy Rule 2002, and (vii) the creditor matrix.\n\n58. The parties identified in clauses (i) through (vi) will receive a full copy of the Motion and the parties identified in clause (vii) will receive only a copy of the sale notice15 (appended to this Motion).\n\n[*Remainder of page intentionally left blank.*]\n\n15 The sale notice is based on the Notice of Proposed Private Sale of Estate Property included in Appendix O to the Local Rules, but modified to also include the hearing dates scheduled by the Court on the Motion (*i.e.*, June 27, 2023 at noon and, if necessary, June 28, 2023) and the deadline to object to the Motion (*i.e.*, June 23, 2023).\n\nWHEREFORE, for the foregoing reasons, the Trustee respectfully requests that the\n\nBankruptcy Court enter the Proposed Sale Order granting the relief requested herein.\n\nDated: June 2, 2023 New York, New York\n\n### By: */s/ Luc A. Despins*\n\n Luc A. Despins (admitted *pro hac vice*) G. Alexander Bongartz (admitted *pro hac vice*) Douglass Barron (admitted *pro hac vice*) PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 (212) 318-6079 alexbongartz@paulhastings.com douglassbarron@paulhastings.com\n\n*and*\n\nNicholas A. Bassett (admitted *pro hac vice*) PAUL HASTINGS LLP 2050 M Street NW Washington, D.C., 20036 (202) 551-1902 nicholasbassett@paulhastings.com\n\n*and*\n\nDouglas S. Skalka (ct00616) Patrick R. Linsey (ct29437) NEUBERT, PEPE & MONTEITH, P.C. 195 Church Street, 13th Floor New Haven, Connecticut 06510 (203) 781-2847 dskalka@npmlaw.com plinsey@npmlaw.com\n\n*Counsel for the Chapter 11 Trustee*\n\nCase 22-50073 Doc 1858 Filed 06/02/23 Entered 06/02/23 15:54:44 Page 31 of 68\n\n## **EXHIBIT A**\n\n**Proposed Sale Order**\n\n## **UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION**\n\n| ------------------------------------------------------ | x | |\n|---------------------------------------------------------|-------------|-------------------------|\n| In re: | :
: | Chapter 11 |\n| HO WAN KWOK, et al.,1 | :
: | Case No. 22-50073 (JAM) |\n| Debtors. | :
:
: | (Jointly Administered) |\n| ------------------------------------------------------x | | |\n\n# **ORDER, PURSUANT TO BANKRUPTCY CODE SECTIONS 105 AND 363, BANKRUPTCY RULES 2002 AND 6004(c) AND LOCAL RULES 6004-1 AND 6004-2, (I) AUTHORIZING AND APPROVING SALE OF THE LADY MAY FREE AND CLEAR OF LIENS, CLAIMS, INTERESTS, AND ENCUMBRANCES, (II) AUTHORIZING AND APPROVING PURCHASE AND SALE AGREEMENT, AND (III) GRANTING RELATED RELIEF**\n\n Upon the motion (the \"Motion\")2 of Luc A. Despins, in his capacity as the chapter 11\n\ntrustee (the \"Trustee\") appointed in the chapter 11 case of Ho Wan Kwok (the \"Debtor\"),\n\npursuant to pursuant to sections 105, 363(b), and 363(f) of title 11 of the United States Code (the\n\n\"Bankruptcy Code\"), Rules 2002, 6004(c), and 9014 of the Federal Rules of Bankruptcy\n\nProcedure (the \"Bankruptcy Rules\"), and Rules 6004-1 and 6004-2 of the Local Rules of\n\nBankruptcy Procedure of the United States Bankruptcy Court for the District of Connecticut (the\n\n\"Local Rules\"), seeking entry of an order (i) authorizing and approving the Trustee's sale (the\n\n 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), Genever Holdings LLC (last four digits of tax identification number: 8202) and Genever Holdings Corporation. The mailing address for the Trustee, Genever Holdings LLC, and the Genever Holdings Corporation is Paul Hastings LLP, 200 Park Avenue, New York, NY 10166 c/o Luc A. Despins, as Trustee for the Estate of Ho Wan Kwok (solely for purposes of notices and communications).\n\n2 Capitalized terms used but not defined herein shall having the meanings set forth in the Motion or the PSA, as applicable; provided, however, no capitalized terms used herein shall in any way be modified, amended, or supplemented in the PSA after this Order becomes final.\n\n\"Sale\") of the Lady May3 to Herb Chambers Yachting, LLC (the \"Buyer\") free and clear of all liens, claims, interests and encumbrances pursuant to that certain purchase and sale agreement, dated May 30, 2023, by and among the Buyer and the Trustee (together with the related addendum, the \"PSA\"), (ii) authorizing and approving the PSA, and (iii) granting related relief, all as further detailed in the Motion; and hearing on the Motion having been held (the \"Hearing\"); and this Court having reviewed and considered the Motion, the declaration of Dirk Johnson (the \"Johnson Declaration\") in support of the requested relief, and all objections thereto, and the arguments made by counsel and evidence adduced at the Hearing; and it appearing the terms of the PSA are in the best interests of the Debtor, the estate, creditors and other parties in interest; and after due deliberation thereon, and good cause appearing therefor,\n\n#### **THE COURT HEREBY FINDS THAT**: 4\n\n### **Jurisdiction and Final Order**\n\nA. This Court has jurisdiction to hear and determine the approval of the Sale and the PSA under 28 U.S.C. §§ 1334 and 157, and the *Standing Order of Reference* from the United States District Court for the District of Connecticut. This is a core proceeding under 28 U.S.C. § 157(b). Venue of this case in this district is proper under 28 U.S.C. §§ 1408 and 1409.\n\nB. This Order constitutes a final order within the meaning of 28 U.S.C. § 158(a).\n\nNotwithstanding Bankruptcy Rules 6004(h), and to any extent necessary under Bankruptcy Rule\n\n3 For purposes of the sale under the PSA, the term \"Lady May\" consists all assets to be sold pursuant to the PSA, including all gear, machinery, equipment, furniture, fuel, consumables, all registered or unregistered tenders, toys, articles and appurtenances on board the Lady May and/or included on the Lady May's listing specification as of the date of the PSA (*i.e.*, May 30, 2023). For the avoidance of doubt, the Lady May II is not included as part of the Sale.\n\n4 The findings and conclusions set forth herein constitute the Court's findings of fact and conclusions of law pursuant to Bankruptcy Rule 7052, made applicable to this proceeding pursuant to Bankruptcy Rule 9014. To the extent that any of the following findings of fact constitute conclusions of law, they are adopted as such. To the extent any of the following conclusions of law constitute findings of fact, they are adopted as such.\n\n9014 and Rule 54(b) of the Federal Rules of Civil Procedure, as made applicable by Bankruptcy Rule 7054, this Court expressly finds that there is no just reason to delay the implementation of this Order, and expressly directs entry of judgment as set forth herein. The Buyer, being a good faith purchaser under section 363(m) of the Bankruptcy Code, may close the sale contemplated by the PSA at any time after the entry of this Order and shall not be subject to the stay provided by Bankruptcy Rules 6004(h).\n\n### **Notice of Sale**\n\nC. Actual written notice of the Motion, the Hearing, and a reasonable opportunity to object or be heard with respect to the Motion and the relief requested therein, has been afforded to all known interested persons or entities.\n\nD. As evidenced by the certificates of service previously filed with this Court: (i) due, proper, timely, adequate and sufficient notice of the Motion, the Hearing, the entry of this Order, the Sale, and the relevant objection deadlines has been provided to all parties-in-interest; (ii) such notice was, and is, good, sufficient and appropriate under the circumstances of this chapter 11 case, provided a fair and reasonable opportunity for parties-in-interest to object, and to be heard, with respect thereto, and was provided in accordance with the Bankruptcy Code, Bankruptcy Rules, and the applicable Local Rules; and (iii) no other or further notice of such matters is necessary or shall be required.\n\n### **Business Judgment**\n\nE. The Trustee has demonstrated good, sufficient, and sound business purposes and justifications for, and compelling circumstances to promptly consummate, the Sale and such action is an appropriate exercise of the Trustee's business judgment and in the best interests of the Debtor, his estate, and his creditors. Such business reasons include, but are not limited to, the\n\nfacts that: (i) the Purchase Price and the other terms set forth in the PSA constitute the highest or otherwise highest and best offer received for the Lady May; (ii) the Sale on the terms set forth in the PSA presents an orderly and expeditious sale of the Lady May and the best opportunity to maximize the value of the Lady May; and (iii) unless the Sale is concluded expeditiously as provided for in this Order and pursuant to the PSA, potential creditor recoveries may be substantially diminished.\n\n### **Marketing Process**\n\nF. As demonstrated by the Motion, the Johnson Declaration, the testimony and other evidence proffered or adduced at the Hearing, and the representations of the Trustee and his counsel made on the record at the Hearing: (i) the Trustee and his broker, Edmiston and Company Limited (\"Edmiston\"), engaged in a robust and extensive marketing and sale process; (ii) the Trustee and his advisors conducted a fair and open sale process; (iii) the sale process was non-collusive, duly noticed, and provided a full, fair, and reasonable opportunity for any entity to make an offer to purchase the Lady May; and (iv) the process conducted by the Trustee obtained the highest and best value for the Lady May for the Trustee and the Debtor's estate.\n\n### **Fair Consideration; Highest or Best Value**\n\nG. The consideration to be provided by the Buyer under the PSA is fair and reasonable consideration for the Lady May and constitutes (i) reasonably equivalent value under the Bankruptcy Code, the Uniform Fraudulent Transfer Act, and the Uniform Voidable Transactions Act, (ii) fair consideration under the Uniform Fraudulent Conveyance Act, and (iii) reasonably equivalent value, fair consideration, and fair value under any other applicable laws of the United States, any state, territory or possession or the District of Columbia. Such consideration constitutes the highest and best bid for the Lady May. No other person or entity or\n\ngroup of persons or entities has offered to purchase the Lady May for an amount that would give equal or greater value to the Debtor's estate than the value provided by the Buyer pursuant to the PSA. Prompt approval of the Sale is the only means to maximize the value of the Lady May.\n\n### **Good Faith**\n\nH. The PSA and the Sale were negotiated, proposed, and entered into, and are being undertaken by the Trustee and the Buyer in good faith, without collusion, and from arms' length bargaining positions. Likewise, the value that the Debtor's estate will receive on consummation of the Sale is the product of arms' length negotiations between the Trustee, the Buyer, and their respective representatives and advisors.\n\nI. The Buyer is purchasing the Lady May in good faith, and is a good faith purchaser, within the meaning of section 363(m) of the Bankruptcy Code, and is therefore entitled to the full rights, benefits, privileges, and protections of that provision and any other applicable or similar bankruptcy and non-bankruptcy law.\n\nJ. Neither the Buyer nor the Trustee have engaged in any conduct that would prevent the application of section 363(m) of the Bankruptcy Code to the PSA or to the consummation of the Sale.\n\nK. The Buyer proceeded in good faith in all respects in connection with the Sale and this proceeding in that, among other things: (a) the Buyer's bid was the result of a competitive bidding process; (b) all payments to be made by the Buyer, and other agreements or arrangements entered into by the Buyer in connection with the Sale set forth in the PSA, have been disclosed; and (c) the Buyer has not violated section 363(n) of the Bankruptcy Code by any action or inaction.\n\nL. The Buyer is not an insider or an affiliate (as that term is defined in sections 101(2) and 101(31) of the Bankruptcy Code) of the Debtor.\n\n### **Section 363(f) of the Bankruptcy Code Is Satisfied**\n\nM. The Trustee is authorized to sell the Lady May free and clear of liens, claims, interests, and encumbrances against the Debtor or his estate, because one of more of the standards set forth in section 363(f)(1)-(5) of the Bankruptcy Code has been satisfied.\n\nN. Those holders of liens, claims, interests, or encumbrances who did not object (or who ultimately withdrew their objections, if any) to the Sale or the Motion have either consented to or are deemed to have consented to the Sale pursuant to section 363(f)(2) of the Bankruptcy Code. In addition, one or more of the other subsections of section 363(f) of the Bankruptcy Code apply and, therefore, holders of liens, claims, interests, or encumbrances in the Lady May are adequately protected by having their liens, claims, interests, or encumbrances in the Lady May attach solely to the proceeds of the Sale in the same order of priority and with the same extent, validity, force, and effect that such holders had prior to the Sale.\n\nO. The Buyer would not have entered into the Sale and will not consummate the transactions contemplated thereby, thus adversely affecting the Debtor's estate and his creditors, (i) if the sale of the Lady May was not free and clear of all liens, claims, interests, and encumbrances or (ii) if the Buyer would, or in the future could, be liable for any such liens, claims, interests, and encumbrances. The total consideration to be provided under the PSA reflects the Buyer's reliance on this Order to provide it with title to and possession of the Lady May free and clear of all liens, claims, interests, and encumbrances pursuant to sections 105(a) and 363(f) of the Bankruptcy Code.\n\n### **Validity of Transfer**\n\nP. The transfer of the Lady May to the Buyer will be a legal, valid, and effective transfer of the Lady May, and will vest the Buyer with any legal, equitable and beneficial right, title, and interest of the Debtor in and to the Lady May, free and clear of all liens, claims, interests, and encumbrances. The consummation of the Sale is legal, valid, and properly authorized under all applicable provisions of the Bankruptcy Code, including, without limitation, sections 105(a), 363(b), 363(f), and 363(m) of the Bankruptcy Code, and all of the applicable requirements of such sections have been complied with in respect of the Sale. Subsequent to the Closing, the Debtor's estate will be relieved of all liability or other obligation of any kind with respect to claims arising from or related to the Buyer's post-Closing operation and/or ownership of the Lady May.\n\n### **Waiver of Bankruptcy Rules 6004(h)**\n\nQ. The sale of the Lady May must be approved and consummated promptly. The Trustee and the Buyer intend to close the Sale on or before June 30, 2023. The Trustee has demonstrated compelling circumstances and a good, sufficient, and sound business purpose and justification for the immediate approval and consummation of the Sale as contemplated by the PSA. Accordingly, there is sufficient cause to lift the stay contemplated by Bankruptcy Rules 6004(h) with regard to the transactions contemplated by this Order.\n\n### **THE COURT HEREBY ORDERS, ADJUDGES, AND DECREES:**\n\n1. The Motion is GRANTED and approved in all respects, and any objections thereto that have not been otherwise withdrawn, waived, or settled are overruled.\n\n2. The PSA is hereby approved as set forth herein.\n\n3. Pursuant to sections 363(b) and 363(f) of the Bankruptcy Code, the Sale of the Lady May to the Buyer pursuant to the PSA free and clear of all liens, claims, encumbrances, and other interests is approved in all respects.\n\n4. Pursuant to sections 105(a), 363(b), and 363(f) of the Bankruptcy Code, the Trustee is authorized to transfer the Lady May in accordance with the terms of the PSA and this Order. The transfer of the Lady May by the Trustee to the Buyer in accordance with the PSA shall: (a) be valid, legal, binding, and effective; (b) vest the Buyer with all right, title, and interest of the Trustee in and to the Lady May; and (c) be free and clear of all liens, claims, interests, and encumbrances against the Lady May, in accordance with section 363(f) of the Bankruptcy Code.\n\n5. Pursuant to section 363 of the Bankruptcy Code, this Order shall and does, as of the Closing, divest the Debtor and his estate of all right, title, and interest in and to the Lady May.\n\n6. The consideration provided by the Buyer for the Lady May under the PSA is fair and reasonable and shall be deemed for all purposes to constitute reasonably equivalent value, fair value, and fair consideration under the Bankruptcy Code and any other applicable law, and the Sale may not be avoided or rejected, or costs or damages imposed or awarded against the Buyer, under section 363(n) or any other provision of the Bankruptcy Code.\n\n7. The Trustee is authorized and directed to take any and all actions necessary or appropriate to (a) consummate the Sale concerning the transfer of the Lady May to the Buyer at a closing in accordance with the Motion, the PSA and this Order, (b) perform, consummate, implement, and close fully the PSA together with all additional instruments and documents that may be reasonably necessary or desirable to implement this Order, and the PSA, and (c) perform\n\nthe obligations contemplated by this Order, and the PSA, including all actions reasonably requested by the Buyer in regard thereto.\n\n8. The sale of the Lady May by the Trustee to the Buyer shall constitute a legal, valid and effective transfer of the Lady May, notwithstanding any requirement for approval or consent by any person, and vest the Buyer with all rights, title, and interests in the Lady May, subject to the terms of the PSA.\n\n9. All liens, claims, interests, and/or encumbrances in, on, or against the Lady May shall automatically attach solely to the proceeds of the Sale with the same validity, priority, force, and effect that they now have as against the Lady May, subject to any claims and defenses the Trustee or the Debtor's estate may possess with respect thereto. This Order shall be effective as a determination that, on and as of the Closing, all liens, claims, interests, and/or encumbrances of any kind or nature whatsoever in, on, or against the Lady May have been unconditionally released, discharged, and terminated. The provisions of this Order authorizing and approving the transfer of the Lady May free and clear of liens, claims, encumbrances, and other interests shall be self-executing, and neither the Trustee nor the Buyer shall be required to execute or file releases, termination statements, assignments, consents, or other instruments in order to effectuate, consummate, and implement the provisions of this Order and the PSA.\n\n10. Subject to the terms, conditions, and provisions of this Order, all persons and entities are hereby forever prohibited and barred from taking any action that would adversely affect or interfere, or that would be inconsistent (a) with the ability of the Trustee to sell and transfer the Lady May to the Buyer, (b) with the ability of the Buyer to acquire, take possession of, use and operate the Lady May in accordance with the terms of the PSA and this Order, and (c) with the ability of the Trustee and the Buyer to perform their respective obligations\n\nthereunder; provided, however, that the foregoing restriction shall not impair the right of any party in interest with the requisite standing to appeal this Order in accordance with applicable law or opposing any appeal of this Order.\n\n11. The Purchaser is entitled to all the protections afforded by section 363(m) of the Bankruptcy Code. The Sale contemplated by the PSA and this Order are undertaken by the Buyer in good faith, as that term is used in section 363(b) of the Bankruptcy Code and, accordingly, the reversal or modification on appeal of the authorization provided herein to consummate the Sale shall not affect the validity of the Sale unless such authorization is duly stayed pending such appeal prior to the Closing. For the avoidance of doubt, the pendency of an appeal of this Order, absent a stay of this Order pending appeal, shall not constitute a basis not to consummate the Sale.\n\n12. The failure specifically to include any particular provisions of the PSA in this Order shall not diminish or impair the efficacy of such provision, it being the intent of this Court that the PSA and each and every provision, term, and condition thereof (including, for the avoidance of doubt, the addendum thereto) be, and therefore is, authorized and approved in its entirety; provided, however that the PSA may be modified, amended, or supplemented by the parties thereto, in a writing signed by all parties, without further notice to or order of this Court, provided that any such modification, amendment, or supplementation does not have a material adverse effect on the Debtor's estate, unless approved by order of this Court.\n\n13. The provisions of this Order, the PSA, and any actions taken pursuant hereto or thereto, shall survive entry of any order which may be entered confirming or consummating any chapter 11 plan, or which may be entered converting this chapter 11 case from chapter 11 to chapter 7 of the Bankruptcy Code or dismissing this chapter 11 case, and the terms and\n\nprovisions of the PSA, as well as the rights and interests granted pursuant to this Order, the PSA, shall continue in this chapter 11 case or any superseding cases and shall be specifically performable and enforceable against and binding upon the Trustee, the Debtor, his estate, all creditors, all holders of claim(s) (whether known or unknown) against the Debtor, all holders of liens, claims, interests, and/or encumbrances (whether known or unknown) against, in, or on all or any portion of the Lady May, the Buyer and its respective successors and permitted assigns, and any other trustee or other fiduciary hereafter appointed or elected as a legal representative of the Debtor under chapter 7 or chapter 11 of the Bankruptcy Code, including without limitation plan fiduciaries, plan administrators, litigation or liquidation trustees appointed during the pendency of, or upon confirmation of a chapter 11 plan in this chapter 11 case.\n\n14. This Order is and shall be binding upon and govern the acts of all persons and entities (including, without limitation, all filing agents, filing officers, title agents, title companies, recorders of mortgages, recorders of deeds, registrars of deeds, administrative agencies, governmental departments, and secretaries of state, federal and local officials) who may be required by operation of law, the duties of their office, or contract to accept, file, register, or otherwise record or release any documents or instruments, or who may be required to report or insure any title or state of title in or to the Lady May. Each of the foregoing persons and entities shall accept for filing any and all of the documents and instruments necessary and appropriate to release, discharge, and terminate any of the liens, claims, interests, and encumbrances against the Lady May or to otherwise consummate the Sale contemplated by this Order, and the PSA. All liens, claims, interests, and encumbrances of record as of the date of this Order shall be forthwith deemed removed and stricken as against the Lady May. All persons and entities described in this\n\nparagraph are authorized and specifically directed to strike all such recorded liens, claims, interests, and encumbrances against the Lady May from their records, official and otherwise.\n\n15. The terms and provisions of the PSA and this Order shall be binding in all respects upon, or shall inure to the benefit of, the Trustee, the Debtor's estate and its creditors, the Buyer and its affiliates, successors, and assigns, and any affected third parties, including all persons asserting liens, claims, interests, or encumbrances in, on, or against the Lady May, notwithstanding any subsequent appointment of any other trustee, examiner, or receiver under any chapter of the Bankruptcy Code or any other law, and all such provisions and terms shall likewise be binding on such trustee, examiner, or receiver and shall not be subject to rejection or avoidance by the Trustee, the Debtor, his estate, his creditors or any such trustee, examiner, or receiver.\n\n16. Upon the Closing, the Trustee is authorized to pay the Full Fee (as defined in the Edmiston Retention Order) equal to 5% of the Purchase Price, *i.e.*, \\$1,200,000 to Edmiston. In addition, (a) if the Closing is not consummated due to the Trustee's non-performance, the Trustee shall pay the aforementioned Full Fee to Edmiston and (b) if the Closing is not consummated due to the Buyer's non-performance, the Trustee shall pay to Edmiston an amount equal to \\$200,000 out of the Deposit, which amount will count against, and reduce, any commission that Edmiston may earn (in accordance with its engagement letter with the Trustee) if a sale of the Lady May is consummated with a different buyer.\n\n17. For the avoidance of doubt, no estate causes of action are being sold as part of the Sale.\n\n18. Notwithstanding the provisions of Bankruptcy Rules 6004(h) or any applicable provisions of the Local Rules, this Order shall not be stayed after the entry hereof, but shall be\n\neffective and enforceable immediately upon entry, and the 14-day stay provided in Bankruptcy Rules 6004(h) is hereby expressly waived and shall not apply. The Trustee and the Buyer intend to close the Sale on or before June 30, 2023. Any party objecting to this Order must exercise due diligence in filing an appeal and pursuing a stay within the time prescribed by law and prior to the Closing, or risk its appeal will be foreclosed as moot.\n\n19. Nothing in this Order shall modify or waive any closing conditions or termination rights in the PSA, and all such conditions and rights shall remain in full force and effect in accordance with their terms.\n\n20. As of the Closing, all agreements of any kind whatsoever and all orders of this Court entered prior to the date hereof shall be deemed amended and/or modified to the extent required to permit the consummation of the Sale, including, without limitation, the transfer of the Lady May to the Buyer and the occurrence of the Closing.\n\n21. No bulk sales law or any similar law of any state or other jurisdiction applies in any way to the Sale.\n\n22. To the extent necessary, the requirements of Local Rule 6004-2(b) are hereby waived.\n\n23. To the extent that there is a conflict between the provisions of this Order and the PSA, this Order shall prevail.\n\n24. This Court shall retain jurisdiction to, among other things, (a) interpret, enforce, and implement the terms and provisions of this Order and the PSA (including all amendments thereto, any waivers and consents thereunder, and of each of the agreements executed in connection therewith) and (b) adjudicate disputes related to this Order and the PSA (including all\n\namendments thereto, any waivers and consents thereunder, and of each of the agreements executed in connection therewith).\n\nCase 22-50073 Doc 1858 Filed 06/02/23 Entered 06/02/23 15:54:44 Page 46 of 68\n\n## **EXHIBIT B**\n\n**PSA**\n\n\n\n### PURCHASE AND SALE AGREEMENT FOR BROKERAGE VESSEL\n\n| BUYER: Herb Chambers Yachting, LLC or assigns | SELLER: Luc A. Desplas, as chapter 11 trustee for the estate of Ho Wan Kwok | | | |\n|----------------------------------------------------------|-----------------------------------------------------------------------------|--|--|--|\n| Address: 259 McGrath Hwy | Address: c/o Paul Hastings LLP, 200 Park Avenue | | | |\n| Somerville, MA 02143 | New York, New York 10166 | | | |\n| Nationality: | Nationality: U.S. | | | |\n| VESSEL NAME: Lady May
MANUFACTURER: Feadship | | | | |\n| Model: Semi displacement motor yacht | Length Overall: 44,25m | | | |\n| Year: 2014 | Doc or Z Reg No.: 745195
Flag: Cayman Is. | | | |\n| Hull No.: 688 | Engine Description: Diesel (Caterpillar) | | | |\n| Selling Broker: Bruce Brakenhoff/Edmiston | Listing Broker: Edmiston & Company Limited | | | |\n| IMPORTANT DATES
PURCHASE PRICE | | | | |\n| Offer Date: May 30, 2023
Purchase Price: \\$24,000,000 | | | | |\n| Offer Expiration Date: June 9, 2023 | Less Deposit: [20% of Purchase Price] \\$4.800.000 | | | |\n| Accept/Reject Date: June 20, 2023 | Less Trade Allowance (see Addendum): Not applicable | | | |\n| Closing Date: on or before June 30, 2023 | Balance: \\$19,200,000 | | | |\n\nDelivery Location: International waters, off the coast of Rhode Island NOTE: If Vessel is to be moved to the Dellery Location must be specified with precision. The mere listing of a port or city is insufficient\n\n### ADDITIONAL REGISTERED VESSELS INCLUDED V Yes No\n\n1. Agreement. Buyer agrees to purchase, and Seller agrees to sell, all right, title and in the Vessel described above on the terras and conditions set forth in this Purchase and Sale Agreement (\"PSA\"). Capitalized terms used in this PSA refer to the corresponding torms in the table above unless otherwise defined here!\" of this PSA is this PSA is the date on which is has been signed by both parties. \"Vessel\" also includes all gear, machiner, fuel, consumables, and all registered or unredistered tenders, toves, articles and appurtenances on board the Vessel and/or included on the Vessel's listing specification as of the Agreement, except for litems listed on the Exclusions List provided by the Seller of Listing Broker on the Effective Date or (b) the Accept ReJect Date, which items are not included in the sale. Buyer will be deemed to have accepted the Exclusion List if it accepts the Vessel. Listing Broker and Selling Broker shall be referred to herein as the \"Brokers.\" If there is a Trade Allowance, the crade-in will be governed by the attached Trade-In Vessel Addendum. If either party fails to sign this PSA and deliver it to the other Explorition Date, this PSA will be ineffective.\n\n2. Deposit. Within \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ the Sellng Broker's account, as acknowledged below, as a deposit toward the to be held subject to the terms of this PSA. Seller may refuse to permit Buyer to proceed with the trial run, survey and other inspections of the Deposit has deared into the Selling Broker's escrow account.\n\n3. Survey Option; Acceptance of Vessel; Conditions of Survey. Buyer's obligation to purchase the Vessel is subject to Buyer's satisfaction, in Buyer's sole discretion, with a trail run and survey of the Vessel though Buyer may elect not to have the Vessel (s) Buyer will select the surveyor, and not the Brokers, will be the sole patty responsible for any errors or onissions with respect to the survey, notwithstanding that the Broked information to and assisted Buyer with hiring the surveyor, (c) Seller shall make the Vessel available and Buyer shall complete that run and survey as soon as practicable, (d) Seller shall pay all running expenses for, and assume the risks associated with, the triall pay all costs of the survey, including assoclated costs, e.g., haul-out, dry dock, and subcontractors' charges, (e) Buyer and its surveyor will be solely responsible for deternining the scope of the trial run to assess the Vessel's conformity with Buyer shall deliver written notice of rejection or acceptance of the Vessel to Seller or the Listing Broker on or before the Accept/Reject Date. Whether or not Buyer has inspected the Vessel, Buyer will be deemed to have rejected the Vessel of it falls to give timely written notice of its acceptance of the Vessel, Seller will not make any use of the Vessel pending Closing (defined in Paragraph 4) except to the Delivery Location. 158\n\nBuver's Initials:\n\n©2020 International Yacht Brokers Association. All rights reserved.\n\nRev.3,10,20\n\nThis form was prepared for the exclusive of the VBA. The parties and Bokers hereby elecse the 193A from any Indially for damages resulting from or reloted to Its use. The I'BA expecsly disclaires, helving merchantability and fitness for a particular purpose, related to the form.\n\nrejects or is deemed to reject the Vessel, after all expenses incurred on Buyer's behalf have been paid, (1) the Selling Broker shall return the Deposit to Buyer, (II) this PSA will terminate, and the Brokers will be released from any further liability hereunder. The Brokers will not be responsible for the cost to correct any defects or deficiencies noted during the trial run and survey.\n\n4. Closing, The transfer of Vessel's ownership (\"Closing\") will ocur on the Closing Date at the Delivery Location simultaneously with payment of all funds due from the Buyer and delivery of orleinals of all other documents necessary for transfer of good and marketable titleto Buyer. If the Vessel must move to the Deliver Vessel to the Closing Location Location unless funds have been pold in full or are being held subject to an escrow conditioned only upon delivery of the Delivery Location and release of title documents to the Buyer. Closing may be facilitated by overnight courier or electronic means. Seller shall deliver the Vessel (as defined in Paragraph 1) to Buyer at the Delivery Location except for fuel consumed during the trial run and any voyage to the Delivery Location. On or before the Closing Date, Seller must deling Broker all documents necessary to transfer this to the Vessel (and all other teens hereby required to be dellvered) to Buyer. At Closing, Buyer shall pay the Balance to Seller (subject to Paragraph 6) and/or the Selling Broker for onward transfer to Seller by whe transfer. Any funds Seller owes to (1) the Brokers for the commission, storage, insurance, regairs and/or other items or (i) the holder of any other Encumbrance, will be deducted from the amount due Seller by the Selling Broker prior to disbursement of funds to Seller, which hereby irrevocably Instructs any Deposit holder to pay the Commission from the Deposit to the Brokers pursuant to the terms hereof.\n\ns, Brokers. The parties acknowledge that the Selling Broker are the only brokers that procured this PSA. If the Listing Broker and the Selling Broker are the same brokers consent to that Broker acting as a dual-agent in this transaction, 1.e., representing both Buyer and Seller, and the Broker may disclose to both parties facts known to the Broker materially affecting the Vessel's value or dasirability; provided, however, that in such hastance the Broker's consent, disdose to Buyer that Seller ls willing to sell the Vessel for an amount less than the asking price or, without Buyer's willing to pay a price greater than the offering price. If the Selling Broker are different, the Usting Broker will represent Seller only and owe no dutles, fiduclary or otherwise, to Buyer, and the Selling Broker will represent Buyer only and owe no dutles, fiducary or otherwise, to Seller (though pald by Sellers are obligated to perform only the dutles expressly set forth herein and no inclied dutles or obligations may be read into this PSA. Seller shall be solely responsible for payment of commission due to the Brokers in connection with the sale of the Vessel as set forth herein. Each party represents and warrants to the other that he has not employed or dealt with any other broker, agent or finder in carrying out the negotiations relating to the sale of the Vessel to Buyer and acknowledges that the Brokers are third-party beneficiaries to this PSA.\n\n6. Seller's Representations; Requirements for Closing, Seller represents and warrants that It will transfer to Buyer good and marketable title to the Vessel, free and clear of all debts, claims, martimen law llens, security interests, encumbrances, excise taxes, and any other applicable taxes, customs' duties, or tariffs due to any state, country, regulator authority of any kind whatsoever (collectively, \"Enoumbrances\"), No less than two (2) business days before Closing, Seller shall deliver to Buyer (a) satisfactory evidence of title, (b) proof of payment or removal of all Encumbrances (except for those encumbrances that will be paid in full at closing), (c) a guaranty and Indemnffication from Seller's representations and warranties in this Paragraph 6, (d) if Seller is a legal entity, a personal guaranty and Indemnification from Seller's beneficial owner(s) guaranteeing Seller's representations and warranthes in this Paragraph 6, and (e) coples of any other documents necessary for transfer of good and marketable title to Buyer. Seller shall pay any cost associated with, and shall cooperate fully to obtain any authorization for sale required from any governing authority. Any party will provide to the other prior to Closing (I) proof that it is in good standing under the State or other Jurisdiction under which the entity has been formed, (l) a consent action or resolution demonstrating the entity's duly authorized decision to purchase or sell the Vessel as well as the authorlty of the individual delivering or accepting this PSA and/or purchase and sales documents.(IN) a power of attorney demonstrating the authority of the Individual delivering or accepting the Vessel and (ly) as to Seller, its wire transfer information.\n\n7. Risk of Loss; Force Moleure. Seller will bear the risk of lossel prior to Closing. If the Vessel is demaged subsequent to Buyer's acceptance and the necessary repairs will cost less than five percent (5%) of the Purchase Price and require fewer than 30 days to complete, than (a) Seller must repair the closing in accordance with sound marine practices to the standard of the Vessel immediately prior to the damage and Buyer may Inspect such repair, (b) Buyer must pay the Balance and take delivery of the Vessel as repaired, and (c) the Closing Date will be extended by the repair period, if the Vessel is damaged to a greater extent subsequent to Buyer's acceptance, elther party may terminate this PSA with the same consequences as if Buyer had rejected the rearly s obligation to perform will be suspended to accommodate unforeseable events beyond that party's reasonable control (\"Force Mgleure Events\"), Including, without lintition, acts of terrorism, strikes, lockouts, riots, acts of war, fire, communication line fallures, computer viruses, power fallures, accidents, tropical storms, hurricanes, or other natural disasters. If a Force Majeure Event occurs, the time periods referred to in this PSA, including, without limitation, the Closing Date, will be deemed extended by the time necessary to permit the affected party to perform in accordance with this PSA; provided, however, if the Force Majeure Event delays the Closing Date for a period of at more than 90 days, either party may terminate this PSA with the same consequences as if Buyer had relected the Vessel.\n\n| | 8. Default. Notwithstanding anything herein to the contrary, if the Deposit is not paid when due or Closing is not consummated due to |\n|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------|\n| | Buyer's non-formance, including, without limitation, fallure to pay the Balance of execute all documents necessary for completion offither |\n| Buyer's Initials: \"N | Seller's Initials: مملك |\n\n@2020 International Yacht Brokers Association. All rights reserved.\n\nRev. 9.10.20\n\npurchase by the Closing Date: (1) the Deposit shall be retained by (or fif the Deposit was not paid, Buyer shall pay a like and the Brokers as liquidated and agreed damages, as consideration of this PSA, in full settlement of all claims between the parties, 10) the Selling Broker shall return to Buyer and (1) the partes will be partles will be relleved of all obligations under this PSA. Buyer and Seller agree that the Depart will be applied first to payment of any unpald costs or expenses that Buyer or Broker incurred against the Vessel and then divided fifty percent (50%) to the Seller and fifty percent (50%) to the Brokers shall divide in the same proportions as the commission would had a sale been consumented. If the Closing is not consummated due to Seller's nor-performance, the Deposit, and any other money paid or deposited by Buyer, pursuant to this PSA will be returned to Buyer upon demand or Buyer will have the right of specific performance is reasonable in light of the unloueress of the Vessel, difficulty of proof of inconvenience or Imposibility of otherwise obtainly an adequate remedy. On Seller's default, Seller shall forthwith pay the same commission otherwise payable had the transaction closed.\n\n9. Sales and Use Taxes, Sales payable on Bayer's purchase of the Vessel. If applicable, are Buyer's responsibility, and Buyer's responsibility, and Buyer's responsibility, an pay the taxes due to the Selling Broker at Closing, Buyer hereby indemnifies and holds harmless Seller and from any sales or use taxes for which Buyer is responsible.\n\n10. REPRESENTATIONS AND WARRANTIES, SELLER AND THE BROKERS BELEVE THAT ANY INFORMATION ANY OF THEM HAS PROVIDED ON THE VESSEL IS GOOD AND CORECT AND OFFER THE INFORMATION IN GOOD FAITH, BUT DO NOT AND CANNOT GUARANTEE THE ACCURACY OF SUCH INFORMATION. BUYER WARRANTS AND REPRESENTS, AS OF THE TIME OF CLOSING, THAT IT (A) WILL HAVE FULLY INSPECTED AND MADE A TRIAL RUN OF THE VESSEL (OR HAVED THESE RIGHTS) AND (B) IS NOT RELYING ON ANY ADVERTISEMENTS, PROMISES, DESCRIPTIONS, AFFIRMATIONS, OR REPRESENTATIONS (WHETHER ORAL OR WRITEN, PRIOR TO OR CONTEMPORANEOUS WITH THIS PSA) PROVIDED BY THE SELLER OR BROKERS. UPON CLOSING, BUYER WILL BE DEEMED TO HAVE ACCEPTED THE VESSEL IN ITS \"AS LS\" CONDITION. SELLER AND THE BROKERS NO WARRANT. ETTHER EXPRESSED OR IMPLIED. AND MAKE NO REPRESENTATION AS TO THE CONDITION OF THE VESSEL, IT'S FITNESS FOR ANY PARTICULAR PURPOSE OR MERCHANTABILITY, ALL OF WHICH ARE DISCLAIMED,\n\n11. Financing. Buyer's obligations are not contining fhancing. Buyer represents that it will arrange financing, if o ecessary. Buyer and Seller acknowledge that the Brokers have made no rearrantles with respect to Buyer's ability to obtak financing, Buyer's duelfications to obtain any treated on the Vessel, or Buyer's ablity to document or register the Vessel in any Jurisdiction.\n\n12. Counterparts. The parties may sign this PSA In any number of identical counterparts, esch of which will be deemed an original (including signatures evidenced via facsimile, email or other electronic means) as if the signatures were upon the same instrument,\n\n13. Binding Effect; Contemporaneous Contracts; Future Sales. This PSA is binding on all partles, their heirs, personal representatives and/or assigns. Sellershall not sell the Vessel or enter into any contract for the sale of the Vessel while this PSA is in effect. If a sale is not consummatied In accordance with the terms of this PSA, and Buyer and Seller enter into a contract between themselves for the Vessel, whether directly or through an entily under a party's owners after this PSA is terminated, Seller agrees to pay the Brokers an amount identical to the commission the received had the transaction contemplated under this PSA closed,\n\n14. Escrowed Funds. The parties acknowledge that (a) the Selling Broker will not be responsible for the funds have cleared into the Selling Broker's account. (b) the Selling Broker in escrow once the funds have cleared and any other funds received by ether Broker from any party will be held in trust for that party, (c) the Selling Broker may retain the Brokers prior to disbursement of the Deposit or Baller, and (d) in any dispute involving any funds held by the Brokers, Buyer and Seller will Indemnify the Brokers for legal fees and costs telating in any way to the incorred in any appeals (which obligation is secured by a llen on the estrowed funds) and those relating to a claim for a commission, except as to a Broker found, in a final non-appealable ludgment, to have engaged in willful misconduct or acted with gross negligence.\n\n15. Additional Terms. See Addendum.\n\n16. Miscellaneous. This PSA, including is axhibits and schedules, is the entire greement between the subject matter hereof and superseder all prior and contements, representations, warrantes, and understandings perfainlings perfainlings perfainling thereto, be they in writhg, ora, or other becomes a party to any littgation involving this PSA, the Broker shall be relmbursed for their costs and attorney's fees, at all prellate levels, by the party or parties found to have breached this PSA. In the event of any dispute between the parties hard of the subject matter of this PSA, the prevaling patty (Including the Brokers) shall be entitled to recover reasonable expenses for all prettle), that and appellate proceedings, ff any term, condition, or provision of this PSA is held to be unentorceable for any reason, it shall be interpreted to the PSA to the extent possible rather than avoided. In any event, all other terms, conditions of this PSA shall be deemed valid and enforcesble, There are no other dutes, obligations, linkled or otherwise, except as set forth herein. This PSA may not be amerided or modified, except in writing, signed by Buyer and Seller. Nothe attorney or Broker representing any party shall be as effective as If given by or to that party. All notices must be in writing and may be made by personal delivery, overhight courier, facs/mile, or other electronic means, and shall be effective upon delivery with proof of delivery retained. Buyer may assign this F\n\nBuyer's Initials:\n\n@2020 International Yacht Brokers Association. All rights reserved.\n\nRev. 3.10.20\n\nary member(s) of Buyer's immediate family or any entity owned or controlled by Buyer and/or any member(s) of his innedlate family, Otherwise, neither party nay assign this PSA without the consent shall not be unreasonably withined. No claim or right artisting out of this PSA can be wayed by one party, In whole or In part, unless in writting, nor shall any waiver be applicable except In the specific instance for which it is given. Paragraph headings are informational and Included only for convenience.\n\n17. Governing Law and Dispute Resolution, Check (a), (b) or (c). If none checked, (a) will apply. Any dispute involving this Agreement will be resolved: (a) { in the courts focated in the State of \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ (Floride, if left blank), (b) \\_\\_ ] by bindling arbitration in the State of (Florida, if left blank), (c) by binding arbitration in London, England. (f (q) or (b) is selected: (i) this Agreement will be governed by and interpreted according to the State of \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_(Florides of conflicts-ofiaws and III the proceedings will be conty of the moin office of the Selling Broker, or if the Selling Broker has no office In (Fort Lauderdale, Florida, if no other city indicated), If (b) Is selected, the Commercial Arbitration Rules of Florida, in the American Arbitation Association (\"AAA\") in force when the arbitration is commenced will apply unless the following ... If the amount In controvery including countercialms is not more than USD rules apply: \\$1,000,000,00, the parties shall jointly select a shgle arbitrator from the International Yecht Brokers Association (\"YBA\") within twenty (20) days of the giving of arbitration. If the partles are unable to agree upon the arbitrator, the IYBA shall have the power to nake the shgle arbitrator. ff the anount in controversy is greater, the parties shall each appoint one arbitrator and the two appoint a third arbitrator. If they cannot agree on the third arbitrator within 14 days, ether party may request that the IVA appoint the third arbitrators maintained by the YBA. The desision of the single arbitrator, or if a three abitrator panel, and binding on the parties. An action may be brought in any court of competent jurisdiction to enforce any arbitration. If (c) is selected (i) this Agreement will be governed by and interpreted in accordance with English of the principles of confilets-of-aws, (i) the partles irrevocally agree that any dispute afsing out of or in connection with this Agreement shall be referred to arbitration in accordance with the Arbitration Act 1996 or any statutory modification or re-enacted the extent necessary to give effect to the provisions of this Paragrably (10) the arbitration shall be conducted in accordance with the rules of London Marftime Arbitrators Association (\"MAA\") current when the arbitration Is commenced, (ly) if the anount in dispute (including counterciairs) is less than USD\\$100,000, its Small Cialms Procedure will apply, while if greater than or equal to USD\\$100,000 and less than USD\\$400,000, its intermediate Claims Procedure will apply. Whatever option is selected, the parties irrevocably submit to the exclusive of such court or arbitral forum, walve any objection they now or have to venue of convenience of forum, agree that all claims relating to the proceeding will be decided only in such court or arbitral forum and, further, not to bring any claim relating to this Agreement in arbitral forum. The parties, having had the opportunity to seek legal counsel, walve trial by jury for claims artising under this Agreement, whether against each other or any Broker.\n\nBUYER: Print: Herbert Chambers Title: Member\n\nSELLING BROKER DEPOSIT CONFIRMATION (Subject to clearance of funds)\n\nBuver's Initia\n\n@2020 International Yacht Brokers Association. All rights reserved,\n\nRev. 3.10.20\n\nThis for not prepared for the neathers of the nembers of the 1984. The partes and Bokent he 1994 for any llobility from any llobility from any libility from any libility from or related to its use. The IVA expressy disclaing mechantobility and fitness for o particular purpose, related to the use of this form.\n\n### Addendum to Purchase and Sale Agreement for Brokerage Vessel, executed on May 30, 2023, Between (i) Luc A. Despins, as the Chapter 11 Trustee for the Estate of Ho Wan Kwok and (ii) Herb Chambers Yachting, LLC or assignee (the \"Addendum\")\n\nCapitalized terms used but not defined herein have the meanings set forth in the Purchase and Sale A greement for Brokerage Vessel, executed on May 30, 2023, with respect to the Lady May (the \"PSA\"). For the avoidance of doubt, any reference to the PSA (whether in this PSA or the Addendum) shall be to the PSA as modified by this Addendum,\n\n- 1. Luc A. Despins is party to the PSA solely in his capacity as the chapter 11 trustee for the estate of Ho Wan Kwok, and not in his personal capacity. Accordingly, no claim whatsoever may be asserted by Buyer against Mr. Luc A. Despins in his personal capacity or Paul Hastings LLP.\n- 2. The PSA and all terms in the PSA are subject to approval of the United States Bankruptcy Court for the District of Connecticut (the \"Bankruptcy Court\"), in which court the chapter 11 case of Ho Wan Kwok, Case No. 22-50073 (the \"Chapter 11 Case\"), is pending.\n- 3. Notwithstanding anything in the PSA to the contrary, the Bankruptcy Court shall have exclusive jurisdiction over any claim or dispute in respect of or arising out of the PSA. and the parties and the Brokers irrevocably submit to the exclusive jurisdiction of the Bankruptcy Court, waive any objection they now or hereafter may have to venue or convenience of forum, agree that all claims relating to the PSA will be decided in such court, and, further, not to bring any claim relating to the PSA in any other court. For the avoidance of doubt, all provisions in Section 17 of the PSA regarding the arbitration of any dispute involving the PSA are hereby deleted.\n- 4. Notwithstanding anything in the PSA to the contrary, the PSA is governed by and interpreted according to the State of New York regardless of its principles of conflicts-of-laws.\n- 5. The fourth and fifth sentences in Section 1 of the PSA are hereby modified as follows:\n\n\"Vessel\" also includes all gear, machinery, equipment, furniture, fuel, consumables, and all registered or unregistered tenders, toys, articles and appurtenances on board the Vessel and/or included on the Vessel's listing specification as of the date of this PSA. There will be no Exclusions List Agreement, except for items-listed on the Exclusions List provided by the Seller or Listing Broker on the earlier of (a)-five days from the Effective Date or (b) the Accept/Reject Date, which items are not included in the sale. Buyer will be decreed to have accepted the Exclusion List if it accepts the Vossel. For the avoidance of doubt, the Lady May II is not included as part of the sale of the Vessel pursuant to this PSA.\n\n6. The eighth sentence in Section 1 of the PSA is hereby modified as follows:\n\nThere shall be no If there is a Trade Allowance in connection with the sale of the Vessel pursuant to this PSA the conditions of the trade in will be-governed by the attached Trade-In-Vessel-Addendum.\n\n7. Section 2 of the PSA is hereby modified as follows:\n\nWithin \\_\\_\\_\\_\\_\\_\\_\\_ business days (3-business days if loft-blank)) following Seller's signature of this PSA, On JMay 31, 2023, Buyer paidshall pay the Deposit to the Seller'sSelling Broker's account, as acknowledged below, as a deposit toward the Purchase Price to be held in escrow subject to the terms of this PSA. Seller may refuse to permit Buyer to proceed with the trial run, survey and other inspection of the Vessel until the Deposit has cleared into the Selling Broker's escrow account.\n\n8. Section 3 of the PSA is hereby modified as follows:\n\nBuyer's obligation to purchase the Vessel is subject to Buyer's satisfaction, in Buyer's sole diseretion, with a trial run and survey of the Vessel though Buyer may elect not to have the Vessel inspected; provided, however, that Buyer may only reiect the Vessel if the surveyor (who shall be a duly qualified marine surveyor whose dayto-day business is occupied with surveying of vessels of a similar quality to and value of the Vessel) certifies in writing that it discovered defects that affect the operational integrity of the Vessel or her machinery or her systems or renders the Vessel unseaworthy. For the avoidance of doubt. Buyer may not reject the Vessel on any other grounds. If the Buver decides to have a survey conductedinspected: (a) Buyer will select the surveyor, (b) the surveyor, and not the Brokers, will be the sole party responsible for any errors or omissions with respect to the survey, notwithstanding that the Brokers may have provided information to and assisted Buyer with hiring the surveyor, (c) Seller shall make the Vessel available and Buyer shall complete the trial run and survey as soon as practicable, such that the survey is completed prior to the Accept/Reject Date, (d) Seller shall pay all running expenses for, and assume the risks associated with, the trial run, and Buyer shall pay all costs of the survey, including associated costs, e.g., haul-out, dry dock, and subcontractors' oharges, (e) Buyer and its surveyor will be solely responsible for determining the scope of the survey and the trial run to assess the Vessel's conformity with Buyer's requirements and (t) Buyer shall deliver written notice of refection or acceptance of the Vessel to Seller or the Listing Broker on or before the Accept/Reject Date. Whether or not Buyer has inspected the Vessel, Buyer will be deemed to have acceptedrejected the Vessel if it fails to give timely written notice of its-rejectionaeeeptance in accordance with this PSA. Upon Buyer's acceptance of the Vessel, Seller will not make any use of the Vessel pending Closing (defined in\n\nParagraph 4) except to move the Vessel to the Delivery Location. If Buyer rejects or is deemed to reject the Vessel in accordance with this PSA and is not otherwise in breach of this PSA, after-all-expenses incurred on Buyer's behalf have been paids (i) the SellerSelling Broker shall return the Deposit to Buyer, (ii) this PSA will terminate, and (iii) the parties and the Brokers will be released from any further liability hereunder. The Brokers will not be responsible for the cost to correct any defects or deficiencies noted during the trial run and survey.\n\n9. The sixth sentence in Section 4 of the PSA is hereby modified as follows:\n\nAt Closing, Buyer shall pay the Balance to Seller (subject to Paragraph 6) and the Deposit shall be released to Seller, subject to the deduction in the immediately following sentenceand/or to the Selling Broker for onward transfer to Seller by wire transfer. Any funds Seller owes to (2) the Brokers for the commission, storage, insurance, repairs and/or other items (which are subject to approval of the Bankruptcy Court)or (ii) the holder of any other Eneumbrance, will be deducted from the amount due Seller by the Selling Broker priente disbursement of funds to Seller, which heroby irrovocably-instructs any Deposit holder to pay the Commission from the Deposit to the Brokers pursuant to the terms hereofDeposit and paid to the Brokers prior to the release of the Deposit to Seller. For the avoidance of doubt, the order of the Bankruptcy Court approving the sale of the Vessel to Buyer shall provide that the Vessel is being sold free and clear of any Encumbrances, with any Encumbrances attaching to the proceeds of the sale.\n\n10. The second sentence of Section 5 of the PSA is hereby modified as follows:\n\nIf the Listing Broker and the Selling Broker are the same brokerage, the parties consent to that Broker acting as a dual-agent in this transaction, i.e., representing both Buyer and Seller, and the Broker may disclose to both parties facts known to the Broker materially affecting the Vessel's value or desirability; provided, however, that in such instance (a) the Broker shall not, without Seller's consent, disclose to Buyer that Seller is willing to sell the Vessel for an amount less than the asking price and (b) the Broker have no duties to the Buyer in connection with the sale of the Vesseler, without Buyer's consent, disclose to Seller that Buyer is willing to pay a price greater than the offering price.\n\n11. The second sentence of Section 6 of the PSA is hereby modified as follows:\n\nNo less than two (2) business days before Closing, Seller shall deliver to Buyer (a) satisfactory evidence of title, (b) proof of payment or removal of all Encumbrances (except for those encumbrances that will be paid in full at closing), which proof may be the order entered by the\n\nBankruptcy Court approving the sale of the Vessel (and which order shall provide that the Vessel is being sold to Buyer free and clear of any Encumbrances), (e) a guaranty and indemnification from Seller guaranteeing Seller's representations and warranties in this Paragraph 6, (d) if Seller is a legal entity, a personal guaranty and indemnification from Seller's beneficial owner(s) guaranteeing Seller's representations and warranties in this Paragraph 6, and (ce) copies of any other documents necessary for transfer of good and marketable title to Buyer.\n\n12. The second and third sentences of Section 7 of the PSA are hereby modified as follows:\n\nIf the Vessel is damaged subsequent to Buyer's acceptance and the necessary repairs will cost less than five percent (5%) of the Purchase Price and require fewer than 30 days to complete, then, at the Seller's option, (a) Seller maymust repair the damage prior to Closing in accordance with sound marine practices to the standard of the Vessel immediately prior to the damage and Buyer may inspect such repair, in which case (ab) Buyer shallmust pay the Balance and take delivery of the Vessel as repaired, and (be) the Closing Date will be extended by the length of the repair period. If the Vessel is damaged to a greater extent subsequent to Buyer's acceptance or Seller does not exercise the option in the foregoing sentence, either party may terminate this PSA with the same consequences as if Buyer had rejected the Vessel,\n\n13. Section 8 of the PSA is hereby modified as follows:\n\nNotwithstanding anything herein to the contrary, if the Depesit is not paid when due or Closing is not consummated due to Buyer's nonperformance, including, without limitation, failure to pay the Balance or execute all documents necessary for completion of the purchase by the Closing Date: (i) the Deposit shall be retained by for if the Deposit-was not paid, Buyer shall pay a like amount to) Seller and the Brokers as liquidated and agreed damages, as consideration for the execution of this PSA, in full settlement of all claims between the parties, (ii) the Selling Broker shall return to Buyer any other funds received from Buyer, and (iii) the parties will be relieved of all obligations under this PSA, provided, however, that in the event that, after the Bankruptcy Court has approved this PSA, the Closing is not consummated due to Buyer's non-performance, Seller shall pay to the Listing Broker an amount equal to \\$200,000 out of the Deposit, which amount shall count against, and reduce, any commission that the Listing Broker may earn (in accordance with its engagement letter with Seller) if a sale of the Vessel is consummated with a different buyer. Buyer-and Seller agree-that the Deposit will be applied first to payment of any unpaid-costs or expenses that Buyer or Broker incurred against the Fessel and then divided fifty percent (50%) to the Seller and fifty percent (50%) to the Brokers, which the Brokers shall divide in the same\n\nproportions as the commission would have been divided had a sale been consummated. If the Closing is not consummated due to Seller's nonperformance (which, for the avoidance of doubt, shall not include the Bankruptcy Court declining to approve this PSA), the Deposit, and any other money paid or deposited by Buyer, pursuant to this PSA will be returned to Buyer upon demand-or-Buver-will-have-the vight of specific performance. Seller agrees that opecific performance is reasonable in light of the uniqueness of the Vessel, difficulty of proof-of loss, and the inconvenience or impossibility of otherwise obtaining an adequate romedy. If Closing is not consummated due to Seller's nonperformance on Seller's default, Seller shall forthwith pay the Brokers the same commission otherwise payable had the transaction closed; provided, however, that the Bankruptcy Court declining to approve this PSA shall not constitute non-performance on the part of Seller. In the event the Bankruptcy Court does not approve this PSA, this PSA shall be deemed terminated with the same consequences as if Buyer had rejected the Vessel in accordance with this PSA. Notwithstanding anything in this PSA to the contrary, if the Closing is not consummated for any reason (including (a) due to the Buyer's non-performance of its obligations under this PSA, (b) the Bankruptcy Court does not approve this PSA, or (c) the Buyer rejects the Vessel in accordance with this PSA), Seller shall have the option to purchase the survey from Buyer at cost and, if the Seller exercises this option. Buyer shall provide the complete survey to Seller immediately upon payment of the cost of such survey.\n\n14. The first sentence of Section 9 of the PSA are hereby modified as follows;\n\nSales or use taxes payable on Buyer's purchase of the Vessel, if applicable, are Buyer's responsibility, and Buyer shall pay the taxes due to the TrusteeSelling Broker at Closing.\n\n15. The following sentence is hereby added after the first sentence of Section 11 of the PSA:\n\nBuyer represents and warrants that it has sufficient cash and/or financing to fund the Purchase Price at Closing. Buyer also represents and warrants that it is not affiliated with or related to Ho Wan Kwok and/or is not acting on behalf of or at the behest of Ho Wan Kwok.\n\n16. Section 14 of the PSA are hereby modified as follows:\n\nThe parties acknowledge that (a) the SellerSelling Broker will not be responsible for the Deposit until the funds have cleared into the Seller's Selling Broker's account, (b) the SellerSelling Broker shall hold the Deposit in escrow once the funds have cleared and any other funds received by either Broker from any party will be held in trust for that\n\nparty, (c) the SellerSelling Broker shall pay, in accordance with this PSA,may retain the commission due the Brokers prior to the releasediabursement of the Deposit or Balance to Seller, and (d) in any dispute involving any funds held by the Brokers, Buyer and Seller will indemnify the Brokers for legal fees and costs relating in any way to the dispute, including those incurred in any appeals (which obligation is secured by a lien on the escrowed funds) and those relating to a claim for a commission, except as to a Broker found, in a final non-appealable judgment of the Bankruptcy Court, to have engaged in willful misconduct or acted with gross negligence.\n\n17. The second and third sentences of Section 16 of the PSA are hereby modified as follows:\n\nIf a Broker becomes a party to any litigation involving this PSA, the Broker shall be reimbursed for their reasonable costs and attorney's fees. at all pretrial, trial and appellate levels, by the party or parties found to have breached this PSA, unless such Broker is found, in a final nonappealable judgment of the Bankruptcy Court, to have engaged in willful misconduct or acted with gross negligence. In the event of any dispute between the parties hereto arising out of the subject matter of this PSA, the prevailing party (including the Brokers) shall been titled to recover reasonable expenses, attorney's fees and costs for all pretrial, trial and appellate proceedings, unless such prevailing party is found, in a final non-appealable judgment of the Bankruptcy Court, to have engaged in willful misconduct or acted with gross negligence.\n\n18. The ninth and tenth sentences of Section 16 of the PSA are hereby modified as follows:\n\nBuyer may assign this PSA to any member (s) of Buyer's immediate fumily or any entity owned or controlled by Buyer and/or any momber(s) of his immediate family. Otherwise, nNeither party may assign this PSA without the other party's consent, which consent shall not be unreasonably withheld.\n\n19. In the signature block on page 4 of the PSA, the phrase \"Selling Broker Deposit Confirmation (Subject to clearance of funds)\" is hereby modified to read: \"Seller Deposit Confirmation (Subject to clearance of funds)\".\n\nSeller\n\nName: Luc A. Despins, as chapter 11 trustee for the estate of Ho Wan Kwok\n\n\n\nCase 22-50073 Doc 1858 Filed 06/02/23 Entered 06/02/23 15:54:44 Page 58 of 68\n\n## **EXHIBIT C**\n\n**Johnson Declaration**\n\n### UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION\n\n| ---- | |\n|------------------------|---------------------------|\n| In re: | Chapter 11 |\n| HO WAN KWOK, et al., 1 | : Case No. 22-50073 (JAM) |\n| Debtors. | : (Jointly Administered) |\n\n## DECLARATION OF DIRK JOHNSON IN SUPPORT OF TRUSTEE'S MOTION, PURSUANT TO BANKRUPTCY CODE SECTIONS 105 AND 363, BANKRUPTCY RULES 2002, 6004(c), AND 9014, AND LOCAL RULES 6004-1 AND 6004-2, SEEKING ENTRY OF ORDER: (1) AUTHORIZING AND APPROVING SALE OF THE LADY MAY FREE AND CLEAR OF LIENS, CLAIMS, INTERESTS, AND ENCUMBRANCES, (II) AUTHORIZING AND APPROVING PURCHASE AND SALE AGREEMENT, AND (III) GRANTING RELATED RELIEF\n\nI, Dirk Johnson, hereby declare under penalty of perjury pursuant to 28 U.S.C. § 1746, as\n\nfollows:\n\n1. I am a Yacht Broker at Edmiston and Company Limited (\"Edmiston\"),\n\nmaintaining offices at (a) 2 Marina Plaza, Newport, Rhode Island, 02840, and (b) Burleigh\n\nManor, Peel Road, Douglas, Isle of Man, IM1 5EP.\n\n2.\n\nEdmiston and submit this Declaration in support of the Trustee's Motion, Pursuant to\n\nBankruptcy Code Sections 105 and 363, Bankruptcy Rules 2002, 6004(c), and 9014, and Local\n\nRules 6004-1 and 6004-2, Seeking Entry of Order (I) Authorizing and Approving Sale of the\n\n1 The Debtors in these chapter 11 cases are Ho Wan Kwok (also known as Guo Wengui, Miles Guo, and Miles K wok, as well as numerous other aliases) (last four digits of tax identification number: 9595), Genever Holdings LLC (last four digits of tax identification number: 8202) and Genever Holdings Corporation. The mailing address for the Trustee, Genever Holdings LLC, and the Genever Holdings Corporation is Paul Hastings LLP, 200 Park Avenue, New York, NY 10166 c/o Luc A. Despins, as Trustee for the Estate of Ho Wan Kwok (solely for purposes of notices and communications).\n\nLady May Free and Clear of Liens, Claims, Interests, and Encumbrances, (II) Authorizing and Approving the Purchase and Sale Agreement, and (III) Granting Related Relief (the \"Motion\")2 in the chapter 11 case of Ho Wan Kwok (the \"Debtor\"), seeking an order approving and authorizing the sale of the Lady May to Herb Chambers Yachting, LLC (the \"Buyer\").\n\n3. I am a Yacht Broker based in Newport, Rhode Island, since 1991, and have been employed by Edmiston for 2.5 years. I have approximately 15 years of experience in the superyacht brokerage industry. Edmiston is a luxury superyacht broker specializing in the sale of yachts. Edmiston currently is the broker for numerous yachts in the United States and worldwide. In addition, in the past 24 months, approximately, Edmiston has sold more than 70 yachts over 30 meters in length more than double the industry average of deals per broker. Edmiston also holds the industry record for the sale of the highest number of Feadships (which is the builder of the Lady May).\n\n4. On April 18, 2023, Edmiston was retained by the Trustee to market and sell the Lady May, which retention was approved by order of the Court, dated April 27, 2023.3 As set forth in the retention agreement, the agreed-upon list price for the Lady May is \\$26,500,000.\n\n5. Unless otherwise indicated below, I have personal knowledge of the matters set forth below, and if called to testify, I could and would testify competently thereto.\n\n### Marketing of Lady May\n\n6. Since its retention, Edmiston has engaged in an extensive marketing campaign to sell the Lady May to the highest bidder. Consistent with best industry practices for marketing a luxury superyacht such as the Lady May, Edmiston has actively canvassed the yacht market for\n\n2 Capitalized terms used but otherwise not defined herein shall have the meaning ascribed to them in the Motion.\n\n3 Edmiston is also marketing the Lady May II, which is not included in the Sale.\n\npotential buyers, both within its own network of potential buyers as well as through numerous other yacht brokers in the industry, as well as advertised the Lady May both online and in print. These marketing efforts were initially focused on residents outside of the United States and, following the Lady May's transfer to the foreign trade zone in Rhode Island (the \"FTZ\"), Edmiston expanded its efforts to also include U.S. residents.\n\n- 7. Among other things, as part of its marketing efforts:\n\t- a. Edmiston created an electronic brochure of the Lady May, including photographs and listing its specifications, which brochure was included in industry-wide announcements to other yacht brokers as well as posted on Edmiston's website and social media;\n\t- b. Edmiston engaged in a direct client email marketing campaign,4 which featured the Lady May in its monthly mailer update (distributed to approximately 10,000 clients and other potentially interested parties);\n\t- c. Edmiston used extensive digital advertising to market the Lady May on its website and social media accounts, including Instagram, Facebook, LinkedIn and YouTube;5\n\t- d. Shortly after the Lady May was moved into the FTZ in Newport, Rhode Island, Edmiston issued further announcements regarding the Lady May on its website and social media.\n- 8. In order to connect the Lady May with Edmiston's network of industry brokers,\n\nEdmiston emailed single and multi-yacht mailers for new yacht listings, sales updates, location updates, price reductions and yachting events. In addition, the Lady May has been featured in three business email distributions since Edmiston's retention, each of which was sent to approximately 1,850 brokers in the yacht industry. Furthermore, on May 3, 2023, the Lady May was also listed on Yatco.com and Yachtworld.com, which are online business (B2B) search facilities that centralize brokerage information for the yacht industry-similar to MLS\n\n4 The monthly mailer included a photo of the Lady May alongside a detailed description and the listing price.\n\n5 Edmiston.com ranks highly on search engines compared to its competition and is an effective tool in promoting the Lady May, with monthly website traffic averaging 30,000 per month.\n\n(multiple listing service) for real estate sales. In addition, the Lady May has been featured on the brokerage listing page of Boatinternational.com and Superyachttimes.com, as well as in two print publication in Boat International US.\n\n9. Edmiston is also the title sponsor of the London Heliport and used this platform to advertise the Lady May by featuring it in Edmiston's brand collateral (i.e., Edmiston's branded marketing materials) that is deployed throughout the London Heliport. Similarly, the Lady May was featured in Edmiston's brand collateral deployed across private aviation terminals in the East Hamptons and Cabo St. Lucas. Edmiston has also teamed up with Europe's leading private jet airport, Farnborough, to provide a fully immersive experience for guests traveling through the airport and Edmiston utilized this platform to further advertise the Lady May.\n\n10. In addition to all of the foregoing, I reached out, and received calls from, numerous other yacht brokers as well as prospective buyers about the Lady May.\n\n### Bidding Process\n\n11. From the outset of the marketing process, there has been significant interest in the Lady May, but not at prices that the Trustee deemed acceptable. A handful of potential buyers requested to be shown (and were shown) the Lady May, while several brokers visited the Lady May on behalf of prospective buyers. By May 20, 2023, five prospective buyers (the \"Initial Bidders\") had provided Edmiston with formal offers for the Lady May with proposed purchase prices ranging from \\$18 million to \\$20 million. In response to each of these offers, the Edmiston advised the Initial Bidders that the Trustee determined to counter at \\$23 million. In response to the Trustee's counteroffer, one of the Initial Bidders increased its bid to \\$20 million, while the other Initial Bidders did not increase their offer.\n\n12. After receipt of these initial bids and the bidders' refusal to further respond to the Trustee's counteroffer, I advised the Trustee that (in light of the offers in hand) a prolonged marketing process could cause some of the bidders to lose interest, and, therefore, the Trustee should set a deadline of Tuesday, May 30, 2023, at 5:00 p.m. (ET), for interested parties to submit their best and final bids.\n\n13. On May 24, 2023, Edmiston emailed each of the five Initial Bidders as well as other parties that had expressed an interest in the Lady May to advise them that the deadline to submit their best and final bids was set for Tuesday, May 30, 2023, at 5:00 p.m. (ET). This deadline was designed to maintain maximum with the Initial Bidders and other interested parties. In that email, interested bidders were also advised that (a) due to the fact that the Trustee had received offers for the Lady May from several potential buyers, Edmiston was inviting all interested parties to present their best and final offer prior to the May 30, 2023 bid deadline and (b) any such bid would have to comply with the following requirements:\n\n- · Only bids with a purchase price in excess of \\$20,000,000 would be considered by the Trustee;\n- · Offers must be based on the Trustee's form of purchase agreement (which was provided to interested parties on Thursday, May 25);\n- · To the extent the prospective buyer intended to modify the form of purchase agreement, mark-up of the agreement should be included as part of the bid (and advising the parties that such modifications, if any, would be evaluated in determining the highest and/or best offer);\n- · The winning bid must provide for a 20% deposit of the purchase price, which deposit must be received within 48 hours after such bid has been selected as the winning bid;\n- · The 20% deposit would be forfeited if the winning bidder fails to close on purchase of Lady May in accordance with terms of purchase agreement (subject to the right to reject the Lady May if the survey reveals a defect affecting the operational integrity of the Lady May or her machinery or her systems or renders the Lady May unseaworthy);\n- · The purchase agreement must be executed by June 9, 2023;\n- · The Lady May must be accepted or rejected (based on results of survey) by June 28, 2023;\n- · In the event the winning bidder does not close on the purchase at the price set forth in the purchase agreement, the Trustee may, at his option, purchase the survey from the buyer, at cost;\n- · Closing would take place as soon as practical on or before July 20, 2023;\n- · All bids would be subject to bankruptcy court review and approval; and\n- · All bids had to be sent directly to the Trustee.\n\n14. In addition, also on May 24, 2023, Edmiston circulated emails to more than 1,857 other yacht brokers advising them of the deadline to submit best and final bids and that such bids would be subject to certain conditions, including a minimum bid of \\$20 million.6 As with the email to the Initial Bidders, the email distribution advised the brokers that the Trustee was setting May 30, 2023 deadline to submit best and final bids due to multiple offers received to date. Furthermore, on May 27, 2023, Edmiston updated the Yatco.com listing for the Lady May to advise interested parties of the bid deadline and the minimum bid requirement\n\n15. As of 5:00 p.m. (ET) on May 30, 2023, five formal bids (in addition to the initial bids) were received from prospective buyers (the \"Second Round Bidders\"), including from both U.S. residents and non-U.S. residents. Three bids exceeded the \\$20 million minimum, while two bids were below the minimum. During this second round, two bidders that were not Initial Bidders submitted bids. But not all bidders that participated in the initial round submitted a further bid by the May 30, 2023 deadline. For example, one of the Initial Bidders who had\n\n6 This email distribution did not list all of the conditions, but advised the recipients to contact me for further details, including offer conditions.\n\npreviously offered \\$20 million did not submit any bid in connection with the May 20, 2023 bidding deadline because the bidder did not want to participate in a competitive bidding process.\n\n16. Following receipt of these bids, the Trustee engaged in further discussions with each of the three bidders that had satisfied the minimum bid requirement. Because the bidder that submitted the highest bid (which was substantially below \\$24 million) had modified the form of purchase agreement to add provisions that were not acceptable to the Trustee (including giving the buyer an absolute right to terminate the purchase process based on the results of a sea trial that would not take place for more than 10 days), the Trustee requested that the bidder remove these modification and/or further increase its bid. Concurrently, the Trustee, through Edmiston, also reached out to the second and third highest bidders to explore whether they would be willing to increase their bid. Ultimately, one of these two bidders increased its proposed purchase price to \\$24 million, thereby becoming the highest bidder. Because that increased bid (which was the one submitted by the Buyer) did not include any modifications to the Trustee's form of purchase agreement (other than to move up the closing date to a date on or before June 30, 2023), the Trustee selected the Buyer as the winning bidder. To be clear, neither of the other two bidders further increased their bids, even though they were invited to do so.\n\n17. I believe that the Buyer's bid (a) is the highest and best bid (including because the Buyer does not require any modifications to the form of purchase agreement proposed by the Trustee (other than that closing of the Sale occurs by June 30, 2023)), (b) satisfies the Trustee's bid conditions, and (c) is the product of an arms' length bidding and negotiation process. In addition, based on my interactions with the Buyer, I believe that the Buyer has proceeded in good faith during the entirety of the bidding and negotiation process.\n\n18. Finally, I believe that the purchase price offered by the Buyer pursuant to the PSA is the best available price for the Lady May and that implementing formal bidding procedures and running a public auction process would not increase the purchase price, but rather would risk losing the Buyer, while undermining the momentum of the marketing and sale process to date. Accordingly, I believe that proceeding with the Sale under the PSA is in the best interest of the Debtor's estate.\n\n### Auction Process Would Not Have Been Beneficial\n\n19. I believe that there would have been no incremental benefit to first seeking approval of formal bidding procedures and running a public auction, in light of the nature of the property to be sold (i.e., a luxury superyacht) and the small pool of potential buyers (i.e., high net-worth individuals). To the contrary, conducting an auction would likely have discouraged potential buyers from bidding and/or making their best offer. Potential buyers would likely not have participated in a process that would have exposed them to the risk of overpaying (if selected as the winning bidder in an auction), and, to the extent they would have participated in such a process, they would likely have discounted their bids to reflect that risk. In fact, two of the Initial Bidders withdrew from the process because of their dissatisfaction with the competitive process the Trustee was considering.\n\n20. Moreover, because an auction process would have required more time (including to seek Court approval of the auction procedures), many of the Initial Bidders would not have remained in the process, and otherwise motivated buyers would likely have been discouraged from participating out of a concern that they would have wasted a lot of time if they are ultimately not selected as the successful bidder. This is especially so given that other luxury superyachts can be purchased through brokers without having to go through an auction process.\n\nCase 22-50073 Doc 1858 Filed 06/02/23 Entered 06/02/23 15:54:44 Page 68 of 68\n\nPursuant to 28 U.S.C. § 1746, I declare under penalty of perjury that the foregoing is true and correct.\n\nDated: June 2, 2023\n\nDirk Johnson\n\nBroker Edmiston and Company Limited","body_zh":"听证日期和时间：June 27, 2023 at noon (ET)，以及如有必要，June 28, 2023 异议截止日期：June 23, 2023 at 4:00 p.m. (ET)\n\nUNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION（美国破产法院康涅狄格区布里奇波特分院）\n\n------------------------------------------------------ x\n\n关于： :\n: 第11章\nHO WAN KWOK（郭文贵）等人，1 :\n: 案号 22-50073 (JAM)\n债务人。 :\n:\n: （联合管理）\n\n受托人根据《破产法典》第105条和第363条、《破产程序规则》第2002条、第6004(c)条和第9014条以及地方法规第6004-1条和第6004-2条提出的动议，请求作出命令：(I) 授权并批准出售 Lady May，且不附带任何留置权、债权、权益及负担；(II) 授权并批准购买和销售协议；以及 (III) 准予相关救济\n\nLuc A. Despins（卢克·A·德斯平）以在 Ho Wan Kwok（郭文贵）（“债务人”）第11章案件中获任命的第11章受托人（“受托人”）身份，通过其下列签署律师，特此提交本动议（“本动议”），请求根据《美国法典》第11编（“破产法典”）第105条、第363(b)条和第363(f)条、《联邦破产程序规则》（“破产程序规则”）第2002条、第6004(c)条和第9014条，以及美国康涅狄格区破产法院破产程序地方法规（“地方法规”）第6004-1条和第6004-2条，作出实质上采用随附证据A形式的命令（“拟议出售命令”），(i) 授权并批准受托人的\n\n1 本第11章案件中的债务人为 Ho Wan Kwok（郭文贵）（亦称 Guo Wengui、Miles Guo 和 Miles Kwok，以及其他众多别名）（税务识别号后四位：9595）、Genever Holdings LLC（税务识别号后四位：8202）及 Genever Holdings Corporation。受托人、Genever Holdings LLC 及 Genever Holdings Corporation 的邮寄地址为 Paul Hastings LLP（保罗·黑斯廷斯律师事务所）, 200 Park Avenue, New York, NY 10166，c/o Luc A. Despins，作为 Ho Wan Kwok 遗产的受托人（仅为通知和通信之目的）。\n\n根据买方与受托人于 May 30, 2023 签订并随附为证据B的特定购买和销售协议（连同相关补充协议，合称“PSA”），将 Lady May2 出售（“出售”）予 Herb Chambers Yachting, LLC（“买方”），且不附带任何留置权、债权、权益和负担，(ii) 授权并批准 PSA，以及 (iii) 准予相关救济。为支持本动议，受托人依赖并以引用方式并入随附为证据C的 Dirk Johnson（德克·约翰逊）声明（“Johnson 声明”）。为进一步支持本动议，受托人谨陈如下：\n\n初步陈述\n\n1. 受托人欣然报告，其已根据 PSA 条款，为将 Lady May 出售予买方取得中标出价，购买价格为 $24 million。3 PSA 代表在受托人的游艇经纪商 Edmiston and Company Limited（“Edmiston”）开展广泛营销活动后取得的最高及最佳出价，随后又在多名竞买人之间进行了竞争性竞价程序，在该程序中，Lady May 的拟议购买价格大幅提高。受托人主张，根据 PSA 将 Lady May 出售予买方符合债务人遗产的最佳利益，因此，受托人请求获授权继续进行该出售。\n\n2. 如下文及 Johnson 声明所详述，自本院于 April 27, 2023 批准聘用以来，Edmiston 一直积极推销 Lady May。按照营销如 Lady May 这样的豪华超级游艇的行业最佳做法，\n\n2 就根据 PSA 进行出售而言，“Lady May”一词包括根据 PSA 将出售的所有资产，包括截至 PSA 日期（即 May 30, 2023）Lady May 船上和/或列于 Lady May 销售规格说明中的所有船具、机械、设备、家具、燃料、消耗品、所有已登记或未登记的附属艇、玩具、物品及附属物。为免疑义，Lady May II 不包括在出售范围内。\n\n3 在获得本院批准的前提下，Edmiston 的 5% 销售佣金（即 $1.2 million）将从购买价格中支付。\n\nEdmiston 一直积极在游艇市场中寻找潜在买方，既通过其自身的潜在买方网络，也通过业内众多其他游艇经纪商，并且通过线上及印刷媒体宣传 Lady May。\n\n3. 自营销程序开始以来，Lady May 一直受到重大关注。事实上，截至 May 20, 2023，五名潜在买方（“初始竞买人”）已向 Edmiston 提交了关于 Lady May 的正式要约，拟议购买价格介于 $18 million 至 $20 million 之间。对此，受托人还价 $23 million，但除一名将其出价提高至 $20 million 的竞买人外，初始竞买人均未回应受托人的还价。\n\n4. 为激发竞争性竞价程序，并如受托人在 May 23, 2023 状态会议上向本院预告的那样，受托人在与 Edmiston 协商后决定，将提交最佳和最终出价的截止时间定为 Tuesday, May 30, 2023, at 5:00 p.m. (ET)。设定该出价截止日期旨在与初始竞买人及其他感兴趣方保持最大程度的推进势头。作为竞价程序的一部分，受托人还要求该等最佳和最终出价满足特定条件，包括：(a) 购买价格必须超过 $20 million；(b) 出价必须以受托人的购买协议格式为基础；(c) 中标出价必须在其被选定为中标出价后48小时内支付购买价格的20%作为保证金；(d) 购买协议必须在 June 9, 2023 前签署；以及 (e) 虽然购买人可以进行检验，但购买人仅可在检验师证明检验发现影响 Lady May 或其机械或其系统运行完整性的缺陷，或使 Lady May 不适航时，拒绝购买 Lady May。受托人还告知竞买人，所有出价均须经本院审查和批准。\n\n5. 截至 May 30, 2023 出价截止日期，受托人收到了五份正式出价（除初始出价外），其中包括两名此前未提交任何出价的新竞买人。在这五份出价中，三份超过 $20 million 的最低限额，而两份出价低于该最低限额。收到这些出价后，受托人与满足最低出价要求的三名竞买人进行了进一步谈判，结果其中一名竞买人（即买方）将其出价提高至 $24 million。由于其他两名竞买人未进一步提高其出价，买方提交的 $24 million 出价为最高及最佳出价。因此，受托人决定选定买方的最终出价为中标出价，并请求本院批准 PSA。4\n\n6. 受托人承认，上述竞价程序并未依据单独的竞价程序命令获得本院预先批准，且受托人未举行公开拍卖。然而，鉴于迄今为止进行的大规模营销，以及竞争性竞价使购买价格较初始出价大幅提高，受托人认为，正式竞价程序和/或公开拍卖不会产生更高出价。事实上，鉴于豪华超级游艇市场的性质，以及具有购买 Lady May 财力的高净值人士群体有限，受托人在与 Edmiston 协商后决定不寻求正式拍卖程序，因为该程序很可能会阻碍感兴趣的买方和/或导致较低出价，其中包括因拍卖程序所伴随的延误以及竞买人担心在拍卖中支付过高价格。尤其是鉴于其他豪华超级游艇可以通过游艇经纪商购买，而无需经过拍卖程序。在任何情况下，\n\n4 受托人指出，不应对买方完成交易的财务能力存有疑虑。买方的最终受益所有人为 Herbert G. Chambers（赫伯特·G·钱伯斯），一名美国亿万富翁商人，其为 The Herb Chambers Companies 的所有人兼总裁；该公司是位于 Massachusetts 州大 Boston 地区的60家汽车经销商组成的集团。\n\n无论《破产法典》、《破产程序规则》或地方法规，均未要求遗产财产必须通过公开出售方式出售。\n\n7. 受托人还承认，地方法规要求提供“动议提出人确定拟出售财产公平市场价值的方法说明。”地方法规第6004-2(b)(4)条。尽管在不同情况下，这可能要求评估师进行正式估值，但受托人主张，鉴于广泛的营销和竞价程序，PSA 项下的购买价格反映了衡量 Lady May 公平市场价值的最佳标准，因此无需正式估值。5 事实上，此处所进行的竞价程序的竞争性质，或许最能通过以下事实说明：尽管所有竞买人最初均未接受受托人的 $23 million 还价，PSA 项下的购买价格却超过该金额。此外，在遴选游艇经纪商的过程中，受托人曾收到关于 Lady May 可能出售价格的若干指示，该等指示低于通过本案竞价程序取得的购买价格。\n\n8. 选定买方为中标竞买人的另一重要考量是，买方已接受受托人对 International Yacht Brokers Association（“IYBA”）公布的标准购买协议格式（“IYBA 格式”）作出的所有修改，该等修改旨在使遗产受益。最重要的是，与 IYBA 格式不同，受托人的购买协议格式限制了买方在完成对 Lady May 的检验后拒绝购买 Lady May 的能力。具体而言，买方可以\n\n5 即使受托人承担取得正式估值的费用，该估值也不会改变竞价程序的结果，或提高买方愿意支付的购买价格。此外，游艇交易中的最终购买价格通常不向公众公开，该等信息往往受保密和不披露限制，因此正式估值较房地产等其他类型交易更具推测性和主观性。\n\n仅在 June 20, 2023 当日或之前，于检验师（其必须为适格的船舶检验师）书面证明其发现影响 Lady May 或其机械或其系统运行完整性的缺陷，或使 Lady May 不适航时，拒绝购买 Lady May。买方不得以其他理由拒绝购买 Lady May。为明确起见，如检验发现任何该等缺陷，受托人将就任何该等缺陷向本院及利害关系方更新情况，包括买方是否选择拒绝购买 Lady May，或各方是否能够同意修改购买价格以反映处理任何该等缺陷的合理成本。\n\n9. 最后，为明确起见，受托人正依照地方法规第6004-2(g)条，向已向 Edmiston 表达购买 Lady May 兴趣的所有当事方送达本动议副本。如在本动议听证会之前或听证会上收到任何额外的更优要约，受托人理解其有义务考虑该等要约。\n\n10. 基于上述所有理由，并如下文进一步详述，受托人请求本院批准本动议，并授权受托人继续将Lady May（“梅夫人”号）出售给买方。\n\n管辖权、审理地及法定依据\n\n11. 本院依据28 U.S.C. §§ 157 and 1334以及United States District Court for the District of Connecticut（康涅狄格联邦地区法院）的常设移送命令，对本事项享有管辖权。本事项属于28 U.S.C. § 157(b)所称的核心程序。\n\n12. 依据28 U.S.C. §§ 1408 and 1409，本区为适当审理地。\n\n13. 本动议所请求救济的法定依据为《破产法典》第105(a)和363条、破产规则2002、6004(c)和9014，以及地方法院规则6004-1和6004-2。\n\n背景\n\nA. 程序背景\n\n14. On February 15, 2022（“申请日”），债务人向本院提交了根据《破产法典》第11章请求救济的自愿申请。\n\n15. On March 21, 2022，United States Trustee（美国受托人）在债务人的第11章案件（“第11章案件”）中任命了无担保债权人正式委员会（“委员会”）。第11章案件中尚未任命审查员。\n\n16. On June 15, 2022，本院作出决定备忘录及命令[Docket No. 465]（“受托人命令”），指示美国受托人在第11章案件中任命一名第11章受托人。根据受托人命令，美国受托人选定Luc A. Despins（卢克·A·德斯平斯）担任受托人。\n\n17. On July 8, 2022，本院作出命令，批准任命卢克·A·德斯平斯担任第11章案件的受托人[Docket No. 523]。\n\nB. Lady May的状况\n\n18. On March 27, 2023，本院作出命令[Adv. Proc. No. 22-5003中的Docket No. 172]（“Lady May命令”），除其他认定外，认定Lady May属于债务人破产财产。6 On April 10, 2023，HK USA（香港美国公司）和Ms. Guo（郭女士）就Lady May命令向康涅狄格联邦地区法院提交上诉通知，但未申请上诉期间中止执行。\n\n19. On April 5, 2023，受托人提交其动议[Docket No. 1637]（“游艇维护动议”），除其他事项外，请求获准订立并履行与Yachtzoo Sarl（游艇动物园有限责任公司）之间的管理协议项下义务。\n\n6 On March 31, 2023，本院作出《关于批准Ho Wan Kwok（郭文贵）破产财产第11章受托人提出的部分简易判决动议的命令修正案》[Adv. Proc. No. 22-5003中的Docket No. 182]，以同时纳入一项认定，即Lady May II亦属于债务人破产财产。\n\n如游艇维护动议所述，Lady May的每月运营费用约为$100,000至约$300,000（取决于某些付款何时到期，例如保险费）。On April 12, 2023，本院作出命令[Docket No. 1662]，批准游艇维护动议。\n\n20. On April 18, 2023，受托人提交其申请[Docket No. 1675]（“Edmiston聘任申请”），请求聘任Edmiston（埃德米斯顿）作为出售Lady May（以及Lady May II）的经纪人。如Edmiston聘任申请所详述，就出售Lady May而言，Edmiston有权收取固定费用：(i) 如交易不涉及任何其他经纪人、中间人或第三方佣金代理人（“联合挂牌经纪人”），则为5%；或(ii) 如交易涉及联合挂牌经纪人，则为6%。On April 27, 2023，本院作出命令[Docket No. 1717]（“Edmiston聘任命令”），批准Edmiston聘任申请。\n\n21. On April 24, 2023，受托人提交其动议[Docket No. 1696]（“迁移动议”），除其他事项外，请求：(i) 将Lady May迁移至Rhode Island（罗得岛州）的可通航水域；以及(ii) 订立并履行与位于Newport, Rhode Island（罗得岛州纽波特）的Safe Harbor Newport Shipyard（安全港纽波特船厂）之间的泊位许可协议项下义务。On April 27, 2023，本院作出命令[Docket No. 1718]，批准迁移动议。Lady May于May 2, 2023被迁移至安全港纽波特船厂。\n\n22. On May 4, 2023，受托人提交其动议[Docket No. 1758]（“FTZ转移动议”），请求将Lady May转入罗得岛州纽波特的对外贸易区（“FTZ”）。Lady May停泊于罗得岛州纽波特安全港纽波特船厂FTZ内的月费约为$50,000。On May 10, 2023，本院作出命令[Docket No. 1779]，批准FTZ转移动议。On May 17, 2023，Lady May被转入罗得岛州纽波特的FTZ，且目前仍停泊于安全港纽波特船厂。\n\nC. Lady May的营销\n\n23. 如Johnson Declaration（约翰逊声明）所详述，自其聘任于April 27, 2023获批准以来，Edmiston一直开展广泛的营销活动，以将Lady May出售给出价最高者。按照营销Lady May此类豪华超级游艇的行业最佳惯例，Edmiston一直积极在游艇市场中物色潜在买家，包括在其自身潜在买家网络中以及通过行业内众多其他游艇经纪人物色，并在线上和印刷媒体中宣传Lady May。这些营销工作最初聚焦于United States（美国）境外居民；在Lady May转入纽波特FTZ后，Edmiston将其工作扩展至亦包括美国居民。\n\n24. 除其他事项外，作为其营销工作的一部分：\n\n（1）Edmiston制作了Lady May的电子宣传册，包括照片及其规格说明；该宣传册被纳入向其他游艇经纪人发布的全行业公告中，并发布在Edmiston的网站及社交媒体上；\n\n（2）Edmiston开展了直接客户电子邮件营销活动，在其每月邮件更新中重点展示Lady May（该邮件发送给约10,000名客户及其他可能感兴趣的人士）；\n\n（3）Edmiston使用广泛的数字广告，在其网站和社交媒体账户上营销Lady May，包括Instagram、Facebook、LinkedIn和YouTube；\n\n（4）Lady May迁入罗得岛州纽波特FTZ后不久，Edmiston就在其网站和社交媒体上发布了有关Lady May的进一步公告。\n\n25. Edmiston还通过单艘及多艘游艇邮件，将Lady May推介给其行业经纪人网络，并在多个经纪挂牌页面和企业对企业搜索平台上列出Lady May，该等平台集中提供游艇行业的经纪人信息。此外，Edmiston还在专属私人机场和航空中心将Lady May作为Edmiston品牌宣传资料（即营销材料）的一部分进行展示。\n\n竞争性竞价程序\n\n26. 如约翰逊声明所述，自营销程序开始以来，Lady May一直受到广泛关注，但出价并未达到受托人认为可接受的水平。少数潜在买家要求参观Lady May（且已获安排参观），另有数名经纪人代表潜在买家参观了Lady May。截至May 20, 2023，五名潜在买家（“初始竞买人”）已向Edmiston就Lady May提交正式报价，拟议购买价格介于$18 million至$20 million之间。针对每一项报价，Edmiston均告知初始竞买人，受托人决定以$23 million作出还盘。针对受托人的还盘，其中一名初始竞买人将其出价提高至$20 million，而其他初始竞买人未提高其报价。\n\n27. 为促进竞争性竞价程序，受托人决定设定截止时间为Tuesday, May 30, 2023, at 5:00 p.m. (ET)，以提交最佳及最终出价。7 选择该截止时间是为了与初始竞买人及其他感兴趣人士保持最大限度的推进势头。On May 24, 2023，Edmiston向初始竞买人及其他表示有兴趣购买Lady May的各方发送电子邮件，告知其May 30, 2023的出价截止时间。在该电子邮件中，还告知有兴趣的竞买人：(a) 鉴于受托人已收到数名潜在买家就Lady May提出的报价，Edmiston邀请所有感兴趣方在May 30, 2023出价截止时间前提交其最佳及最终报价；以及(b) 任何该等出价均须符合以下要求：\n\n（1）只有购买价格超过$20 million的出价才会由受托人予以考虑；\n\n（2）报价必须以受托人的购买协议范本为基础（该范本于Thursday, May 25提供给感兴趣各方）；\n\n（3）如潜在买家拟修改购买协议范本，则应将协议的修订稿作为出价的一部分提交（并告知各方，该等修改如有，将在确定最高和/或最佳报价时予以评估）；\n\n（4）中标出价必须规定支付购买价格20%的定金，该定金必须在该出价被选定为中标出价后48小时内收到；\n\n（5）如中标竞买人未能按照购买协议条款完成对Lady May的购买交割，该20%的定金将被没收（但如检验发现影响Lady May或其机械设备或其系统的运行完整性的缺陷，或使Lady May不适航，则中标竞买人有权拒绝Lady May）；\n\n（6）购买协议必须于June 9, 2023前签署；\n\n（7）必须于June 28, 2023前接受或拒绝Lady May（根据检验结果）；\n\n（8）如中标竞买人未能以购买协议所载价格完成购买交割，受托人可自行选择按成本向买方购买检验报告；8\n\n（9）交割将在可行的最早时间、但不迟于July 20, 2023进行；\n\n（10）所有出价均须经破产法院审查和批准；以及\n\n（11）所有出价均须直接发送给受托人。\n\n7 受托人在本院于May 23, 2023举行的情况会议上预先说明了以下竞价程序。\n\n8 受托人纳入该条款，是为了避免在与中标竞买人的出售未能完成交割（无论因何原因）且受托人必须与另一买方继续交易的情况下，可能进行第二次检验所造成的延误。在该情况下，受托人将向该另一买方提供检验结果，而非由该买方必须另行进行检验。\n\n28. 此外，同样于May 24, 2023，Edmiston向超过1,857名其他游艇经纪人发送电子邮件，告知其提交最佳及最终出价的截止时间，以及该等出价将受到若干条件约束，包括最低出价为$20 million。与发送给初始竞买人的电子邮件一样，该电子邮件通知经纪人，鉴于迄今收到多项报价，受托人将May 30, 2023设为提交最佳及最终出价的截止时间。此外，On May 27, 2023，Edmiston更新了Lady May在Yatco.com上的挂牌信息，告知感兴趣各方出价截止时间及最低出价要求。\n\n29. 截至May 30, 2023, at 5:00 p.m. (ET)，已收到潜在买家（“第二轮竞买人”）提交的五项正式出价（除初始出价外），其中包括美国居民和非美国居民的出价。三项出价超过$20 million的最低标准，而两项出价低于最低标准。在该第二轮中，两名并非初始竞买人的竞买人提交了出价。但并非所有参加初始轮次的竞买人都在May 30, 2023截止时间前提交进一步出价。例如，一名此前报价$20 million的初始竞买人并未就May 20, 2023出价截止时间提交任何出价，因为该竞买人不愿参与竞争性竞价程序。\n\n30. 在收到上述出价后，受托人与满足最低出价要求的三名竞买人分别进行了进一步磋商。由于提交最高出价的竞买人（该出价大幅低于 $24 million）修改了购买协议文本，增加了受托人无法接受的条款（包括赋予买方基于海试结果终止购买程序的绝对权利，而该海试将在十多天后才能进行），受托人要求该竞买人删除这些修改和/或进一步提高其出价。同时，受托人还通过 Edmiston 联系了出价第二高和第三高的竞买人，了解其是否愿意提高出价。最终，该两名竞买人中的一名将其拟议购买价格提高至 $24 million，因而成为最高出价人。由于该提高后的出价（即买方提交的出价）未对受托人的购买协议文本作出任何修改（仅将交割日期提前至 2023年6月30日或之前的日期除外），受托人选定买方为中标竞买人。为免疑义，另外两名竞买人均未进一步提高其出价，尽管受托人曾邀请其这样做。\n\nPSA重要条款摘要\n\n31. 下表列出受托人与买方就 Lady May（“Lady May”号）订立的 PSA 的重要条款。9\n\n条款 概要说明\n\n当事人 卖方：Luc A. Despins（卢克·A·德斯平斯），仅以 Ho Wan Kwok（郭文贵）破产财产第 11 章受托人的身份行事，而非以其个人身份行事。\n买方：Herb Chambers Yachting, LLC（Herb Chambers 游艇有限责任公司）\n\n购买价格 $24,000,000\n\n拟出售财产\n（PSA §1） Lady May 号，以及截至 PSA 日期（即 2023年5月30日）位于 Lady May 号船上和/或列入 Lady May 号销售规格说明书中的所有船具、机械、设备、家具、燃料、消耗品、所有已登记或未登记的附属艇、玩具、物品及附属物。\n为免疑义，Lady May II 不包括在出售范围内。\n\n定金\n（PSA §2） 2023年5月31日，买方已向受托人账户支付 $4,800,000 的定金（购买价格的 20%），作为购买价格的定金，并将依 PSA 条款予以托管。\n\n9 为方便本院及利害关系方，现对 PSA 条款作出摘要。如有任何不一致之处，以 PSA 条款为准。本摘要中使用但未在此定义的首字母大写术语，应具有 PSA 中赋予该等术语的含义。\n\n检验选择权；\n接受 Lady May 号\n（PSA §3） 买方购买 Lady May 号的义务以买方对 Lady May 号试航和检验感到满意为条件，但买方可选择不对 Lady May 号进行检查；但是，买方仅可在检验员（应为具备适当资格的船舶检验员）书面证明其发现影响 Lady May 号或其机械或系统运行完整性的缺陷，或者使 Lady May 号不适航的缺陷时，拒绝接受 Lady May 号。买方不得基于其他理由拒绝接受 Lady May 号。\n买方根据检验结果拒绝接受 Lady May 号的最后日期（即接受/拒绝日期）为 2023年6月20日。\n无论买方是否检查过 Lady May 号，如其未能依 PSA 及时发出书面拒绝通知，则应视为其已接受 Lady May 号。\n如买方依 PSA 拒绝接受 Lady May 号，且未以其他方式违反 PSA，则：(i) 受托人应向买方返还定金；(ii) PSA 将终止；以及 (iii) 受托人、买方和经纪人将解除其在 PSA 项下的任何进一步责任。\n\n交割\n（PSA §4） Lady May 号所有权的转让（“交割”）将于 2023年6月30日或之前（“交割日期”）完成。交割将在罗得岛沿海外的国际水域10进行，并与买方支付全部应付款项及交付向买方转让完善且可流通所有权所需的所有其他文件正本同时进行。\n在交割时，买方将向受托人支付购买价格余额（即 $19,200,000）（受 PSA 第 6 段约束），定金将支付给受托人，但应扣除受托人应向经纪人支付的佣金、保管费、保险费、修理费和/或其他款项（该等款项须经本院批准）。\n\n卖方的陈述/\n交割要求\n（PSA §6） 受托人陈述并保证，其将向买方转让 Lady May 号的完善且可流通所有权，不附带任何债务、请求权、海事或普通法留置权、担保权益、产权负担、消费税及应向任何州、国家、任何种类的监管和/或税务机关缴纳的其他适用税款、关税或税费（统称“产权负担”）。\n\n受托人将在交割前不少于两个（2）营业日向买方交付：(a) 令人满意的所有权证明；(b) 已支付或解除所有产权负担的证明（将在交割时全额支付的产权负担除外），该证明可以是破产法院作出的批准出售 Lady May 号的命令（且该命令应规定 Lady May 号系无任何产权负担地出售给买方）；以及 (c) 向买方转让完善且可流通所有权所需的任何其他文件副本。\n\n损失风险\n（PSA §7） 受托人应承担交割前 Lady May 号灭失或损坏的风险。\n如 Lady May 号在买方接受后受损，且必要修理的费用低于购买价格的百分之五（5%），并且可在 30 日内完成，则受托人可自行选择在交割前按照良好船舶作业惯例，将该损坏修复至紧接损坏发生前 Lady May 号的标准，买方可检查该等修理；在此情况下，(a) 买方应支付余额并接收已修复的 Lady May 号，且 (b) 交割日期将按修理期间相应延长。如 Lady May 号在买方接受后受损程度更为严重，或受托人未行使前述句子中的选择权，任何一方均可终止 PSA，后果与买方拒绝接受 Lady May 号相同。\n\n违约\n（PSA §8） 如因买方未履行义务而未完成交割，包括但不限于未能在交割日期前支付余额或签署完成购买所需的全部文件：(i) 受托人将保留定金，作为约定且预先确定的损害赔偿金，并作为签署 PSA 的对价，以完全解决双方之间的全部请求权；(ii) 出售经纪人（即买方的经纪人）应向买方返还其从买方收到的任何其他款项；以及 (iii) 双方将解除其在 PSA 项下的全部义务。11\n\n11 PSA 还规定，如在本院批准 PSA 后，因买方未履行义务而未完成交割，受托人应从定金中向挂牌经纪人（即 Edmiston）支付相当于 $200,000 的款项；该款项将抵扣并减少挂牌经纪人因与不同买方完成 Lady May 号出售而可能赚取的任何佣金（根据其与受托人签订的委任函）。\n\n如因受托人未履行义务而未完成交割（为免疑义，不包括本院拒绝批准 PSA），定金及买方依 PSA 支付或存入的任何其他款项，应在买方提出要求后返还给买方。如因受托人未履行义务而未完成交割，受托人应立即向经纪人支付如该交易已完成交割本应支付的同等佣金；但是，破产法院拒绝批准 PSA 不构成受托人未履行义务。\n如本院未批准 PSA，则 PSA 应视为终止，后果与买方依 PSA 拒绝接受 Lady May 号相同。\n如因任何原因未完成交割，受托人有权按成本向买方购买检验报告；如受托人行使该选择权，买方应在支付该检验报告成本后立即向受托人提供完整的检验报告。\n\n销售税和使用税\n（PSA §9） 如适用，买方购买 Lady May 号应缴纳的销售税或使用税由买方负责，买方应在交割时向受托人支付应缴税款。买方应就其负责的任何销售税或使用税向受托人和经纪人作出赔偿并使其免受损害。\n\n陈述与保证\n（PSA §10） 在交割时，买方应视为已按 Lady May 号“现状”接受该船；受托人和经纪人未作出任何明示或默示保证，亦未就 Lady May 号的状况、其是否适合任何特定用途或适销性作出任何陈述，前述各项均予以免责。\n\n融资\n（PSA §11） 买方的义务不以买方取得融资为条件。买方陈述，如有必要，其将安排融资。买方还陈述并保证，其具有足够的现金和/或融资，以在交割时支付购买价格。\n\n费用补偿\n（PSA §16） 如本协议双方之间发生因 PSA 标的事项引起的任何争议，胜诉方（包括经纪人）将获得其在审前、审判及上诉各阶段所发生的合理费用和律师费的补偿，除非本院作出的最终且不可上诉的判决认定该胜诉方存在故意不当行为或重大过失。\n\n破产法院批准\n（附录 §2） PSA 及 PSA 中所有条款均须经本院批准。\n\n破产法院专属管辖权\n（附录 §3） 尽管 PSA 中有任何相反规定，本院对涉及 PSA 或因 PSA 引起的任何请求权或争议享有专属管辖权；双方及经纪人不可撤销地接受本院的专属管辖权，放弃其现在或将来可能对审判地或法院便利性提出的任何异议，同意所有与 PSA 有关的请求权均由本院裁决，并进一步同意不在任何其他法院提出任何与 PSA 有关的请求权。\n\n遵守 Local Rule 6004-2(c)\n\n32. 根据 Local Rule 6004-2(c)，受托人进一步陈述如下：\n\nLocal Rule 6004-2 出售条款\n\n披露\n向内部人出售\n（Local Rule 6004-2(c)(1)） 买方不属于 Bankruptcy Code section 101(31) 所称的内部人。事实上，买方已陈述并保证，其与债务人不存在关联或关系，且/或并非代表债务人或应债务人要求行事。PSA §11。\n\n与管理层的协议\n（Local Rule 6004-2(c)(2)） 不适用。\n\n免责\n（Local Rule 6004-2(c)(3)） PSA 不包含任何免责条款。\n\n私下出售/无竞争性竞价\n（Local Rule 6004-2(c)(4)） 尽管受托人目前不考虑举行拍卖，PSA 反映了竞争性营销程序的结果（详见本动议）。\n受托人亦未同意不为 Lady May 号征求竞争性要约，或以其他方式限制对 Lady May 号的推销。\n事实上，受托人将考虑在出售动议听证会之前任何时候或在该听证会上提出的任何要约。此外，\n\n根据 Local Rule 6004-2(g)，受托人将向在营销过程中表示对 Lady May号感兴趣的所有当事人送达本动议副本。\n\n成交及其他截止日期（Local Rule 6004-2(c)(5)）出售交易的成交将于 2023 年 6 月 30 日或之前完成。\n\n买方根据 PSA 接受或拒绝 Lady May号的截止日期为 2023 年 6 月 20 日。\n\n诚信保证金（Local Rule 6004-2(c)(6)）买方已支付相当于购买价 20% 的诚信保证金，该保证金由受托人按照 PSA 的条款以托管方式持有。\n\n与拟议买方的临时安排（Local Rule 6004-2(c)(7)）与买方不存在任何临时安排。\n\n收益的使用（Local Rule 6004-2(c)(8)）出售所得将存入受托人的账户，并由受托人根据《破产法》使用和/或分配。\n\n如 Lady May号上存在任何留置权，该等留置权将附着于所得款项。12\n\n税收豁免（Local Rule 6004-2(c)(9)）受托人并未寻求根据《破产法》第 1146(a) 条宣布该出售免税。\n\n如上所述，如适用，买方购买 Lady May号应缴纳的销售税或使用税由买方负责，买方应于成交时向受托人支付应缴税款（如有）。\n\n记录保存（Local Rule 6004-2(c)(10)）不适用。\n\n撤销权诉讼的出售（Local Rule 6004-2(c)(11)）受托人并未寻求出售任何撤销权诉讼。\n\n12 受托人并不知悉 Lady May号上存在任何留置权。受托人已向开曼群岛登记机构进行了留置权查询，但未发现针对 Lady May号登记的任何海事留置权。此外，受托人就 HK USA 进行了 UCC 查询，但该查询同样未发现针对 Lady May号的任何留置权。\n\n关于继受人责任的请求认定及命令（Local Rule 6004-2(c)(12)）受托人并未请求就继受人责任请求作出任何认定。\n\n无未到期租约负担的出售（Local Rule 6004-2(c)(13)）受托人并未寻求转让任何不动产。\n\n信用竞价（Local Rule 6004-2(c)(14)）不适用。\n\n免除 Bankruptcy Rule 6004(h) 的限制（Local Rule 6004-2(c)(15)）受托人寻求免除 Bankruptcy Rule 6004(h) 规定的十四日期限，以使出售在本院批准后立即成交。\n\n分割款和/或“赠与”（Local Rule 6004-2(c)(16)）不适用。\n\n剩余资产（Local Rule 6004-2(c)(17)）该出售并非对破产财产实质上全部资产的出售。出售成交后，仍将存在其他资产。\n\n请求的救济\n\n33. 受托人通过本动议，根据《破产法》第 105(a)、363(b) 和 363(f) 条、Bankruptcy Rules 2002、6004 和 9014，以及 Local Rules 6004-1 和 6004-2，请求作出拟议命令，以（i）批准并授权出售 Lady May号，（ii）授权并批准 PSA，以及（iii）给予相关救济。\n\n救济依据\n\nA. 应根据《破产法》第 363(b) 条批准出售\n\n34. 《破产法》第 363(b) 条授权受托人在通知并举行听证后，于其通常业务过程之外出售资产。参见 11 U.S.C. § 363(b)。此外，Bankruptcy Rule 6004(f) 授权受托人通过私下出售或公开拍卖，于通常业务过程之外出售破产财产。Fed. R. Bankr. P. 6004(f)。\n\n35. 在通常业务过程之外出售资产的决定，基于受托人的合理商业判断。参见，例如，In re Chateaugay Corp., 973 F.2d 141 (2d Cir. 1992); Comm. of Equity Security Holders v. Lionel Corp (In re Lionel Corp.), 772 F.2d 1063, 1071 (2d Cir 1983)。受托人对于确定其资产的出售方式享有广泛裁量权，并且根据《破产法》第 363(b) 条，允许在通常业务过程之外进行私下出售。参见 In re Bakalis, 220 B.R. 525, 531 (Bankr. E.D.N.Y. 1998)（指出受托人有权通过私下出售进行破产财产出售）；参见，例如，Palermo v. Pritam Realty, Inc. (In re Pritam Reality, Inc.), 233 B.R. 619 (D. P.R. 1999)（维持破产法院对第 11 章债务人进行的私下出售的批准）；In re MF Glob. Inc., 535 B.R. 596 608 (Bankr. S.D.N.Y. 2015)（在满足第 363(b) 条标准的情况下，批准第 11 章债务人资产的私下出售）。在私下出售的益处超过进行公开出售所产生的延误和费用时，法院已批准私下出售。参见 In re Dewey & Leboeuf LLP, No. 12-12321 MG, 2012 WL 5586278, at *6 (Bankr. S.D.N.Y. Nov. 1, 2012)（认定当公开出售成本更高时，通过私下出售财产具有充分的商业理由）。\n\n36. 为证明出售符合受托人根据《破产法》、Bankruptcy Rules 或 Local Rules 作出的商业判断，并不要求经法院批准的拍卖程序。参见，例如，In re The Great Atl. & Pac. Tea Co., Inc., 544 B.R. 43, 49–50 (Bankr. S.D.N.Y. 2016)（“不存在任何规则规定……资产出售……以该等要求[正式拍卖]为条件，而该要求并未出现在《破产法》或 Bankruptcy Rules 中。”）（省略内部引证及引文）。13\n\n13 除非法院另有命令，Local Rules 仅要求就不动产出售进行公开出售程序。Local Rule 6004-1(a)（“除非法院在有充分理由的证明后另有命令，拟出售不动产的一方必须通过公开出售的方式进行。”）。\n\n37. 一旦法院确信拟议出售具有合理的商业理由，法院随后必须确定：（i）受托人是否已向利害关系方提供充分且合理的通知；（ii）出售价格是否公平合理；以及（iii）买方是否出于善意行事。参见 In re MF Global Inc., 467 B.R. 726, 730 (Bankr. S.D.N.Y. 2012); In re Betty Owens Sch., Inc., No. 96 Civ. 3576, 1997 WL 188127, at *4 (S.D.N.Y. Apr. 17, 1997)。\n\n38. 如本动议所详述，向买方出售 Lady May号具有充分的商业理由。受托人主张，鉴于广泛营销及竞争性竞价程序，向买方进行的拟议出售符合债务人破产财产的最佳利益，且应予批准。鉴于拟出售财产的性质（即一艘豪华超级游艇）及潜在买方范围狭小（即高净值个人），先行寻求批准正式竞价程序并进行公开拍卖不会带来任何增量利益。相反，进行拍卖很可能会阻碍潜在买方竞价和/或提出其最佳报价。潜在买方很可能不会参与使其面临超额付款风险的程序（如其在拍卖中被选为中标竞买人），且即使其参与该程序，也很可能会降低其报价以反映该风险。事实上，两名初始竞标人因不满受托人正在考虑的竞争程序而退出了该程序。\n\n39. 此外，由于拍卖程序需要更多时间（包括寻求法院批准拍卖程序），许多初始竞标人不会继续参与该程序，而原本有意向的买方很可能会因担心如其最终未被选为成功竞标人便会浪费大量时间，而不愿参与。这一点尤其如此，因为其他豪华超级游艇可通过经纪人购买，无须经过拍卖程序。此外，鉴于潜在买方的范围相当狭小，拍卖程序不太可能吸引任何超出 Edmiston（埃德米斯顿）通过其广泛的客户网络及与其他经纪人的联系所能吸引的当事人之外的额外兴趣。\n\n40. 此外，寻求拍卖程序所产生的延误还将要求受托人继续承担维护 Lady May号的巨额费用。如法院所知，Lady May号的维护费用数额巨大，通常每月介于 $100,000 至 $300,000 之间（而且该等金额甚至不包括将 Lady May号停泊于 Safe Harbor Newport Shipyard 所产生的大幅更高的泊位费，该费用每月约为 $50,000）。为明确起见，受托人并非主张该等费用足以证明以低于公平市场价值的价格出售 Lady May号；但是，与先寻求批准竞价程序并进行公开拍卖相比，必须将运营 Lady May号的巨额成本作为现时向买方进行出售的总体成本效益分析的一部分加以考量。\n\n41. 此外，如上所详述，该出售是竞争性竞价程序的结果（即使该程序未经法院预先批准），该程序形成的购买价，受托人主张，对 Lady May号而言是公平合理的。作为该程序的一部分，受托人还聘用了专门从事豪华超级游艇销售的资深游艇经纪人，即 Edmiston。最终，竞价程序成功引出了更高的报价，最终中标报价（$24 million）甚至比最高初始报价（$20 million）高出 $4 million。无论如何，根据 Local Rule 6004-2(g)，受托人正向所有曾向 Edmiston 表示有兴趣购买 Lady May号的当事人送达本动议副本；如在本动议听证会之前或听证会时收到更优报价，受托人知悉其有义务考虑该等报价。\n\n42. 最后，如前所述，买方提交的中标报价并未修改受托人拟议 PSA 格式文本的条款（包括附录中规定的条款），唯一修改是要求出售交易于 2023 年 6 月 30 日或之前成交。因此，PSA 保留了受托人加入 IYBA Form（IYBA表格）的所有有利条款。例如，与允许买方在完成检验后以任何理由拒绝船舶的 IYBA Form 不同，本案买方仅可在检验员书面证明其发现影响 Lady May号或其机器或系统运行完整性的缺陷，或使 Lady May号不适航时，拒绝 Lady May号。14\n\n43. 基于上述理由，受托人主张，向买方出售 Lady May号符合破产财产的最佳利益，并应根据《破产法》第 363(b) 条予以批准。\n\nB. 应根据《破产法》第 363(f) 条授权无留置权、请求权、权益及权利负担地出售 Lady May号\n\n44. 《破产法》第 363(f) 条授权受托人在下列情形下无留置权、请求权、权益及权利负担地出售资产：\n\n（1）适用的非破产法允许无该等权益负担地出售该财产；\n\n（2）该实体同意；\n\n（3）该等权益为留置权，且该财产的出售价格高于该财产上所有留置权的合计价值；\n\n（4）该等权益存在善意争议；或\n\n（5）可在法律或衡平程序中强制该实体接受以金钱清偿该等权益。\n\n14 如测量师证明存在任何该等缺陷，受托人将就此类进展向法院、利害关系方及潜在竞买人更新情况，包括买方是否选择拒绝接受 Lady May，或各方能否就购买价款的修改达成一致，以反映解决该缺陷的合理费用。\n\n11 U.S.C. § 363(f)。由于《破产法典》第 363(f) 条采用析取式表述，满足五项要求中的任意一项，即足以允许对 Lady May 进行“不附带”任何留置权和权益的出售。参见 In re Dundee Equity Corp., 1992 WL 53743 at *4 (Bankr. S.D.N.Y. Mar. 6, 1992)（“[S]ections 363(f) 采用析取式表述，因此，只要满足第 363(f) 条的任一条件，即可出售所涉权益。”）。\n\n45. 受托人已就海事留置权（向开曼群岛登记处）以及与 HK USA 有关的任何 UCC 备案进行了查询，但两项查询均未发现与 Lady May 有关的任何留置权或其他负担。然而，如 Lady May 上存在任何留置权、权利主张、权益或负担，受托人主张，应批准本次出售不附带任何该等留置权、权利主张、权益和负担，因为已满足《破产法典》第 363(f) 条规定的一项或多项要求。在此方面，未对本动议所请求的救济提出异议，构成或应视为构成《破产法典》第 363(f)(2) 条意义上的同意。参见 Borders Group, 453 B.R. 477, 484 (Bankr. S.D.N.Y. 2011)（“根据第 363(f)(2) 条，收到出售通知但未在规定期限内提出异议的留置权人，被视为同意拟议出售，其后资产可不附带留置权出售。”）。\n\n46. 此外，如存在任何留置权人，其留置权将附着于出售所得款项，从而获得充分保护，但须受受托人就此可能拥有的任何权利主张和抗辩的约束。参见，例如，In re Healthco Int'l, Inc., 174 B.R. 174, 177 (Bankr. D. Mass. 1994)（“因此，我认定受托人可以依据第 363(f)(5) 条出售该财产，不附带县政府的留置权，并将该留置权转移至出售所得款项。将留置权转移至所得款项为该留置权提供了充分保护。”）；3 Collier on Bankruptcy ¶ 363.06 (16th 2023)（“第 363(f) 条允许在多种情况下出售遗产财产，不附带该财产上的权益，包括留置权。长期以来，人们已认可破产法院有权授权出售不附带留置权的财产，并使留置权附着于所得款项，无论留置权人是否同意。”）。\n\n47. 基于上述所有理由，受托人请求法院授权受托人出售 Lady May，不附带任何留置权、权利主张、权益和负担。\n\nC. Lady May 的出售应受《破产法典》第 363(m) 条保护\n\n48. 《破产法典》第 363(m) 条保护善意购买人对从遗产购得财产的权益，即使根据《破产法典》第 363(b) 条进行的出售后来在上诉中被撤销或修改。具体而言，《破产法典》第 363(m) 条规定如下：\n\n对根据 [section 363(b)] 作出的授权……在上诉中予以撤销或修改，并不影响向善意购买……该等财产的实体所作出售……的效力，无论该实体是否知悉上诉正在进行，除非该授权及该出售……在上诉期间已被中止。\n\n49. 尽管《破产法典》并未界定“善意”，第二巡回法院已指出：\n\n购买人的善意通过其在出售程序期间行为的诚信予以证明……购买人的善意会因欺诈、购买人与其他竞买人或受托人之间的串通，或企图获得对其他竞买人严重不公平的优势而丧失。\n\nIn re Gucci, 126 F.3d 380, 390 (2d Cir. 1997)（省略内部引文）。《破产法典》第 363(m) 条“促进了‘不仅赋予破产法院判决终局性，而且尤其赋予第三方所依赖的命令和判决终局性’这一政策。” In re Chateaugay Corp., 1993 U.S. Dist. Lexis 6130, *9 (S.D.N.Y. 1993)（引自 In re Abbots Dairies of Penn., Inc., 788 F.2d 143, 147）；另见 Allstate Ins. Co. v. Hughes, 174 B.R. 884, 888 (S.D.N.Y. 1994)；In re Stein & Day, Inc., 113 B.R. 157, 162 (Bankr. S.D.N.Y. 1990)。\n\n50. 经 Edmiston（埃德米斯顿）进行了广泛营销工作及竞争性竞价程序后，包括在 2023 年 5 月 30 日提交出价后的独立交易谈判，受托人选定买方为提交最高且最佳出价的一方。受托人没有理由相信买方与其他利害关系方串通，或以其他方式试图在该程序中获得对其他各方的不公平优势。此外，买方与债务人不存在关联，买方也并非代表债务人或受债务人指使行事，均如买方在 PSA 中作出的陈述和保证所反映。买方应支付的所有款项，以及买方就 PSA 所载出售所订立的其他协议或安排，均已披露。因此，受托人主张，买方是有权依据《破产法典》第 363(m) 条获得保护的善意购买人。\n\nD. 应授权受托人向 Edmiston 支付佣金\n\n51. 根据 Edmiston 留任命令，法院此前已批准 Edmiston 的报酬结构，包括在不涉及次级挂牌经纪人（定义见 Edmiston 留任申请）的内部交易中收取购买价款 5%的固定费用。鉴于 Edmiston 为营销 Lady May 所作出的重大努力，而该等努力最终促成买方被选定为中标竞买人，受托人主张，法院应授权在出售交割时向 Edmiston 支付该笔费用，金额为 $1.2 million。\n\n52. 此外，根据 PSA，如在拟议出售命令作出后，因受托人未履行义务导致出售未能完成，受托人须向 Edmiston 支付上述全额费用（定义见 Edmiston 留任命令）。受托人主张，该条款合理，包括因为在该情形下，Edmiston 将已提供同样的服务，且若非受托人未履行义务，交割本会完成。因此，受托人主张，作为 PSA 的一部分，在该情形下同意向 Edmiston 支付 5%的费用是合理的，法院应批准支付该费用。尽管如此，并为明确起见，受托人无意不履行其在 PSA 项下的义务，并将继续完成向买方出售的交割（当然，以本法院批准出售为前提）。\n\n53. 最后，PSA 规定，如在法院批准出售后，因买方未履行义务导致交割未能完成，受托人应从定金中向 Edmiston 支付相当于 $200,000 的金额；如 Lady May 最终向另一买方完成出售，该金额将抵扣并减少 Edmiston 可能获得的任何佣金（根据其与受托人签订的委托函）。受托人主张，该条款亦属合理并应予批准，包括因为受托人相信，如因买方未履行义务导致出售失败，受托人将能够以另一名利害关系买方完成 Lady May 的出售，且购买价款将使 Edmiston 获得远高于 $200,000 的佣金——因此，遗产不会遭受净损失。\n\n豁免《破产程序规则》第 6004(h) 条规定的中止\n\n54. 受托人请求法院豁免《破产程序规则》第 6004(h) 条施加的任何适用中止；该条规定：“[a]n order authorizing the use, sale, or lease of property other than cash collateral is stayed until the expiration of 14 days after entry of the order, unless the court orders otherwise.” Fed. R. Bankr. P. 6004(h)。\n\n55. 如前所述，向买方进行拟议出售的条件之一是，交割须于 2023 年 6 月 30 日或之前完成。除非豁免《破产程序规则》第 6004(h) 条规定的默认中止期间，否则无法满足交割期限，买方可能试图退出并终止其购买 Lady May 的义务；在该情形下，受托人将失去针对 Lady May 的最高出价，损害债务人遗产的利益。因此，受托人谨请求法院豁免《破产程序规则》第 6004(h) 条施加的十四日期中止，因为本案所请求救济的紧迫性证明立即给予救济具有正当性。\n\n豁免关于估值的地方法则第 6004-2 条\n\n56. 根据地方法则第 6004-2(b) 条，出售动议必须包括动议人确定拟出售财产公平市场价值的方式说明，除非法院命令另有规定。受托人已认定，根据本案事实，Lady May 公平市场价值的最佳证据是 Edmiston 所进行营销程序及其后的竞争性竞价程序的结果。因此，受托人认为没有必要取得（并支付费用）评估师作出的独立公平市场估值。因此，在必要范围内，受托人请求豁免地方法则第 6004-2(b) 条的要求。\n\n通知\n\n57. 本动议的通知将送达给：(i) Office of the United States Trustee for the District of Connecticut（美国受托人康涅狄格地区办公室），(ii) 买方，(iii) 债务人的律师，(iv) 委员会，(v) 已知曾向 Edmiston 表示对 Lady May 有兴趣的所有实体和个人（如有），(vi) 根据《破产程序规则》第 2002 条在债务人案件中请求接收通知的所有当事方，及 (vii) 债权人名册。\n\n58. 第 (i) 至 (vi) 项所列当事方将收到本动议的完整副本，第 (vii) 项所列当事方将仅收到出售通知15（附于本动议）的副本。\n\n[本页其余部分特意留白。]\n\n15 出售通知以地方法则附录 O 所载的遗产财产拟议私下出售通知为基础，但经修改，亦纳入法院就本动议安排的听证日期（即 2023 年 6 月 27 日中午，以及必要时的 2023 年 6 月 28 日）及对本动议提出异议的截止日期（即 2023 年 6 月 23 日）。\n\n因此，基于上述理由，受托人谨请求破产法院作出拟议出售命令，准许本案所请求的救济。\n\n日期：June 2, 2023，New York, New York\n签署人：/s/ Luc A. Despins\n\nLuc A. Despins（卢克·A·德斯平，获准 pro hac vice 出庭）\nG. Alexander Bongartz（G. 亚历山大·邦加茨，获准 pro hac vice 出庭）\nDouglass Barron（道格拉斯·巴伦，获准 pro hac vice 出庭）\nPAUL HASTINGS LLP（保罗·黑斯廷斯律师事务所）\n200 Park Avenue\nNew York, New York 10166\n(212) 318-6079\nalexbongartz@paulhastings.com\ndouglassbarron@paulhastings.com\n\n及\n\nNicholas A. Bassett（尼古拉斯·A·巴塞特，获准 pro hac vice 出庭）\nPAUL HASTINGS LLP\n2050 M Street NW\nWashington, D.C., 20036\n(202) 551-1902\nnicholasbassett@paulhastings.com\n\n及\n\nDouglas S. Skalka（道格拉斯·S·斯卡尔卡，ct00616）\nPatrick R. Linsey（帕特里克·R·林赛，ct29437）\nNEUBERT, PEPE & MONTEITH, P.C.（纽伯特、佩佩及蒙泰思律师事务所）\n195 Church Street, 13th Floor\nNew Haven, Connecticut 06510\n(203) 781-2847\ndskalka@npmlaw.com\nplinsey@npmlaw.com\n\nChapter 11 受托人代理律师\n\n案件 22-50073 文件 1858 提交 06/02/23 录入 06/02/23 15:54:44 第 31 页，共 68 页\n\n附件 A\n\n拟议出售命令\n\nUNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION（美国破产法院康涅狄格地区布里奇波特分部）\n\n------------------------------------------------------ x\n\n关于： ：\n： 第11章\nHO WAN KWOK（郭文贵）等人，1 ：\n： 案件编号 22-50073 (JAM)\n债务人。 ：\n：\n： （合并管理）\n\n根据《破产法》第105条和第363条、《破产规则》第2002条和第6004(c)条以及地方法规则第6004-1条和第6004-2条作出的命令：(I) 授权并批准不受留置权、债权、权益及负担约束地出售 Lady May；(II) 授权并批准购买及出售协议；以及 (III) 准予相关救济\n\n根据 Luc A. Despins（卢克·A·德斯平斯）以其在 Ho Wan Kwok（郭文贵，下称“债务人”）第11章案件中获任命的第11章受托人（下称“受托人”）身份提出的动议（下称“动议”）2，依据《美国法典》第11编（下称“《破产法》”）第105条、第363(b)条及第363(f)条、《联邦破产程序规则》（下称“《破产规则》”）第2002条、第6004(c)条及第9014条，以及美国康涅狄格联邦破产法院（United States Bankruptcy Court for the District of Connecticut）《地方法破产程序规则》（下称“地方法规则”）第6004-1条和第6004-2条，请求作出一项命令：(i) 授权并批准受托人出售（下称“出售”）\n\n1 本第11章案件中的债务人为 Ho Wan Kwok（郭文贵，亦称 Guo Wengui、Miles Guo 及 Miles Kwok，以及其他众多别名）（税务识别号码后四位：9595）、Genever Holdings LLC（Genever Holdings有限责任公司）（税务识别号码后四位：8202）及 Genever Holdings Corporation（Genever Holdings公司）。受托人、Genever Holdings LLC 及 Genever Holdings Corporation 的邮寄地址为：Paul Hastings LLP（保罗·黑斯廷斯律师事务所），200 Park Avenue, New York, NY 10166，转交 Luc A. Despins，作为 Ho Wan Kwok 遗产的受托人（仅为通知及通信之目的）。\n\n2 本文所用但未定义的首字母大写术语，应视情况具有动议或 PSA 中规定的含义；但前提是，本命令生效后，本文所用的任何首字母大写术语均不得以任何方式在 PSA 中被修改、修订或补充。\n\nLady May3 给 Herb Chambers Yachting, LLC（Herb Chambers游艇有限责任公司，下称“买方”），且不受任何留置权、债权、权益及负担约束，该出售依据买方与受托人于 May 30, 2023 签订的特定购买及出售协议（连同相关附录，下称“PSA”）；(ii) 授权并批准 PSA；以及 (iii) 准予相关救济，具体均如动议中进一步详述；并且已就该动议举行听证（下称“听证会”）；本院已审阅并考虑该动议、Dirk Johnson（德克·约翰逊）为支持所请求救济而作出的声明（下称“Johnson声明”）、对此提出的所有异议，以及律师在听证会上提出的论点和提交的证据；且 PSA 的条款看来符合债务人、遗产、债权人及其他利害关系方的最佳利益；经适当审议，并有正当理由，据此，\n\n本院现认定如下：4\n\n管辖权及终局命令\n\nA. 本院根据 28 U.S.C. §§ 1334 和 157，以及美国康涅狄格联邦地区法院（United States District Court for the District of Connecticut）作出的移送常设命令，对出售及 PSA 的批准具有审理和裁决管辖权。根据 28 U.S.C. § 157(b)，本案属于核心程序。根据 28 U.S.C. §§ 1408 和 1409，本案在本地区的审判地适当。\n\nB. 本命令构成 28 U.S.C. § 158(a) 所称的终局命令。\n\n尽管有《破产规则》第6004(h)条的规定，并在《破产规则》第9014条及经《破产规则》第7054条适用的《联邦民事诉讼规则》第54(b)条所要求的任何范围内，本院明确认定，不存在延迟执行本命令的正当理由，并明确指示按照本文所述录入判决书。作为《破产法》第363(m)条规定的善意购买人的买方，可在本命令录入后任何时间完成 PSA 所设想的出售，且不受《破产规则》第6004(h)条规定的中止限制。\n\n出售通知\n\nC. 已向所有已知利害关系个人或实体提供关于动议、听证会的实际书面通知，以及就动议及其中请求的救济提出异议或陈述意见的合理机会。\n\nD. 如先前向本院提交的送达证明所示：(i) 已向所有利害关系方提供关于动议、听证会、本命令的录入、出售及相关异议期限的适当、正确、及时、充分且足够的通知；(ii) 在本第11章案件的情形下，该等通知过去及现在均属良好、充分且适当，为利害关系方就此提出异议及陈述意见提供了公平合理的机会，并且是依照《破产法》《破产规则》及适用的地方法规则提供的；以及 (iii) 无须且不应要求就该等事项提供其他或进一步通知。\n\n商业判断\n\nE. 受托人已证明，为及时完成出售存在良好、充分且合理的商业目的及理由，并存在迫切情形；该行动是对受托人商业判断的适当行使，且符合债务人、其遗产及其债权人的最佳利益。该等商业理由包括但不限于以下事实：(i) PSA 中规定的购买价及其他条款构成就 Lady May 收到的最高报价，或以其他方式构成最高且最佳报价；(ii) 按照 PSA 所规定的条款进行出售，可实现对 Lady May 有序且迅速的出售，并为最大化 Lady May 的价值提供最佳机会；以及 (iii) 除非按照本命令及 PSA 的规定迅速完成出售，潜在的债权人受偿可能会大幅减少。\n\n营销程序\n\nF. 如动议、Johnson声明、在听证会上提出或取得的证词及其他证据，以及受托人及其律师在听证会上记录在案的陈述所证明：(i) 受托人及其经纪人 Edmiston and Company Limited（埃德米斯顿有限公司，下称“Edmiston”）进行了强有力且广泛的营销及出售程序；(ii) 受托人及其顾问进行了公平、公开的出售程序；(iii) 该出售程序不存在串通，已得到适当通知，并为任何实体提出购买 Lady May 的要约提供了充分、公平和合理的机会；以及 (iv) 受托人实施的程序为受托人及债务人遗产就 Lady May 获得了最高且最佳价值。\n\n公平对价；最高或最佳价值\n\nG. 买方根据 PSA 应提供的对价，是就 Lady May 而言公平合理的对价，并构成：(i) 《破产法》《统一欺诈转让法》及《统一可撤销交易法》项下合理等值的价值；(ii) 《统一欺诈性让与法》项下的公平对价；以及 (iii) 美国、任何州、领地、属地或哥伦比亚特区任何其他适用法律项下的合理等值价值、公平对价及公平价值。该等对价构成对 Lady May 的最高且最佳出价。没有其他个人、实体或个人或实体团体提出购买 Lady May，其金额能够给予债务人遗产与买方根据 PSA 提供的价值相等或更高的价值。迅速批准出售是最大化 Lady May 价值的唯一方式。\n\n善意\n\nH. PSA 和出售由受托人与买方在善意、无串通及公平交易谈判地位下协商、提出及订立，并正在由其实施。同样，债务人遗产在完成出售时将获得的价值，是受托人、买方及其各自代表和顾问之间公平交易谈判的结果。\n\nI. 买方系善意购买 Lady May，并且是《破产法》第363(m)条含义内的善意购买人，因此有权获得该条规定及任何其他适用或类似破产法和非破产法的全部权利、利益、特权及保护。\n\nJ. 买方和受托人均未从事任何会妨碍《破产法》第363(m)条适用于 PSA 或出售完成的行为。\n\nK. 买方在与出售及本程序相关的所有方面均系善意行事，原因包括：(a) 买方的出价是竞争性竞价程序的结果；(b) 买方应作出的所有付款，以及买方就 PSA 所列出售订立的其他协议或安排，均已披露；以及 (c) 买方未通过任何作为或不作为违反《破产法》第363(n)条。\n\nL. 买方不是债务人的内幕人士或关联方（该术语定义见《破产法》第101(2)条和第101(31)条）。\n\n《破产法》第363(f)条的条件已获满足\n\nM. 受托人获授权不受针对债务人或其遗产的留置权、债权、权益及负担约束地出售 Lady May，因为《破产法》第363(f)(1)-(5)条规定的一项或多项标准已获满足。\n\nN. 未对出售或动议提出异议的留置权、债权、权益或负担持有人（或最终撤回其异议者，如有）已根据《破产法》第363(f)(2)条同意出售，或被视为已同意出售。此外，《破产法》第363(f)条的一项或多项其他款项适用，因此，Lady May 上留置权、债权、权益或负担的持有人通过使其在 Lady May 上的留置权、债权、权益或负担仅附着于出售所得款项，并保持该等持有人在出售前所具有的相同优先顺位、范围、效力及效果，获得了充分保护。\n\nO. 如果 (i) Lady May 的出售并非不受所有留置权、债权、权益及负担约束，或 (ii) 买方将会或未来可能对任何该等留置权、债权、权益及负担承担责任，则买方不会订立出售，也不会完成其中所设想的交易，从而对债务人遗产及其债权人造成不利影响。PSA 项下应提供的总对价反映了买方对本命令的依赖，即本命令将根据《破产法》第105(a)条和第363(f)条向买方提供不受所有留置权、债权、权益及负担约束的 Lady May 所有权及占有权。\n\n转让的有效性\n\nP. 将 Lady May 转让给买方，将构成对 Lady May 合法、有效且具有法律效力的转让，并使买方取得债务人在 Lady May 中及就 Lady May 所享有的任何法定、衡平及受益权利、所有权和权益，且不附带任何留置权、请求权、权益及产权负担。该出售的完成根据《破产法》的一切适用规定，包括但不限于《破产法》第 105(a)、363(b)、363(f) 及 363(m) 条，均属合法、有效且获得适当授权，并且就该出售而言，已遵守上述条款的所有适用要求。在交割后，债务人财产将免除就因买方于交割后经营及/或拥有 Lady May 所产生或与之相关的请求权而承担的任何种类责任或其他义务。\n\n放弃适用《破产规则》第 6004(h) 条\n\nQ. 对 Lady May 的出售必须获得批准并及时完成。受托人和买方拟于 2023年6月30日或之前完成该出售的交割。受托人已证明，按照 PSA 所设想的方式立即批准并完成该出售，存在令人信服的情形以及良好、充分且合理的商业目的和依据。因此，就本裁定所设想的交易而言，有充分理由解除《破产规则》第 6004(h) 条所设想的中止。\n\n法院特此命令、裁定并判决：\n\n1. 该动议在各方面均予准许及批准；任何尚未以其他方式撤回、放弃或和解的相关异议，均予驳回。\n\n2. PSA 特此按本裁定所述予以批准。\n\n3. 根据《破产法》第 363(b) 及 363(f) 条，特此在各方面批准依据 PSA 将 Lady May 出售给买方，且不附带任何留置权、请求权、产权负担及其他权益。\n\n4. 根据《破产法》第 105(a)、363(b) 及 363(f) 条，受托人获授权按照 PSA 及本裁定的条款转让 Lady May。受托人根据 PSA 向买方转让 Lady May 应：(a) 合法、有效、具有约束力且具有法律效力；(b) 使买方取得受托人在 Lady May 中及就 Lady May 所享有的一切权利、所有权和权益；以及 (c) 根据《破产法》第 363(f) 条，不附带针对 Lady May 的任何留置权、请求权、权益及产权负担。\n\n5. 根据《破产法》第 363 条，本裁定自交割之日起应且确实剥夺债务人及其财产在 Lady May 中及就 Lady May 所享有的一切权利、所有权和权益。\n\n6. 买方根据 PSA 就 Lady May 提供的对价属公平合理，并应就一切目的视为构成《破产法》及任何其他适用法律下合理等值的价值、公平价值及公平对价；根据第 363(n) 条或《破产法》的任何其他规定，不得撤销或拒绝该出售，亦不得向买方施加或判给费用或损害赔偿。\n\n7. 受托人获授权并被指示采取一切必要或适当行动，以：(a) 按照该动议、PSA 及本裁定，在交割时完成将 Lady May 转让给买方的出售；(b) 履行、完成、实施及最终完成 PSA，以及可能为实施本裁定及 PSA 而合理必要或适宜的一切补充文书和文件；以及 (c) 履行本裁定及 PSA 所设想的义务，包括买方就此合理要求采取的一切行动。\n\n8. 尽管可能要求任何人士批准或同意，受托人向买方出售 Lady May 应构成对 Lady May 合法、有效且具有法律效力的转让，并使买方取得 Lady May 中的一切权利、所有权和权益，但须遵守 PSA 的条款。\n\n9. Lady May 中、之上或针对 Lady May 的一切留置权、请求权、权益及/或产权负担，应自动且仅附着于出售所得款项，并具有其现时针对 Lady May 所具有的同等有效性、优先顺位、效力及效果，但受托人或债务人财产就此可能享有的任何请求权及抗辩所规限。本裁定应有效地认定，于交割时及截至交割时，Lady May 中、之上或针对 Lady May 的任何种类或性质的一切留置权、请求权、权益及/或产权负担，均已无条件解除、清偿及终止。本裁定中授权及批准不附带留置权、请求权、产权负担及其他权益地转让 Lady May 的规定，应自行执行；受托人或买方均无须签署或提交解除文件、终止声明、转让文件、同意书或其他文书，以实现、完成及实施本裁定及 PSA 的规定。\n\n10. 在遵守本裁定的条款、条件和规定的前提下，特此永久禁止并排除所有人士及实体采取任何会不利影响、干扰或不符合下列事项的行动：(a) 受托人向买方出售及转让 Lady May 的能力；(b) 买方按照 PSA 及本裁定的条款取得、占有、使用及经营 Lady May 的能力；以及 (c) 受托人和买方履行其各自项下义务的能力；但前述限制不应损害任何具有必要资格的利害关系方按照适用法律对本裁定提起上诉或反对针对本裁定的任何上诉的权利。\n\n11. 买受人有权获得《破产法》第 363(m) 条赋予的一切保护。PSA 及本裁定所设想的出售由买方善意进行，该术语的含义与其在《破产法》第 363(b) 条中的含义相同；因此，除非在交割前该授权已在该上诉待决期间获得适当中止，否则本裁定所作出的完成出售授权在上诉中被撤销或修改，不影响该出售的有效性。为免生疑，在未于上诉待决期间中止本裁定的情况下，本裁定上诉待决不构成不完成该出售的理由。\n\n12. 本裁定未特别载明 PSA 的任何具体规定，不应减损或损害该规定的效力；本法院的意图是，PSA 及其每一项规定、条款和条件（包括但不限于其附录）均整体获得授权和批准，并特此获得整体授权和批准；但 PSA 可由其当事人经各方签署的书面文件修改、修订或补充，无须进一步通知本法院或取得本法院裁定，前提是任何该等修改、修订或补充不会对债务人财产产生重大不利影响，除非经本法院裁定批准。\n\n13. 本裁定、PSA 及依照本裁定或 PSA 采取的任何行动的规定，应在任何可能作出的确认或完成任何第 11 章计划的裁定，或任何可能作出的将本第 11 章案件从《破产法》第 11 章转换为第 7 章或驳回本第 11 章案件的裁定作出后继续有效；PSA 的条款和规定，以及根据本裁定及 PSA 授予的权利和权益，应在本第 11 章案件或任何后续案件中继续有效，并应可被要求具体履行及执行，且对受托人、债务人、其财产、所有债权人、所有针对债务人的请求权持有人（无论已知或未知）、所有针对 Lady May 的全部或任何部分、在 Lady May 中或 Lady May 之上的留置权、请求权、权益及/或产权负担持有人（无论已知或未知）、买方及其各自的继承人和获准受让人，以及此后根据《破产法》第 7 章或第 11 章被任命或选举为债务人法定代表人的任何其他受托人或其他受信人，均具有约束力，包括但不限于在本第 11 章案件中第 11 章计划待决期间或于其确认时任命的计划受信人、计划管理人、诉讼受托人或清算受托人。\n\n14. 本裁定对所有可能因法律实施、其职务职责或合同而须接受、提交、登记或以其他方式备案或解除任何文件或文书，或可能须报告或承保 Lady May 中或就 Lady May 的任何所有权或所有权状况的人士及实体（包括但不限于所有备案代理人、备案官员、产权代理人、产权公司、抵押登记官、契据登记官、契据注册官、行政机构、政府部门，以及州、联邦和地方官员）均具有约束力，并应规制其行为。前述各人士及实体均应接受为备案之目的所需和适宜的一切文件及文书，以解除、清偿及终止针对 Lady May 的任何留置权、请求权、权益及产权负担，或以其他方式完成本裁定及 PSA 所设想的出售。截至本裁定日期登记在案的一切留置权、请求权、权益及产权负担，应立即视为已就 Lady May 予以移除及删除。本段所述的所有人士及实体获授权并被明确指示，从其官方及其他记录中删除针对 Lady May 登记在案的所有该等留置权、请求权、权益及产权负担。\n\n15. PSA 及本裁定的条款和规定，应在各方面对受托人、债务人财产及其债权人、买方及其关联方、继承人和受让人，以及任何受影响的第三方具有约束力，或使其受益，包括所有主张 Lady May 中、之上或针对 Lady May 享有留置权、请求权、权益或产权负担的人士；尽管此后根据《破产法》任何章节或任何其他法律任命任何其他受托人、审查人或接管人，所有该等规定和条款同样对该受托人、审查人或接管人具有约束力，且不受受托人、债务人、其财产、其债权人或任何该等受托人、审查人或接管人的拒绝或撤销。\n\n16. 于交割时，受托人获授权向 Edmiston 支付相当于购买价格 5% 的全额费用（定义见 Edmiston Retention Order），即 \\$1,200,000。此外，(a) 如因受托人未履行义务而未完成交割，受托人应向 Edmiston 支付前述全额费用；以及 (b) 如因买方未履行义务而未完成交割，受托人应从保证金中向 Edmiston 支付相当于 \\$200,000 的款项；如其后与不同买方完成 Lady May 的出售，该金额将计入并减少 Edmiston 可能取得的任何佣金（根据其与受托人的聘用函）。\n\n17. 为免生疑，作为该出售的一部分，未出售任何财产请求权。\n\n18. 尽管《破产规则》第 6004(h) 条或地方法规的任何适用规定另有规定，本裁定在作出后不应中止，但应为\n\n自登记之日起立即生效并可执行，且《破产程序规则》6004(h)规定的14日期限在此明确予以放弃且不适用。受托人与买方拟于2023年6月30日或之前完成本次出售的交割。任何对本裁定提出异议的一方，均必须在法律规定的期限内且在交割之前，勤勉地提起上诉并寻求中止；否则，其上诉可能因已无实际意义而被禁止。\n\n19. 本裁定中的任何内容均不得修改或放弃PSA中的任何交割条件或终止权利，所有该等条件及权利均应依其条款继续完全有效。\n\n20. 自交割时起，在本裁定日期之前作出的任何种类的所有协议及本院的所有命令，均应视为已在为完成本次出售所必需的范围内予以修订和/或修改，包括但不限于将Lady May转让给买方以及交割的发生。\n\n21. 任何州或其他司法管辖区的批量销售法或任何类似法律，均不以任何方式适用于本次出售。\n\n22. 在必要范围内，现放弃地方法则6004-2(b)的要求。\n\n23. 如本裁定的条款与PSA之间存在冲突，应以本裁定为准。\n\n24. 本院保留管辖权，以便除其他事项外，(a) 解释、执行和实施本裁定及PSA的条款和规定（包括对其作出的所有修订、其项下的任何弃权和同意，以及与其有关而签署的各项协议），以及(b) 裁决与本裁定及PSA有关的争议（包括对其作出的所有修订、其项下的任何弃权和同意，以及与其有关而签署的各项协议）。\n\nCase 22-50073 Doc 1858 Filed 06/02/23 Entered 06/02/23 15:54:44 Page 46 of 68\n附件B\n\nPSA\n经纪船舶购买和出售协议\n\n买方：Herb Chambers Yachting, LLC或其受让人 卖方：Luc A. Desplas，作为Ho Wan Kwok（郭文贵）遗产的第11章受托人\n\n地址：259 McGrath Hwy 地址：c/o Paul Hastings LLP, 200 Park Avenue\nSomerville, MA 02143 New York, New York 10166\n国籍： 国籍：美国\n船舶名称：Lady May\n制造商：Feadship\n型号：半排水型机动游艇 总长度：44,25m\n年份：2014 文件或Z登记号：745195\n船旗：开曼群岛\n船体编号：688 发动机说明：柴油（Caterpillar）\n销售经纪人：Bruce Brakenhoff/Edmiston 挂牌经纪人：Edmiston & Company Limited\n重要日期\n购买价格\n要约日期：May 30, 2023\n购买价格：\\$24,000,000\n要约到期日：June 9, 2023 减：定金：[购买价格的20%] \\$4.800.000\n接受/拒绝日期：June 20, 2023 减：以旧换新折让（见附录）：不适用\n交割日期：于June 30, 2023或之前 余额：\\$19,200,000\n\n交付地点：Rhode Island海岸外国际水域 注：如船舶将移至交付地点，必须精确注明。仅列出港口或城市并不足够。\n包含的其他登记船舶 是 否\n\n1. 协议。买方同意购买，卖方同意按照本购买和出售协议（“PSA”）中规定的条款和条件，出售上述船舶的全部权利、所有权和权益。本PSA中使用的首字母大写术语，除非本PSA另有定义，均指上表中的相应术语。本PSA的“生效日期”是双方签署本PSA之日。“船舶”还包括截至协议日期船上和/或船舶挂牌规格中包含的所有设备、机械、燃料、消耗品，以及所有已登记或未登记的附属艇、玩具、物品和附属物，但卖方或挂牌经纪人在生效日期或(b)接受/拒绝日期提供的除外清单中列明的物品除外，该等物品不包括在出售中。买方接受船舶的，视为已接受除外清单。下文中，挂牌经纪人和销售经纪人统称为“经纪人”。如存在以旧换新折让，则该以旧换新交易受随附的以旧换新船舶附录管辖。如任何一方未能于要约到期日之前签署本PSA并将其交付给另一方，本PSA将不生效。\n\n2. 定金。在＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿＿内，向销售经纪人的账户支付，作为购买价定金，并如下文确认，由其依照本PSA条款持有。若定金尚未存入销售经纪人的托管账户，卖方可拒绝允许买方进行试航、检验及船舶的其他检查。\n\n3. 检验选择权；船舶接受；检验条件。买方购买船舶的义务，以买方自行酌情决定对船舶试航和检验感到满意为条件，但买方可选择不对船舶进行检验。(b) 买方应选择检验员，而非经纪人应对检验中的任何错误或遗漏承担唯一责任，即使经纪人向买方提供了信息并协助买方聘请检验员；(c) 卖方应提供船舶，买方应尽快完成试航和检验；(d) 卖方应支付试航的所有运行费用，并承担与试航有关的风险；买方应支付检验的所有费用，包括相关费用，例如吊船、干船坞及分包商费用；(e) 买方及其检验员应对确定试航范围承担唯一责任，以评估船舶是否符合要求。买方应于接受/拒绝日期或之前向卖方或挂牌经纪人送达书面船舶拒绝或接受通知。无论买方是否已检查船舶，如其未能及时发出接受船舶的书面通知，则视为买方已拒绝船舶。在交割（定义见第4款）之前，卖方不会使用船舶，但将船舶航行至交付地点除外。158\n\n买方首字母签名：\n\n©2020 International Yacht Brokers Association。保留所有权利。\n\n修订版3，10，20\n\n本表格专为IYBA独家使用而编制。双方及经纪人特此免除IYBA就因使用本表格而产生或与之有关的损害所承担的任何责任。IYBA明确否认与本表格有关的适销性及特定用途适用性保证。\n\n如买方拒绝或被视为拒绝船舶，在已支付为买方利益发生的所有费用后，(I) 销售经纪人应将定金返还给买方，(II) 本PSA应终止，且经纪人应免于承担本协议项下任何进一步责任。经纪人不负责纠正试航和检验期间发现的任何缺陷或不足所需的费用。\n\n4. 交割。船舶所有权转让（“交割”）应于交割日期在交付地点进行，同时支付买方应付的全部款项，并交付将良好且可流通的所有权转让给买方所需的所有其他文件原件。如船舶必须移至交付地点，除非款项已全额支付，或正依仅以在交付地点交付船舶及向买方交付所有权文件为条件的托管安排持有，否则卖方不得将船舶移至交割地点。交割可通过隔夜快递或电子方式办理。卖方应在交付地点向买方交付船舶（定义见第1款），但试航期间消耗的燃料以及前往交付地点航程中消耗的燃料除外。于交割日期或之前，卖方必须向销售经纪人交付将船舶所有权（以及本协议要求交付的所有其他物品）转让给买方所需的全部文件。在交割时，买方应向卖方（受第6款约束）和/或销售经纪人支付余额，由销售经纪人通过电汇转交卖方。卖方欠付(i) 经纪人的佣金、存储、保险、维修和/或其他项目款项，或(ii) 任何其他权利负担持有人的任何款项，应由销售经纪人在向卖方拨付资金之前，从应付卖方的金额中扣除；卖方特此不可撤销地指示任何定金持有人依照本协议条款从定金中向经纪人支付佣金。\n\n5. 经纪人。双方确认，销售经纪人是促成本PSA的唯一经纪人。如挂牌经纪人和销售经纪人为同一经纪人，双方同意该经纪人在本交易中担任双重代理人，即同时代表买方和卖方，该经纪人可向双方披露其知悉的、实质影响船舶价值或吸引力的事实；但在该等情况下，未经卖方同意，经纪人不得向买方披露卖方愿意以低于要价的金额出售船舶；未经买方同意，经纪人不得向卖方披露买方愿意支付高于报价的价格。如销售经纪人与挂牌经纪人不同，挂牌经纪人仅代表卖方，且对买方不负有信义或其他义务；销售经纪人仅代表买方，且对卖方不负有信义或其他义务（尽管其报酬由卖方支付）。经纪人仅有义务履行本协议明确规定的义务，且不得将任何默示义务或责任解释为包含于本PSA中。卖方应独自负责支付与本协议规定的船舶出售有关的应付经纪人佣金。各方均向另一方声明并保证，其未在与向买方出售船舶有关的谈判中聘用或与任何其他经纪人、代理人或居间人交易，并确认经纪人为本PSA的第三方受益人。\n\n6. 卖方的陈述；交割要求。卖方声明并保证，其将向买方转让船舶良好且可流通的所有权，不附带任何债务、请求权、海商法留置权、担保权益、权利负担、消费税，以及应向任何州、国家、监管机构或任何性质的主管机关缴纳的任何其他适用税款、关税或税费（统称为“权利负担”）。交割前不少于两(2)个营业日，卖方应向买方交付：(a) 令人满意的所有权证明，(b) 已支付或解除所有权利负担的证明（将在交割时全额支付的权利负担除外），(c) 卖方就本第6款中的陈述和保证作出的保证及赔偿，(d) 如卖方为法人实体，则卖方实益所有人就卖方在本第6款中的陈述和保证作出的个人保证及赔偿，以及(e) 向买方转让良好且可流通所有权所需的任何其他文件副本。卖方应支付与取得任何主管机关所要求的出售授权有关的任何费用，并应充分合作以取得该等授权。任何一方均应在交割前向另一方提供：(I) 其在该实体设立所在州或其他司法管辖区处于良好存续状态的证明，(II) 证明该实体已正式授权购买或出售船舶，以及交付或接受本PSA和/或购买与销售文件的个人具有授权的同意行动或决议，(III) 证明交付或接受船舶的个人具有授权的授权书，以及(IV) 就卖方而言，其电汇信息。\n\n7. 损失风险；不可抗力。卖方应在交割前承担损失风险。如果在买方接受该船舶后该船舶受损，且必要修理费用低于购买价的百分之五（5%）并且完成修理所需时间少于30天，则：(a) 卖方必须在交割前按照良好的船舶行业惯例，将该船舶修复至紧接损坏发生前的标准，且买方可检验该修理；(b) 买方必须支付余额并接收修复后的该船舶；以及 (c) 交割日应按修理期间予以延长。如在买方接受后该船舶受损程度更大，任何一方均可终止本PSA，其后果与买方拒绝该船舶时相同。任何一方履行义务的责任，应因超出该方合理控制范围的不可预见事件（“不可抗力事件”）而暂停，包括但不限于恐怖主义行为、罢工、停工、暴乱、战争行为、火灾、通信线路故障、计算机病毒、停电、事故、热带风暴、飓风或其他自然灾害。如发生不可抗力事件，本PSA所述期间，包括但不限于交割日，应视为按使受影响一方能够依照本PSA履行义务所必需的时间予以延长；但如不可抗力事件导致交割日延迟超过90天，任何一方均可终止本PSA，其后果与买方拒绝该船舶时相同。\n\n8. 违约。尽管本协议有任何相反规定，如保证金未在到期时支付，或因买方未履行义务而未完成交割，包括但不限于未支付余额或未于交割日前签署完成购买所必需的全部文件：\n\n买方首字母缩写： “N 卖方首字母缩写：مملك\n\n©2020 International Yacht Brokers Association（国际游艇经纪人协会）。保留所有权利。\n\n修订版 9.10.20\n\n(1) 保证金应由（或者，如保证金未支付，买方应向）销售经纪人及经纪人支付同等金额，作为约定的违约赔偿金及本PSA的对价，并作为双方之间一切请求的完全和解；(2) 销售经纪人应向买方返还；以及 (3) 双方应解除其在本PSA项下的全部义务。买方和卖方同意，保证金应首先用于支付买方或经纪人就该船舶发生的任何未支付成本或费用，随后百分之五十（50%）分配给卖方，百分之五十（50%）分配给经纪人；经纪人应按如交易已完成时本应获得的佣金比例进行分配。如因卖方未履行义务而未完成交割，保证金以及买方依本PSA支付或存入的任何其他款项，应在买方要求时返还给买方；或者，如鉴于该船舶的独特性、证明困难以及以其他方式取得充分救济的不便或不可能性，买方有权请求强制履行。在卖方违约时，卖方应立即支付如该交易已完成本应支付的同等佣金。\n\n9. 销售税和使用税。买方购买该船舶应支付的销售税和使用税，如适用，均由买方负责，买方应于交割时向销售经纪人支付到期税款。买方特此就其负责的任何销售税或使用税，对卖方及经纪人进行赔偿并使其免受损害。\n\n10. 陈述和保证。卖方及经纪人相信，其任何一方就该船舶提供的任何信息均为真实和正确，并本着诚信提供该等信息，但不对且无法保证该等信息的准确性。买方保证并陈述，截至交割时，其：(A) 已全面检查并进行了该船舶试航（或已放弃该等权利）；以及 (B) 未依赖卖方或经纪人提供的任何广告、承诺、描述、确认或陈述（无论口头或书面，且无论在本PSA之前或与本PSA同时作出）。交割后，买方应视为已按“现状”条件接受该船舶。卖方及经纪人不作任何明示或默示保证，且不就该船舶的状况、其适合任何特定用途或适销性作出任何陈述，所有该等保证及陈述均予以否认。\n\n11. 融资。买方的义务不以获得融资为条件。买方陈述，如有必要，其将安排融资。买方和卖方确认，经纪人未就买方取得融资的能力、买方取得该船舶任何融资的资格，或买方在任何司法管辖区对该船舶进行文件登记或注册的能力作出任何陈述或保证。\n\n12. 副本。双方可签署任意数量的相同副本，每份均应视为正本（包括通过传真、电子邮件或其他电子方式证明的签名），犹如签名均载于同一文书之上。\n\n13. 约束效力；同时合同；未来销售。本PSA对所有当事方、其继承人、遗产代理人及/或受让人具有约束力。在本PSA有效期间，卖方不得出售该船舶，亦不得订立任何出售该船舶的合同。如未依本PSA条款完成交易，而在本PSA终止后，买方和卖方直接或通过由任何一方或其所有人控制的实体，就该船舶相互订立合同，卖方同意向经纪人支付与本PSA所设想交易已经完成时其本应获得的佣金相同的金额。\n\n14. 托管资金。双方确认：(a) 在资金已清算并进入销售经纪人的账户之前，销售经纪人不对该等资金负责；(b) 一旦资金已清算，销售经纪人将以托管方式持有该等资金，且任何经纪人从任何一方收到的任何其他资金，均将为该方以信托方式持有；(c) 销售经纪人可在发放保证金或余额前保留经纪人的佣金；以及 (d) 在涉及经纪人持有的任何资金的任何争议中，买方和卖方应就以任何方式与该争议有关并在任何上诉中发生的法律费用和成本，对经纪人进行赔偿（该义务以托管资金上的留置权作担保），并就与佣金请求有关的费用和成本进行赔偿；但最终不可上诉的判决认定存在故意不当行为或重大过失的经纪人除外。\n\n15. 附加条款。见附录。\n\n16. 杂项。本PSA，包括其附件和附表，构成双方就本协议标的事项达成的完整协议，并取代所有先前及同时作出的、与之相关的协议、陈述、保证及谅解，无论其为书面、口头或其他形式。如经纪人成为涉及本PSA的任何诉讼的一方，经纪人应由被认定违反本PSA的一方或多方，在所有审级获得其成本和律师费的补偿。如双方就本PSA标的事项发生任何争议，胜诉方（包括经纪人）有权追偿所有审前、审判及上诉程序中的合理费用。如本PSA的任何条款、条件或规定因任何原因被认定不可执行，应尽可能将其解释为使本PSA有效，而非予以排除。在任何情况下，本PSA的所有其他条款和条件均应视为有效且可执行。除本协议明确规定外，不存在其他明示、默示或其他义务。本PSA不得修改或变更，除非以书面形式并由买方和卖方签署。任何代表一方的律师或经纪人发出或收到的通知，应与由该方发出或向该方发出时具有同等效力。所有通知必须以书面形式作出，并可通过专人递送、隔夜快递、传真或其他电子方式送达；在送达时并保留送达证明后生效。买方可转让本\n\n买方首字母缩写：\n\n©2020 International Yacht Brokers Association（国际游艇经纪人协会）。保留所有权利。\n\n修订版 3.10.20\n\nPSA给买方的直系亲属成员，或由买方及/或其直系亲属成员拥有或控制的任何实体。否则，未经另一方同意，任何一方不得转让本PSA，该同意不得被无理拒绝。除非以书面形式，任何一方不得全部或部分放弃因本PSA产生的任何请求或权利；任何放弃仅适用于其作出的特定情形。段落标题仅供参考及便利之用。\n\n17. 准据法和争议解决。勾选(a)、(b)或(c)。如均未勾选，则适用(a)。任何涉及本协议的争议应按以下方式解决：(a) [ ] 在位于 \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ 州（如留空，则为Florida）的法院解决；(b) [ ] 通过在 \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ 州（如留空，则为Florida）进行的具有约束力的仲裁解决；(c) 通过在英国伦敦进行的具有约束力的仲裁解决。如选择(a)或(b)：(i) 本协议应依 \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ 州（如留空，则为Florida）法律管辖并解释，不适用其法律冲突原则；以及 (ii) 程序应在销售经纪人主要办事处所在的县进行，或者，如销售经纪人在该州没有办事处，则在 \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ 县（如未指定其他城市，则为Fort Lauderdale, Florida）进行。如选择(b)，除非下列规则适用，仲裁开始时有效的 American Arbitration Association（美国仲裁协会，简称“AAA”）Florida商业仲裁规则应适用：如争议金额（包括反请求）不超过 USD $1,000,000.00，双方应在发出仲裁通知后二十（20）日内从 International Yacht Brokers Association（国际游艇经纪人协会，简称“IYBA”）中共同选择一名独任仲裁员。如双方无法就仲裁员达成一致，IYBA有权指定该独任仲裁员。如争议金额更高，双方应各自指定一名仲裁员，由该两名仲裁员指定第三名仲裁员。如其未能在14日内就第三名仲裁员达成一致，任何一方均可请求IYBA从IYBA维护的仲裁员名册中指定第三名仲裁员。独任仲裁员的决定，或如为三名仲裁员组成的仲裁庭的决定，为终局决定并对双方具有约束力。可向任何有管辖权的法院提起诉讼以执行任何仲裁裁决。如选择(c)：(i) 本协议应依英国法律管辖并解释，不适用法律冲突原则；(ii) 双方不可撤销地同意，因本协议产生或与本协议有关的任何争议，应依照 Arbitration Act 1996（1996年仲裁法）或为使本段规定生效所必需的任何法定修改或重新制定版本提交仲裁；(iii) 仲裁应依照仲裁开始时有效的 London Maritime Arbitrators Association（伦敦海事仲裁员协会，简称“LMAA”）规则进行；(iv) 如争议金额（包括反请求）低于 USD$100,000，应适用其小额请求程序；如等于或高于 USD$100,000 且低于 USD$400,000，应适用其中等请求程序。无论选择何种选项，双方不可撤销地服从该等法院或仲裁机构的专属管辖，放弃其目前或日后可能对审判地或法院便利性提出的任何异议，同意与该程序有关的所有请求仅由该等法院或仲裁机构裁决，并进一步同意不在任何其他法院或仲裁机构提出与本协议有关的任何请求。双方在已有机会寻求法律顾问意见后，放弃对依本协议产生的请求进行陪审团审判的权利，无论该等请求是针对彼此还是针对任何经纪人。\n\n买方：正楷姓名：Herbert Chambers（赫伯特·钱伯斯） 职务：成员\n\n卖方经纪人保证金确认书（以资金结算完成为条件）\n\n买方签字缩写\n\n©2020 International Yacht Brokers Association（国际游艇经纪人协会）。保留所有权利。\n\n修订版 3.10.20\n\n本表格并非为满足 IYBA 成员的需要而编制。各方及经纪人免除 IYBA 因使用本表格或与其使用有关而产生的任何责任。IYBA 明确否认与使用本表格有关的适销性及特定用途适用性。\n\n经纪船舶买卖协议补充协议，于 May 30, 2023 由以下双方签署：(i) Luc A. Despins（卢克·A·德斯平斯），作为 Ho Wan Kwok（郭文贵）遗产的第 11 章受托人；以及 (ii) Herb Chambers Yachting, LLC（赫伯特·钱伯斯游艇有限责任公司）或其受让人（以下简称“补充协议”）\n\n本文中使用但未定义的首字母大写术语，具有就 Lady May（“Lady May”号）于 May 30, 2023 签署的《经纪船舶买卖协议》（以下简称“PSA”）中规定的含义。为免疑义，对 PSA 的任何提及（无论在本 PSA 或本补充协议中）均指经本补充协议修订后的 PSA。\n\n1. Luc A. Despins 仅以 Ho Wan Kwok 遗产第 11 章受托人的身份作为 PSA 的一方，而非以其个人身份。因此，买方不得以 Luc A. Despins 的个人身份或 Paul Hastings LLP（保罗·黑斯廷斯律师事务所）为对象提出任何主张。\n\n2. PSA 及 PSA 中的所有条款均须经 United States Bankruptcy Court for the District of Connecticut（美国康涅狄格联邦破产法院，以下简称“破产法院”）批准；Ho Wan Kwok 的第 11 章案件，案号 22-50073（以下简称“第 11 章案件”），正在该法院审理中。\n\n3. 尽管 PSA 中有任何相反规定，破产法院对有关 PSA 或因 PSA 引起的任何主张或争议享有专属管辖权。各方及经纪人不可撤销地服从破产法院的专属管辖权，放弃其目前或日后可能对审判地或法院便利性提出的任何异议，同意所有与 PSA 有关的主张均由该法院裁决，并且进一步同意不在任何其他法院提出与 PSA 有关的任何主张。为免疑义，现删除 PSA 第 17 节中关于仲裁任何涉及 PSA 的争议的所有规定。\n\n4. 尽管 PSA 中有任何相反规定，PSA 受纽约州法律管辖并依其解释，而不考虑其法律冲突原则。\n\n5. PSA 第 1 节第四句和第五句现修订如下：\n\n“船舶”还包括截至本 PSA 日期位于船上及/或列入船舶挂牌规格说明中的所有装置、机械、设备、家具、燃料、消耗品，以及所有已登记或未登记的小艇、玩具、物品及附属设备。除卖方或挂牌经纪人在以下较早日期提供的除外清单上所列项目外，不设除外清单协议：(a) 生效日期起五日，或 (b) 接受/拒绝日期；该等项目不包括在出售范围内。如买方接受船舶，视为其已接受除外清单。为免疑义，Lady May II 不作为根据本 PSA 出售船舶的一部分。\n\n6. PSA 第 1 节第八句现修订如下：\n\n如根据本 PSA 出售船舶不存在以旧换新抵扣，则不适用任何以旧换新条款；如存在与根据本 PSA 出售船舶相关的以旧换新抵扣，则以旧换新的条件受随附的《以旧换新船舶补充协议》管辖。\n\n7. PSA 第 2 节现修订如下：\n\n在卖方签署本 PSA 后 ________ 个营业日内（如留空，则为 3 个营业日），于 May 31, 2023，买方已向卖方经纪人账户支付保证金，如下所确认，作为购买价款的保证金，依本 PSA 条款以托管方式持有。在保证金已结算并进入卖方经纪人的托管账户之前，卖方可拒绝允许买方进行船舶试航、检验及其他检查。\n\n8. PSA 第 3 节现修订如下：\n\n买方购买船舶的义务，以买方自行决定对船舶试航及检验感到满意为条件，但买方可选择不对船舶进行检查；但前提是，买方仅可在检验师（应为一名具备适当资格、日常业务为检验质量和价值与该船舶相类似船舶的船舶检验师）书面证明其发现影响船舶或其机械或系统运行完整性的缺陷，或导致船舶不适航的缺陷时，拒绝该船舶。为免疑义，买方不得基于任何其他理由拒绝该船舶。如买方决定对船舶进行检验：(a) 买方将选择检验师；(b) 检验师而非经纪人，将对检验中任何错误或遗漏承担唯一责任，即使经纪人可能已向买方提供信息并协助买方聘请检验师；(c) 卖方应提供船舶，且买方应尽快完成试航及检验，以使检验于接受/拒绝日期之前完成；(d) 卖方应支付试航的一切运行费用并承担与试航有关的风险，买方应支付检验的一切费用，包括相关费用，例如吊船、干船坞及分包商费用；(e) 买方及其检验师将独自负责确定检验和试航的范围，以评估船舶是否符合买方要求；以及 (f) 买方应于接受/拒绝日期当日或之前，向卖方或挂牌经纪人递交书面拒绝或接受船舶的通知。无论买方是否已检查船舶，如其未能依照本 PSA 及时发出书面拒绝通知，则视为其已接受船舶。买方接受船舶后，卖方在交割前（定义见第 4 段）不得使用船舶，但为将船舶移至交付地点而使用的除外。如买方依本 PSA 拒绝或被视为拒绝船舶，且并未以其他方式违反本 PSA，则在支付为买方利益发生的一切费用后：(i) 卖方经纪人应向买方退还保证金；(ii) 本 PSA 应终止；以及 (iii) 各方及经纪人应解除其在本协议项下的任何进一步责任。经纪人不负责纠正试航及检验期间发现的任何缺陷或不足的费用。\n\n9. PSA 第 4 节第六句现修订如下：\n\n在交割时，买方应向卖方支付余额（受第 6 段约束），保证金应在扣除紧接下一句所述款项后，通过电汇方式发放给卖方及/或卖方经纪人，以便后者转付卖方。卖方应付给 (i) 经纪人的佣金、存放、保险、维修及/或其他项目的任何款项（须经破产法院批准），或 (ii) 任何其他权利负担持有人的任何款项，应由卖方经纪人在向卖方支付资金前从应付卖方的款额中扣除；卖方据此不可撤销地指示任何保证金持有人，依本协议条款从保证金中向经纪人支付佣金，并在向卖方发放保证金前向经纪人付款。为免疑义，破产法院批准向买方出售船舶的命令应规定，该船舶出售时不存在任何权利负担，任何权利负担附随于出售所得款项。\n\n10. PSA 第 5 节第二句现修订如下：\n\n如挂牌经纪人和卖方经纪人属于同一经纪公司，各方同意该经纪人在本交易中担任双重代理人，即同时代表买方和卖方，且经纪人可向双方披露其所知悉的、对船舶价值或可取性有重大影响的事实；但前提是，在该情形下，(a) 未经卖方同意，经纪人不得向买方披露卖方愿意以低于要价的金额出售船舶；以及 (b) 未经买方同意，经纪人不得向卖方披露买方愿意支付高于报价的价格。\n\n11. PSA 第 6 节第二句现修订如下：\n\n交割前不少于两 (2) 个营业日，卖方应向买方交付：(a) 令人满意的所有权证据；(b) 已支付或解除所有权利负担的证明（将在交割时全额支付的权利负担除外），该证明可以是破产法院作出的批准出售船舶的命令（且该命令应规定该船舶系无任何权利负担地出售给买方）；(c) 卖方作出的保证及赔偿，保证卖方在本第 6 段中的陈述与保证；(d) 如卖方为法人实体，则由卖方实益所有人作出的个人保证及赔偿，保证卖方在本第 6 段中的陈述与保证；以及 (e) 将良好且可自由流通的所有权转移给买方所需的任何其他文件副本。\n\n12. PSA 第 7 节第二句和第三句现修订如下：\n\n如船舶在买方接受后受损，且必要修理费用低于购买价款的百分之五 (5%) 并可在 30 日内完成，则由卖方选择，(a) 卖方必须在交割前按照良好船舶作业惯例进行修理，使船舶恢复至受损前的标准，且买方可检查该修理；在此情况下，(b) 买方必须支付余额并接收经修理后的船舶；以及 (c) 交割日期应按修理期间相应延长。如船舶在买方接受后受损程度更大，或卖方未行使前句所述选择权，任一方均可终止本 PSA，其后果与买方拒绝船舶时相同。\n\n13. PSA 第 8 节现修订如下：\n\n尽管本协议中有任何相反规定，如保证金未在到期时支付，或因买方未履行义务而未完成交割，包括但不限于未在交割日之前支付余款或签署完成购买所必需的一切文件：(i) 保证金应由卖方和经纪人留存；如保证金未支付，买方应向卖方和经纪人支付等额款项，作为约定的违约赔偿金及本购买和销售协议（PSA）签署的对价，以完全解决双方之间的一切索赔；(ii) 销售经纪人应向买方返还从买方收取的任何其他款项；以及 (iii) 双方应解除本PSA项下的一切义务；但前提是，在破产法院批准本PSA后，如因买方未履行义务而未完成交割，卖方应从保证金中向挂牌经纪人支付等同于$200,000的款项，该款项应计入并减少挂牌经纪人如与不同买方完成该船舶出售时可能赚取的任何佣金（依其与卖方签订的委托函）。买方和卖方同意，保证金应首先用于支付买方或经纪人就该船舶产生的任何未付成本或费用，然后按百分之五十（50%）分给卖方、按百分之五十（50%）分给经纪人；经纪人应按如出售已完成时佣金本应分配的相同\n\n比例进行分配。如因卖方未履行义务而未完成交割（为免疑义，这不包括破产法院拒绝批准本PSA），保证金及买方根据本PSA支付或存入的任何其他款项，应在买方要求时返还给买方，或买方有权要求实际履行。卖方同意，鉴于该船舶的独特性、损失证明的困难，以及以其他方式获得充分救济的不便或不可能性，实际履行是合理的。如因卖方未履行义务或卖方违约而未完成交割，卖方应立即向经纪人支付如交易已完成本应支付的同等佣金；但前提是，破产法院拒绝批准本PSA不构成卖方未履行义务。如破产法院不批准本PSA，本PSA应视为终止，其后果与买方依照本PSA拒绝该船舶相同。尽管本PSA中有任何相反规定，如因任何原因未完成交割（包括(a)买方未履行其在本PSA项下的义务，(b)破产法院不批准本PSA，或(c)买方依照本PSA拒绝该船舶），卖方有权选择按成本从买方购买验船报告；如卖方行使该选择权，买方应在收到该验船报告成本的付款后立即向卖方提供完整的验船报告。\n\n14. 特此将PSA第9条第一句修改如下：\n\n如适用，买方购买该船舶应缴纳的销售税或使用税由买方负责，买方应在交割时向受托人销售经纪人支付应缴税款。\n\n15. 特此在PSA第11条第一句之后增加以下句子：\n\n买方声明并保证，其拥有足够的现金和/或融资，以在交割时支付购买价款。买方还声明并保证，其与Ho Wan Kwok（郭文贵）不存在关联或关系，且并非代表Ho Wan Kwok或应Ho Wan Kwok的要求行事。\n\n16. 特此将PSA第14条修改如下：\n\n双方确认，(a)在款项已结算进入卖方销售经纪人的账户之前，卖方销售经纪人不对保证金负责；(b)款项结算后，卖方销售经纪人应以托管方式持有保证金，且任一经纪人从任何一方收取的任何其他款项均应为该方以信托方式持有；(c)卖方销售经纪人应依照本PSA支付款项，并可在向卖方释放或支付保证金或余款之前留存应付给经纪人的佣金；以及(d)如发生涉及经纪人所持有任何款项的任何争议，买方和卖方应就以任何方式与该争议有关的律师费和成本向经纪人作出赔偿，包括在任何上诉中发生的律师费和成本（该义务以托管款项上的留置权作担保），以及与佣金索赔有关的律师费和成本；但破产法院作出的终局且不可上诉的判决认定某经纪人存在故意不当行为或重大过失的除外。\n\n17. 特此将PSA第16条第二句和第三句修改如下：\n\n如经纪人成为涉及本PSA的任何诉讼的一方，除非破产法院作出的终局且不可上诉的判决认定该经纪人存在故意不当行为或重大过失，否则应由被认定违反本PSA的一方或多方，在所有审前、审判和上诉阶段，偿还该经纪人的合理成本和律师费。如本协议双方之间发生任何因本PSA标的事项引起的争议，胜诉方（包括经纪人）应有权就所有审前、审判和上诉程序获得合理费用、律师费和成本；但破产法院作出的终局且不可上诉的判决认定该胜诉方存在故意不当行为或重大过失的除外。\n\n18. 特此将PSA第16条第九句和第十句修改如下：\n\n买方可将本PSA转让给买方直系亲属的任何成员，或由买方和/或其直系亲属任何成员拥有或控制的任何实体。除此以外，任何一方未经另一方同意不得转让本PSA，且该同意不得被无理拒绝。\n\n19. 特此将PSA第4页签字栏中的“销售经纪人保证金确认（以款项结算为条件）”修改为：“卖方保证金确认（以款项结算为条件）”。\n\n卖方\n\n姓名：Luc A. Despins（卢克·A·德斯平斯），作为Ho Wan Kwok遗产的第11章受托人\n\n案号 22-50073 文件 1858 提交日期 06/02/23 录入日期 06/02/23 15:54:44 第58页，共68页\n附件C\n\nJohnson声明\nUnited States Bankruptcy Court, District of Connecticut, Bridgeport Division（美国康涅狄格州联邦破产法院布里奇波特分庭）\n\n关于： 第11章\nHO WAN KWOK（郭文贵）等人，1 ：案号 22-50073 (JAM)\n债务人。 ：共同管理\nDIRK JOHNSON（德克·约翰逊）为支持受托人依据《破产法典》第105条和第363条、《破产规则》第2002条、第6004(c)条和第9014条以及《地方法院规则》第6004-1条和第6004-2条提出的动议而作出的声明；该动议请求作出裁定：(1) 授权并批准出售LADY MAY号，且不附带并免除留置权、索赔、权益及负担；(II) 授权并批准购买和销售协议；以及 (III) 授予相关救济\n\n本人Dirk Johnson，特此根据28 U.S.C. § 1746，在伪证处罚的约束下声明如下：\n\n1. 本人是Edmiston and Company Limited（埃德米斯顿公司，以下简称“Edmiston”）的游艇经纪人，\n\n办公地址为：(a) 2 Marina Plaza, Newport, Rhode Island, 02840，及(b) Burleigh\n\nManor, Peel Road, Douglas, Isle of Man, IM1 5EP。\n\n2.\n\n本人受雇于Edmiston，并提交本声明，以支持受托人依据\n\n《破产法典》第105条和第363条、《破产规则》第2002条、第6004(c)条和第9014条以及《地方法院\n\n规则》第6004-1条和第6004-2条提出的动议；该动议请求作出裁定：(I) 授权并批准出售\n\n1. 本第11章案件中的债务人为Ho Wan Kwok（亦称Guo Wengui、Miles Guo及Miles Kwok，以及众多其他别名）（税务识别号码后四位：9595）、Genever Holdings LLC（Genever Holdings有限责任公司）（税务识别号码后四位：8202）及Genever Holdings Corporation（Genever Holdings股份公司）。受托人、Genever Holdings LLC及Genever Holdings Corporation的邮寄地址为Paul Hastings LLP（保罗·黑斯廷斯律师事务所），200 Park Avenue, New York, NY 10166，转交Luc A. Despins，作为Ho Wan Kwok遗产的受托人（仅用于通知和通信）。\n\nLADY MAY号，且不附带并免除留置权、索赔、权益及负担；(II) 授权并批准购买和销售协议；以及 (III) 授予相关救济（以下简称“动议”）2；该动议是在Ho Wan Kwok（以下简称“债务人”）的第11章案件中提出，请求作出裁定，批准并授权将LADY MAY号出售给Herb Chambers Yachting, LLC（赫布·钱伯斯游艇有限责任公司，以下简称“买方”）。\n\n3. 自1991年以来，本人一直是在Rhode Island（罗得岛州）Newport（纽波特）从业的游艇经纪人，并已受雇于Edmiston 2.5年。本人在超级游艇经纪行业约有15年的经验。Edmiston是一家专门从事游艇销售的豪华超级游艇经纪公司。Edmiston目前是美国及全球众多游艇的经纪人。此外，在过去约24个月内，Edmiston已售出70多艘长度超过30米的游艇，超过每名经纪人交易数量行业平均水平的两倍。Edmiston还保持着售出Feadship（费德希普，即LADY MAY号的建造商）数量最多的行业纪录。\n\n4. 2023年4月18日，受托人聘请Edmiston营销和出售LADY MAY号，该聘任经法院于2023年4月27日作出的命令批准。3 如聘任协议所述，LADY MAY号约定的挂牌价格为$26,500,000。\n\n5. 除非下文另有说明，本人对下文所述事项具有亲身了解，如被传唤作证，本人能够并将就此作出胜任的证言。\n\nLADY MAY号的营销\n\n6. 自受聘以来，Edmiston已开展广泛的营销活动，以将LADY MAY号出售给出价最高者。依照营销诸如LADY MAY号等豪华超级游艇的行业最佳惯例，Edmiston已积极在游艇市场中寻找潜在买方，包括在其自身的潜在买方网络内，以及通过行业内众多其他游艇经纪人进行寻找，并已在线上和印刷媒体上宣传LADY MAY号。这些营销工作最初集中于美国境外居民；在LADY MAY号被转移至Rhode Island的对外贸易区（以下简称“FTZ”）后，Edmiston扩大了其工作范围，亦包括美国居民。\n\n7. 除其他事项外，作为其营销工作的一部分：\n\na. Edmiston制作了LADY MAY号的电子宣传册，其中包括照片及其规格清单；该宣传册被纳入向其他游艇经纪人发布的全行业公告中，并发布在Edmiston的网站和社交媒体上；\n\nb. Edmiston开展了直接客户电子邮件营销活动，4 在其每月邮件更新中重点介绍LADY MAY号（发送给约10,000名客户及其他可能感兴趣的人士）；\n\nc. Edmiston使用广泛的数字广告，在其网站及社交媒体账户上营销LADY MAY号，包括Instagram（照片墙）、Facebook（脸书）、LinkedIn（领英）和YouTube（优兔）；5\n\nd. 在LADY MAY号被移入Rhode Island州Newport的FTZ后不久，Edmiston就在其网站和社交媒体上发布了有关LADY MAY号的进一步公告。\n\n8. 为将LADY MAY号与Edmiston的行业经纪人网络联系起来，\n\nEdmiston（埃德米斯顿）通过电子邮件发送了针对新游艇挂牌、销售更新、地点更新、降价及游艇活动的单艇和多艇宣传邮件。此外，自受聘以来，Lady May（五月夫人号）已在埃德米斯顿的三次商业电子邮件推广中亮相，每次均发送给游艇行业约1,850名经纪人。此外，2023年5月3日，五月夫人号亦被列载于Yatco.com和Yachtworld.com，这两个网站是集中游艇行业经纪信息的在线企业对企业（B2B）搜索平台，类似于房地产销售中的MLS\n\n4 每月宣传邮件包含五月夫人号的照片、详细说明及挂牌价格。\n\n5 与竞争对手相比，Edmiston.com（埃德米斯顿网站）在搜索引擎中的排名较高，是推广五月夫人号的有效工具，其每月网站流量平均为30,000人次。\n\n（多重挂牌服务）。此外，五月夫人号还在Boatinternational.com和Superyachttimes.com的经纪挂牌页面上亮相，并刊载于《Boat International US》两期纸质出版物中。\n\n9. 埃德米斯顿还是London Heliport（伦敦直升机场）的冠名赞助商，并利用该平台通过在伦敦直升机场各处投放埃德米斯顿品牌宣传材料（即埃德米斯顿的品牌营销材料）来宣传五月夫人号。同样，五月夫人号亦在东汉普顿和Cabo St. Lucas（卡波圣卢卡斯）的私人航空航站楼内投放的埃德米斯顿品牌宣传材料中亮相。埃德米斯顿还与欧洲领先的私人飞机机场Farnborough（范堡罗机场）合作，为经过该机场的宾客提供完全沉浸式体验，并利用该平台进一步宣传五月夫人号。\n\n10. 除上述一切之外，我还联系了众多其他游艇经纪人，并接到了他们以及潜在买方关于五月夫人号的来电。\n\n竞标程序\n\n11. 自营销程序开始以来，五月夫人号一直受到广泛关注，但价格未达到受托人认为可接受的水平。少数潜在买方要求参观（且已参观）五月夫人号，而数名经纪人代表潜在买方参观了五月夫人号。截至2023年5月20日，五名潜在买方（“首轮竞标人”）已向埃德米斯顿提交五月夫人号的正式报价，拟议购买价格介于$18 million至$20 million之间。针对上述每一报价，埃德米斯顿告知首轮竞标人，受托人决定以$23 million提出反报价。针对受托人的反报价，一名首轮竞标人将其出价提高至$20 million，而其他首轮竞标人未提高其报价。\n\n12. 在收到这些初始出价以及竞标人拒绝进一步回应受托人的反报价后，我向受托人建议，（鉴于现有报价）延长营销程序可能会导致部分竞标人失去兴趣，因此，受托人应设定截止时间为2023年5月30日星期二下午5:00（ET），供有意向方提交其最佳且最终出价。\n\n13. 2023年5月24日，埃德米斯顿向五名首轮竞标人以及其他曾表示有意购买五月夫人号的各方发送电子邮件，告知其提交最佳且最终出价的截止时间设定为2023年5月30日星期二下午5:00（ET）。该截止时间旨在维持首轮竞标人及其他有意向方的最大兴趣。该电子邮件还告知有意竞标人：(a) 鉴于受托人已收到数名潜在买方就五月夫人号提出的报价，埃德米斯顿邀请所有有意向方在2023年5月30日竞标截止日期前提交其最佳且最终报价；以及(b) 任何该等出价均须符合下列要求：\n\n· 仅购买价格超过$20,000,000的出价会由受托人予以考虑；\n\n· 报价必须以受托人的购买协议表格为基础（该表格已于5月25日星期四提供给有意向方）；\n\n· 如潜在买方拟修改购买协议表格，则应将对协议的修订标注作为出价的一部分提交（并告知各方，该等修改如有，将在确定最高和／或最佳报价时予以评估）；\n\n· 中标出价必须规定支付购买价格20%的定金，该定金必须在该出价被选为中标出价后48小时内收到；\n\n· 如中标竞标人未能依照购买协议条款完成五月夫人号的购买交割，则该20%的定金将被没收（但如勘验发现影响五月夫人号或其机械设备或系统运行完整性的缺陷，或使五月夫人号不适航，则不影响拒绝接受五月夫人号的权利）；\n\n· 购买协议必须于2023年6月9日前签署；\n\n· 必须于2023年6月28日前接受或拒绝五月夫人号（以勘验结果为依据）；\n\n· 如中标竞标人未能以购买协议所载价格完成购买交割，受托人可自行选择按成本价向买方购买勘验报告；\n\n· 交割将于切实可行的最早时间、且不迟于2023年7月20日进行；\n\n· 所有出价均须经破产法院审查及批准；以及\n\n· 所有出价均须直接发送给受托人。\n\n14. 此外，同样在2023年5月24日，埃德米斯顿向超过1,857名其他游艇经纪人发送电子邮件，告知其提交最佳且最终出价的截止日期，以及该等出价须遵守若干条件，包括最低出价为$20 million。6 与发送给首轮竞标人的电子邮件一样，该电子邮件群发告知经纪人，鉴于截至当日收到多份报价，受托人设定2023年5月30日为提交最佳且最终出价的截止日期。此外，2023年5月27日，埃德米斯顿更新了Yatco.com上五月夫人号的挂牌信息，告知有意向方竞标截止日期及最低出价要求。\n\n15. 截至2023年5月30日下午5:00（ET），已收到潜在买方（“第二轮竞标人”）提交的五份正式出价（除初始出价外），其中包括美国居民及非美国居民。三份出价超过$20 million的最低标准，而两份出价低于该最低标准。在第二轮中，两名并非首轮竞标人的竞标人提交了出价。但并非所有参加首轮的竞标人均在2023年5月30日截止日期前提交进一步出价。例如，一名此前曾报价$20 million的首轮竞标人\n\n6 该电子邮件群发未列明全部条件，但告知收件人可联系我以获取进一步详情，包括报价条件。\n\n未就2023年5月20日的竞标截止日期提交任何出价，因为该竞标人不希望参与竞争性竞标程序。\n\n16. 在收到这些出价后，受托人与三名符合最低出价要求的竞标人分别进行了进一步讨论。由于提交最高出价的竞标人（该出价大幅低于$24 million）修改了购买协议表格，增加了受托人不可接受的条款（包括赋予买方基于海试结果绝对终止购买程序的权利，而海试将在十多天后才能进行），受托人要求该竞标人删除这些修改和／或进一步提高其出价。同时，受托人还通过埃德米斯顿联系第二高和第三高出价的竞标人，以探询其是否愿意提高出价。最终，该两名竞标人中的一名将其拟议购买价格提高至$24 million，从而成为最高出价人。由于该提高后的出价（即买方提交的出价）未对受托人的购买协议表格作出任何修改（除将交割日期提前至2023年6月30日或之前外），受托人选定买方为中标竞标人。为明确起见，尽管受邀这样做，其他两名竞标人均未进一步提高其出价。\n\n17. 我相信，买方的出价(a)是最高且最佳出价（包括因为买方不要求对受托人拟议的购买协议表格作出任何修改，除非销售交割于2023年6月30日前完成），(b)符合受托人的竞标条件，以及(c)是独立交易关系下竞标及谈判程序的产物。此外，根据我与买方的互动，我相信买方在整个竞标及谈判程序中均系善意行事。\n\n18. 最后，我相信，买方根据PSA提出的购买价格是五月夫人号可获得的最佳价格，而实施正式竞标程序和进行公开拍卖程序不会提高购买价格，反而会有失去买方的风险，并削弱迄今为止营销及销售程序的势头。因此，我相信，根据PSA推进该销售符合债务人财产的最佳利益。\n\n拍卖程序不会带来益处\n\n19. 我相信，鉴于拟出售财产的性质（即一艘豪华超级游艇）及潜在买方群体较小（即高净值人士），先行寻求批准正式竞标程序并进行公开拍卖不会带来任何额外益处。相反，进行拍卖很可能会阻碍潜在买方竞标和／或提出其最佳报价。潜在买方很可能不会参与一种使其面临支付过高价格风险的程序（如其在拍卖中被选为中标竞标人），并且即使其参与该程序，也很可能会降低其出价以反映该风险。事实上，两名首轮竞标人因不满受托人正在考虑的竞争程序而退出该程序。\n\n20. 此外，由于拍卖程序需要更多时间（包括寻求法院批准拍卖程序），许多首轮竞标人将不会继续参与该程序，而其他原本有意向的买方也很可能会因担心如最终未被选定为成功竞标人将浪费大量时间而不愿参与。尤其是因为其他豪华超级游艇可通过经纪人购买，而无需经过拍卖程序。\n\nCase 22-50073 Doc 1858 Filed 06/02/23 Entered 06/02/23 15:54:44 Page 68 of 68\n\n根据28 U.S.C. § 1746，本人声明，如有不实，愿受伪证罪处罚；上述内容真实且正确。\n\n日期：June 2, 2023\n\nDirk Johnson（德克·约翰逊）\n\n经纪人 Edmiston and Company Limited（埃德米斯顿有限公司）","key_entities":["Je","Kwok","Ho Wan Kwok","Despins","CIPA","Guo","Paul Hastings","Miles Guo"],"ecf_references":[],"word_count":23309,"status":"published","published_at":"2023-05-30 00:00:00","created_at":"2023-05-30","updated_at":"2026-08-23 22:16:28"}