{"id":"court_ctb_2375_0","court":"CTB","case_no":"22-50073","doc_number":2375,"sub_number":0,"doc_type":"ORDER","filed_date":"2023-11-22","title":"UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION | -------------------------------------------","summary_zh":"受托人申请授权并批准出售游艇的动议 —— Ho Wan Kwok 破产案（郭文贵 / Guo Wengui / Miles Guo），CTB 22-50073 ECF #2375（2023-11-22立案）。第 11 章受托人 Luc A. Despins 依据《破产法典》第 105 条和第 363 条提出动议，请求法院批准以「现状」按 375,000 美元的价格将游艇「Lady May II」无负担出售给买家 Patrick Cloppenburg，并请求批准从款项中向经纪商 Edmiston 支付 5% 的佣金（18,750 美元）。","summary_en":"Trustee's Motion to Authorize and Approve Sale of Vessel — In re Ho Wan Kwok (Miles Guo / Guo Wengui / 郭文贵), CTB 22-50073 ECF #2375 (filed 2023-11-22). Chapter 11 Trustee Luc A. Despins moved pursuant to 11 U.S.C. §§ 105 and 363 for entry of an order approving the sale of the vessel Lady May II free and clear of liens to Patrick Cloppenburg for $375,000 on an 'as is, where is' basis. The motion also requests authorization to pay a 5% brokerage commission of $18,750 to Edmiston and Company Limited.","body_en":"## **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 II 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 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 May II2 to Patrick Cloppenburg (the \"Buyer\") free and clear of all liens, claims, interests, and encumbrances pursuant to that certain purchase and sale agreement, dated November 22, 2023, by and among the Buyer and the Trustee, attached hereto as **Exhibit B** (together with the related addenda, 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. By this Motion, the Trustee seeks approval of the sale of the Lady May II for a purchase price of \\$375,000 on an *\"as is, where is\"* basis, pursuant to the terms of the PSA. The PSA represents the highest and best bid obtained after an extensive marketing campaign conducted by the Trustee's broker, Edmiston and Company Limited (\"Edmiston\"), followed by a competitive bidding process.3 The Trustee submits that the Sale of the Lady May II 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 II following its retention in late April 2023. These marketing efforts were initially focused on residents outside of the United States and, following the Lady May II being formally imported into the United States on July 30, 2023, Edmiston expanded its efforts to also include U.S. residents. Consistent with best industry practices for marketing a vessels\n\n2 For purposes of the Sale under the PSA, the term \"Lady May II\" 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 II and/or included on the Lady May II's listing specification as of the date of the PSA (*i.e.*, November 22, 2023).\n\n3 Subject to approval of this Court, Edmiston's 5% sales commission (*i.e.*, \\$18,750) would be funded out of the purchase price.\n\nsuch as the Lady May II, Edmiston has actively canvassed the market for potential buyers, both within its own network of potential buyers and through numerous other brokers in the industry, as well as advertised the Lady May II both online and in print. Furthermore, the Lady May II was displayed during the Newport boat show, which took place from Thursday, September 14, 2023, through Sunday, September 17, 2023.\n\n3. Unfortunately, during the marketing process, it became apparent that the list price of \\$950,000 was simply not obtainable. Initially, six parties expressed an interest in the Lady May II, such that the Trustee decided, after consultation with Edmiston, to set a deadline of October 4, 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 \\$550,000 million, (b) bids must be based on the Trustee's form of purchase agreement, (c) the winning bid must provide a 25% 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 October 9, 2023, and (e) while the purchaser may conduct a survey, the purchaser would only be able to reject the Lady May II if the surveyor certifies that survey revealed a defect affecting the operational integrity of the Lady May II or her machinery or her systems or renders the Lady May II unseaworthy. The Trustee also advised bidders that all bids would be subject to review and approval of this Court.\n\n4. As of the October 4, 2023 bid deadline, the Trustee received no qualified bids and, in fact, the Trustee received only one bid, with a proposed purchase price (\\$150,000) far below the minimum bid. Nevertheless, following receipt of these bids, the Trustee engaged in further negotiations with parties that had expressed an interest in the Lady May II. As a result of\n\nthese negotiations, the Trustee was able to secure a bid from the Buyer for a purchase price of \\$375,000, which bid the Trustee accepted, subject to Court approval of the PSA.\n\n5. 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, given that (a) the Court previously approved the sale of the Lady May (which was the subject of a nearly identical sale process), (b) the Lady May II has been the subject of significant marketing, and (c) the PSA reflects a substantial improvement in the purchase price over the sole bid received by the October 4, 2023 bid deadline, the Trustee believes that formal bidding procedures and/or a public auction would not result in higher bids. Indeed, 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. In any event, there 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\n6. 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 II and, thus, no formal valuation is necessary.4\n\n4 In the interest of full disclosure, the Trustee notes that, as part of importing the Lady May II into the United States in July 2023, the Trustee obtained an appraisal of the Lady May II indicating an estimated appraised value of \\$480,000.\n\n7. 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, however, the Buyer has further agreed to accept the Trustee's request that the Lady May II be sold on an *\"as is, where is\"* basis, *i.e.*, the estate is not giving any warranty, either expressed or implied, and makes no representation as to the condition of the Lady May II, its fitness for any particular purpose or merchantability, all of which are disclaimed. In other words, *the sale is not subject to the completion or a survey or other inspection*.\n\n8. Furthermore, given the impending winter season and the need to winterize the Lady May II, Buyer has agreed that the Trustee may, prior to Closing, proceed with winterizing the Lady May II and placing it into winter storage at the Newport shipyard, with the Buyer agreeing to pay the Trustee, at closing, (a) the pro-rated portion of the post-Closing winter storage costs (*i.e.*, from the date of Closing until April 15, 2023)5 and (b) the cost of winterizing the Lady May II (subject to a \\$3,000 cap).6\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 II, 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\n5 The storage cost for the full winter season (which runs from November 15, 2023 through April 15, 2023, *i.e.*, 152 days) is \\$16,653.00, which must be paid to the Newport shipyard upfront. As an example, if the sale were to close on December 20, 2023, then the Buyer's pro-rated share of such costs would be \\$12,818.43 (*i.e.*, \\$16,653.00 *times* 117 remaining days *divided by* 152 days).\n\n6 The Trustee is informed that it will cost approximately \\$3,000 to winterize the Lady May II.\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 II 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. Lady May and Lady May II**\n\n18. On March 27, 2023, the Court entered an order [Docket No. 172 in Adv. Proc. No. 22-5003] (the \"Lady May I Order\") finding, among other things, that the Lady May is the property of the Debtor's estate. 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 (the \"Lady May II Order,\" and together with the Lady May I Order, the \"Lady May Order\"). 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. Additional background regarding the Lady May can be found in the Trustee's Motion regarding the Sale of the Lady May [Docket No. 1858] and is incorporated herein by reference.\n\n19. On June 27, 2023, the Court entered an order approving the sale of the Lady May to Herb Chambers Yachting, LLC (the \"Lady May I Sales Order\") for a purchase price of \\$23,150,000.00. On June 30, 2023, the sale of the Lady May closed.\n\n20. The Lady May II is currently located at the Safe Harbor shipyard in Newport, Rhode Island. Unlike the Lady May, the Lady May II was not placed in the foreign trade zone, but instead was formally imported into the United States on July 30, 2023, so that it could be marketed to U.S. residents (in addition to non-U.S. residents).\n\n#### **C. Marketing of Lady May II**\n\n21. As set forth in detail in the Johnson Declaration, Edmiston has been engaged in an extensive marketing campaign to sell the Lady May II to the highest bidder. Edmiston has canvassed for potential buyers, both within its own network of potential buyers as well as\n\nthroughout the industry, as well as advertised the Lady May II both online and in print. These marketing efforts were focused on residents both inside and outside of the United States.\n\n- 22. Among other things, as part of its marketing efforts:\n- (1) Edmiston created an electronic brochure of the Lady May II, 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 II in its monthly mailer update (distributed to approximately 10,000 clients and other potentially interested parties); and\n- (3) Edmiston used extensive digital advertising to market the Lady May II on its website and social media accounts, including Instagram, Facebook, LinkedIn and YouTube,\n- 23. Edmiston also connected the Lady May II with its network of industry brokers\n\nthrough single and multi-yacht mailers and listed the Lady May II on multiple brokerage listing pages and business-to-business search facilities, which centralize broker information for the yacht industry. Further, the Lady May II was displayed, in a premium slip (to increase visibility) at the Newport International Boat Show—one of the most prominent boat shows in the United States—which took place over four days from Thursday, September 14, 2023 through Sunday, September 17, 2023. Edmiston also invited the buyer of the Lady May to see Lady May II (including arranging for a sea trial) in hope he would purchase the tender and rejoin the Lady May II to the Lady May (now called the Excellence V), but he declined to purchase the Lady May II.\n\n#### **COMPETITIVE BIDDING PROCESS**\n\n24. As set forth in the Johnson Declaration, there was, unfortunately, not a significant interest in the Lady May II. Still, by mid-September 2023, six parties informally expressed interest in the Lady May II. In order to stimulate a competitive bidding process, the Trustee\n\ndecided to pursue the same bidding process as had been employed for the sale of the Lady May. In particular, the Trustee (through Edmiston) advised the interested parties (and other parties) that the deadline to submit best and final bids was of Wednesday, October 4, 2023, at 5:00 p.m. (ET). This deadline was chosen to maintain maximum momentum with the interested parties. Commencing on September 26, 2023, Edmiston sent emails to these six interested parties and other parties, advising them of the October 4, 2023 bid deadline. In that email, interested bidders were also advised that (a) due to the fact that the Trustee had received offers for the Lady May II from several potential buyers, Edmiston was inviting all interested parties to present their best and final offer prior to the October 4, 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 \\$550,000 would be considered by the Trustee;\n- Offers must be based on the Trustee's form of purchase agreement;\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 25% 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 25% deposit would be forfeited if the winning bidder fails to close on purchase of Lady May II in accordance with terms of purchase agreement (subject to the right to reject the Lady May II if the survey reveals a defect affecting the operational integrity of the Lady May II or her machinery or her systems or renders the Lady May II unseaworthy);\n- The purchase agreement must be executed by October 9, 2023;\n- The Lady May II must be accepted or rejected (based on results of survey) by October 18, 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;7\n- Closing would take place as soon as practical on or before November 17, 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\n25. In addition, also on September 28, 2023, Edmiston circulated emails to more than\n\n1,875 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 \\$550,000. As with the email to the interested parties, the email distribution advised the brokers that the Trustee was setting October 4, 2023 as the deadline to submit best and final bids due to multiple offers received to date. Furthermore, Edmiston also updated the Yatco.com and Yachtworld.com listings for the Lady May II to advise interested parties of the bid deadline and the minimum bid requirement.\n\n26. As of 5:00 p.m. (ET) on October 4, 2023, only one (1) formal bid was received from prospective buyers. That bid was not a qualified bid, as the proposed purchase prices (\\$150,000) was well below the minimum bid requirement. Following receipt of this bid, the Trustee engaged in further discussions with parties who had previously expressed an interest in the Lady May II. During these discussions, the Buyer indicated that he would be interested in purchasing the Lady May II for \\$350,000. Ultimately, after further negotiations, the Buyer\n\n7 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\nagreed to increase the purchase price for the Lady May II to \\$375,000 million and, moreover,\n\nagreed to purchase the Lady May II on an \"as is, where is\" basis.\n\n## **SUMMARY OF MATERIAL TERMS OF PSA**\n\n27. The chart below sets forth the materials terms of the PSA8 between the Trustee\n\nand the Buyer for the Lady May II.\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. |\n| | Buyer: Patrick Cloppenburg |\n| Purchase Price | \\$375,000 |\n| Property to Be Sold
(PSA §1) | The Lady May II and all gear, machinery, equipment, furniture, fuel,
consumables, and all registered or unregistered tenders, toys, articles and
appurtenances on board the Lady May II and/or included on the Lady May
II's listing specification as of the date of the PSA (i.e., November 22, 2023). |\n| Deposit
(PSA §2) | On November 27, 2023, the Trustee received the amount of \\$93,750 (25%
of the Purchase Price), as a deposit toward the Purchase Price to be held in
escrow subject to the terms of the PSA.9 |\n| Acceptance of Lady May II
(PSA §3) | Buyer agrees to purchase the Vessel on an \"as is, where is\" basis, i.e.,
neither Seller nor the Brokers give any warranty, either expressed or
implied, and make no representation as to the condition of the Vessel, its
fitness for any particular purpose or merchantability, all of which are
disclaimed. For the avoidance of doubt, Buyer may not reject the Vessel for
any reason, and by signing this PSA, Buyer agrees to accept the Vessel on
an \"as is, where is\" basis. |\n| Closing
(PSA §4) | The transfer of the Lady May II's ownership (the \"Closing\") will occur on
or before December 31, 2023 (the \"Closing Date\").
At Closing, the Buyer will pay the balance of the Purchase Price (i.e.,
\\$281,250) 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 |\n| | (which are subject to approval of this Court). |\n| Sellers Representations/
Requirements for Closing | The Trustee represents and warrants that it will transfer to the Buyer good
and marketable title to the Lady May II, free and clear of all debts, claims, |\n| | |\n\n8 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\n9 As of the filing of this motion (and due to the Thanksgiving Holiday weekend), the funds have not yet been received by the Trustee.\n\n| (PSA §6) | maritime or common law liens, security interests, encumbrances, excise
taxes, and other applicable taxes, customs' duties, or tariffs due to any state,
country, regulatory and/or taxing authority of any kind whatsoever
(collectively the \"Encumbrances\").
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 II (and which order shall provide the
Lady May II 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|--------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Risk of Loss
(PSA §7) | The Trustee will bear the risk of loss of or damage to the Lady May II prior
to Closing.
If the Lady May II 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 II 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 II as repaired and
(b) the Closing Date will be extended by the length of the repair period. If
the Lady May II 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 II. |\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.10
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. |\n\n10 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 \\$5,500 out of the Deposit, which amount will count against, and reduce, any commission that the Listing Broker may earn (in accordance with its engagement letter with the Trustee) if a sale of the Lady May II is consummated with a different buyer.\n\n| | 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 II 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 provide the complete survey to the
Trustee immediately upon payment of the cost of such survey. |\n|--------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Sales and Use Taxes
(PSA §9) | Sales or use taxes payable on the Buyer's purchase of the Lady May II, 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| Financing
(PSA §11) | The Buyer's obligations are not contingent upon Buyer's obtaining
financing. The Buyer represents that it will arrange 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
(PSA §16) | In the event any dispute between the parties hereto arising out of the subject
matter of the PSA, the prevailing party (including the Brokers) will be
reimbursed for their reasonable expenses, 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| Bankruptcy Court Approval
(First Addendum §2) | The PSA and all terms in the PSA are subject to approval of this Court. |\n| Exclusive Bankruptcy Court
Jurisdiction
(First 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| Winterization and Storage of
Lady May II (Second Addendum
§§ 2, 3) | Buyer agrees that the Trustee may, prior to Closing, winterize the Lady May
II and place the Lady May II into winter storage at Safe Harbor Newport
Shipyard in Newport Rhode Island. |\n| | Furthermore, Buyer agrees to pay the Trustee, at Closing, (a) the pro-rated
portion of storage costs for the remainder of the winter storage at the
Newport Shipyard (i.e., from the Closing Date to April 15, 2024) and (b) the
cost of winterizing the Lady May II (subject to a \\$3,000 cap for such cost of
winterizing). For the avoidance of doubt, the Trustee will not be responsible
for any post-Closing costs of transferring or relocating the Lady May II after
it has been placed into winter storage at the Newport Shipyard. |\n\n## **COMPLIANCE WITH LOCAL RULE 6004-2(c)**\n\n#### 28. In accordance with Local Rule 6004-2(c), the Trustee further states:\n\n| Local Rule 6004-2 Disclosure | Terms of Sale |\n|--------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|\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). |\n| | Nor has the Trustee agreed not to solicit competing offers for the Lady May
II or otherwise limit shopping of the Lady May II. Indeed, the Trustee will
consider any offers made at any prior to or at the hearing on the Sale
Motion. Moreover, in 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 II during the marketing process. |\n| Closing Deadline
(Local Rule 6004-2(c)(5)) | The closing of the Sale will take place on or before December 31, 2023. |\n| Good Faith Deposit
(Local Rule 6004-2(c)(6)) | The Buyer has made a good faith deposit of 25% 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. |\n| | To the extent there are any liens on the Lady May II, such liens will attach to
the proceeds.11 |\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. |\n| | As noted above, sales or use taxes payable on the Buyer's purchase of the
Lady May II, if applicable, are the Buyer's responsibility, and the Buyer
shall pay the taxes due (if any) to the Trustee at Closing. |\n| | |\n\n11 The Trustee is not aware of any liens on the Lady May II.\n\n| Record Retention
(Local Rule 6004-2(c)(10)) | Not applicable. |\n|-----------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|\n| Sale of Avoidance Actions
(Local Rule 6004-2(c)(11)) | The Trustee is not seeking to sell any avoidance actions. |\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| 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\n29. By this Motion, the Trustee seeks entry of the Proposed Order,12 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, (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\n30. Section 363(b) of the Bankruptcy Code authorizes a trustee to sell assets other\n\nthan in the ordinary course of its business after notice and hearing. *See* 11 U.S.C. § 363(b).\n\n 12 The Proposed Sale Order is substantially in the same form as the order approving the sale of the Lady May.\n\nAdditionally, 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\n31. 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 1063, 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. E.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\n32. 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\n\nauction], which does not appear in the Bankruptcy Code or Bankruptcy Rules.\") (internal citations and quotations omitted).13\n\n33. 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\n34. As detailed in this Motion, there is a strong business justification for the Sale of the Lady May II 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. To the contrary, conducting an auction would likely have discouraged the 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. Moreover, despite the extensive marketing to date, there is only one\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\npotential buyer at this time (*i.e.*, the Buyer), thus calling into question the utility of conducting an auction.\n\n35. 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 II. While winter storage costs (approximately \\$3,000 per month) is obviously less than the monthly dockage fee during the summer months (approximately \\$11,000 per month), these costs are substantial. Moreover, if the Lady May II is not sold now, it is highly uncertain whether it could be sold before the spring of 2024, at which time the Lady May II would have to be returned to the water (and higher dockage fees would have to be incurred again), in order to market it to other interested parties. In addition, once returned to the water, the Trustee would have to re-hire a part time captain, at a cost of \\$2,000 to \\$3,000 per month. To be clear, the Trustee is not suggesting that these costs justify selling the Lady May II below fair market value; however, the substantial cost of maintaining and storing the Lady May II 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\n36. Furthermore, 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 II. As part of that process, the Trustee also utilized a seasoned broker (*i.e.*, Edmiston). 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 II, and, if superior bids are received before the hearing this Motion, the Trustee understands that he is duty-bound to consider such bids.\n\n37. 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), except that the Buyer has agreed to purchase the Lady May II on an \"as is, where is\" basis. In other words, the Buyer does not have the ability to reject the Lady May II (whether as a result of a sea trial, inspection, or otherwise), thereby eliminating any risk on the part of the Trustee that the Buyer would reject the Lady May II after inspection.\n\n38. For the reasons stated above, the Trustee submits that the Sale of the Lady May II 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 II Free and Clear of Liens, Claims, Interests, and Encumbrances Should Be Authorized Pursuant to Section 363(f) of the Bankruptcy Code**\n\n39. 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- (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\n11 U.S.C. § 363(f). Because section 363(f) of the Bankruptcy Code is drafted in the disjunctive,\n\nsatisfaction of any one of the five requirements will suffice to permit the sale of the Lady May II\n\n\"free and clear\" of liens and interests. *See In re Dundee Equity Corp*., 1992 WL 53743 at \\*4\n\n(Bankr. S.D.N.Y. Mar. 6, 1992) (\"[S]ections 363(f) is in the disjunctive, such that the sale of the\n\ninterest concerned may occur if any one of the conditions of Section 363(f) have been met\").\n\n40. The Trustee is not aware of any liens or other encumbrances with respect to the Lady May II.14 However, to the extent there are any liens, claims, interests, or encumbrances against the Lady May II, 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\n41. 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 and 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\n14 The Trustee previously conducted a UCC search with respect to HK USA and, moreover, is in the process of conducting a search for maritime liens (with the Cayman Island registry). If any such liens are identified, the Trustee will also serve a copy of this Motion and the related sale notice upon the holders of any such liens.\n\n42. For all these reasons, the Trustee requests that the Court authorize the Trustee to\n\nsell the Lady May II free and clear of any liens, claims, interests, and encumbrances.\n\n## **C. Sale of Lady May II Should Be Subject to Protections of Section 363(m) of the Bankruptcy Code**\n\n43. 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\n44. 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 the Bankruptcy Code \"fosters the 'policy of not only affording finality to the judgment of the bankruptcy court, but particularly to give finality to those orders and judgments upon which third parties rely.'\" *In re Chateaugay Corp*., 1993 U.S. Dist. Lexis 6130, \\*9 (S.D.N.Y. 1993) (quoting *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\n45. 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. 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\n46. 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 II, 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 \\$18,750 to Edmiston upon the Closing of the Sale.\n\n47. 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 the 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,\n\nas 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\n48. 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 \\$5,500 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 II 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 II to another interested buyer, for a purchase price that would result in a commission to Edmiston well in excess of \\$5,500—and, accordingly, there would be no net loss to the estate.\n\n#### **WAIVER OF STAY UNDER BANKRUPTCY RULE 6004(h)**\n\n49. 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\n50. As noted, it is a condition to the proposed Sale to the Buyer that the Closing occur on or before December 31, 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 II, in which case the Trustee would\n\nlose the highest bid on the Lady May II, 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\n51. 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 II 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\n52. 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 II, (vi) all parties who have requested notice in the Debtor's case pursuant to Bankruptcy Rule 2002, and (vii) the creditor matrix.\n\n53. 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 notice (appended to this Motion), as soon as the Court has scheduled a hearing and objection deadline with respect to the Motion.15\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 date to be scheduled by the Court on the Motion and\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: November 27, 2023 New York, New York\n\n#### By: */s/ G. Alexander Bongartz*\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\nthe deadline to object to the Motion. By separate motion, the Trustee requests that the hearing on the Motion be schedule for the week of December 18, 2023, and the objection deadline be set for December 15, 2023.\n\nCase 22-50073 Doc 2375 Filed 11/27/23 Entered 11/27/23 14:48:34 Page 26 of 62\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# **[PROPOSED] 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 II 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 May II3 to Patrick Cloppenburg (the \"Buyer\") free and clear of all liens, claims, interests and encumbrances pursuant to that certain purchase and sale agreement, dated November 22, 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 on \\_\\_\\_\\_\\_, 2023 (the \"Hearing\"), during which the Trustee's Exhibits and the testimony of Mr. Johnson and the Trustee were admitted into evidence in support of the Sale; 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\n3 For purposes of the sale under the PSA, the term \"Lady May II\" 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 II and/or included on the Lady May II's listing specification as of the date of the PSA (*i.e.*, November 22, 2023).\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.\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 9014 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-ininterest; (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\n\naction 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 facts 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; (ii) the Sale on the terms set forth in the PSA presents an orderly and expeditious sale of the Lady May II and the best opportunity to maximize the value of the Lady May II; 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 II; and (iv) the process conducted by the Trustee obtained the highest and best value for the Lady May II 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 II 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\n\nthe United States, any state, territory or possession or the District of Columbia. Such consideration constitutes the highest and best bid for the Lady May II. No other person or entity or group of persons or entities has offered to purchase the Lady May II 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 II.\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 II 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\n\nbeen 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 II 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 II are adequately protected by having their liens, claims, interests, or encumbrances in the Lady May II 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 II 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\n\nMay II 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 II to the Buyer will be a legal, valid, and effective transfer of the Lady May II, and will vest the Buyer with any legal, equitable and beneficial right, title, and interest of the Debtor in and to the Lady May II, 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 II.\n\n#### **Waiver of Bankruptcy Rules 6004(h)**\n\nQ. The sale of the Lady May II must be approved and consummated promptly. The Trustee and the Buyer intend to close the Sale on or before December 31, 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 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 II 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 II in accordance with the terms of the PSA and this Order. The transfer of the Lady May II 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 II; and (c) be free and clear of all liens, claims, interests, and encumbrances against the Lady May II, 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 Trustee and the Debtor's estate of all right, title, and interest in and to the Lady May II.\n\n6. The consideration provided by the Buyer for the Lady May II 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 II 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\n\nmay be reasonably necessary or desirable to implement this Order, and the PSA, and (c) perform the 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 II by the Trustee to the Buyer shall constitute a legal, valid and effective transfer of the Lady May II, notwithstanding any requirement for approval or consent by any person, and vest the Buyer with all rights, title, and interests in the Lady May II, subject to the terms of the PSA.\n\n9. All liens, claims, interests, and/or encumbrances in, on, or against the Lady May II 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 II, subject to any claims and defenses the Trustee or the Debtor's estate may possess with respect thereto; *provided*, *however*, that such provision shall not preclude the Trustee's use of such proceeds, provided further that such use to pay the Trustee's professionals shall be subject to adjustment and/or disgorgement (other than Edmiston) in the event a final and no longer appealable order enters determining that the Lady May II and/or its proceeds are property of HK USA, in which case HK USA shall be entitled to receive payment from the proceeds and/or the Debtor's estate to the extent of such finally determined interest; such adjustment and/or disgorgement shall only be ordered by this Court in the event and to the extent the Debtor's estate lacks the ability to independently satisfy the HK USA's liens, claims, interests and/or encumbrances, if any, from the proceeds of the Sale or other assets of the Debtor's estate. The Trustee acknowledges and agrees that the Sale authorized by this Order shall not equitably moot the appeal from this Court's Order Granting Partial Summary Judgement in *HK International Funds Investments (USA) Limited, LLC v. Luc A. Despins, Trustee*, Adv. Proc. No. 22-05003 (JAM). Notwithstanding anything in this Order,\n\nnothing herein shall preclude the Trustee's right to object to the standing of HK USA and Mei Guo to be heard in the Debtor's chapter 11 case. 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 II have been unconditionally released, discharged, and terminated. The provisions of this Order authorizing and approving the transfer of the Lady May II 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 II to the Buyer, (b) with the ability of the Buyer to acquire, take possession of, use and operate the Lady May II 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 thereunder; 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 Buyer 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\n\nstayed 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 provisions 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 II, 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\n\nplan 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 II. 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 II 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 II. All persons and entities described in this paragraph are authorized and specifically directed to strike all such recorded liens, claims, interests, and encumbrances against the Lady May II 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 II, 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\n\nlikewise 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.*, \\$18,750 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 \\$5,500 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 II 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 effective 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 November 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 II 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. A closing statement shall be filed on the Court's docket within 10 days of closing of the Sale.\n\n24. To the extent that there is a conflict between the provisions of this Order and the PSA, this Order shall prevail.\n\n25. 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 amendments thereto, any waivers and consents thereunder, and of each of the agreements executed in connection therewith).\n\nCase 22-50073 Doc 2375 Filed 11/27/23 Entered 11/27/23 14:48:34 Page 41 of 62\n\n## **EXHIBIT B**\n\n**PSA**\n\n\n\n## PURCHASE AND SALE AGREEMENT FOR BROKERAGE VESSEL\n\n| BUYER: Patrick Cloppenburg | SELLER: Luc A. Despins, as chapter 11 trustee for the estate of Ho Wan Kwok | |\n|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|--|\n| Address: Address: Address:
UNTERE ROOSTMATT 12 | Address: c/o Paul Hastings LLP, 200 Park Avenue | |\n| Appliering S. B. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J. J
6300 200, SWG, SWITZERVAND | New York, New York 10166 | |\n| Nationality: Canada | Nationality: U.S. | |\n| VESSEL NAME: Lady May II | MANUFACTURER: Windy Scaninavia AB | |\n| Model: motor vacht | Length Overall: 14.95 m | |\n| Year: 2013 | Doc or Reg No .: 746230
Flag: Cayman Is. | |\n| Hull No .: | Engine Description: Internal combustion (Volvo) | |\n| Selling Broker: | Listing Broker: Edmiston & Company Limited | |\n| IMPORTANT DATES | PURCHASE PRICE | |\n| Offer Date: | Purchase Price: 375,000.00 \\$ | |\n| Offer Expiration Date: | Less Deposit: [25% of Purchase Price] | |\n| Accept/Reject Date: | Less Trade Allowance (see Addendum): Not applicable | |\n| Closing Date: 31.12.2023 | Balance: | |\n\nDelivery Location: Newport, Rhode Island\n\nNOTE: If Vessel is to be noved to the Delivery Location must be specified with precision. The mere listing of a port or city is Insufficient.\n\n#### ADDITIONAL REGISTERED VESSELS INCLUDED \\_\\_ 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 terms and conditions set forth in this Purchase and Sale Agreement (\"PSA\"). Capitalized terms used in this PSA refer to the corresponding terms in the table above unless otherwise defined herein. The \"Effective Date\" of 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 unregistered tenders, toys, aticles and appurtenances on board the Vessel and/or included on the Vessel's listing specification as of this Agreement, except for items listed on the Exclusions List provided by the Seller 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 deemed to have accepted the Exclusion List if the Broker and Selling Broker shall be refered to herein as the \"Brokers\" if there is a Trade Allowance, the conditions of the trade-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 party on or before the Offer Expiration Date, this PSA will be ineffective.\n\n2. Deposit. Within \\_\\_\\_\\_\\_\\_ business days if left blank) following Seller's signature of this PSA, Buyer shall pay the Deposit to the Selling Broker's account, as acknowledged below, as a deposit toward the Purchase Price to the terms of this PSA. Seller may refuse to permit Buyer to proceed with the trial run, survey and other inspections of the Vessel until the Deposit has cleared 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 trial run and survey of the Vessel though Buyer may elect not to Vessel inspected: (a) Buyer will select the surveyor, (b) the surveyor, and not 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 moke the Vessel ovailable and Buyer shall complete the trial run and survey as soon as practicable, (d) Seller shall pay all runing expenses for, and assume the risks associated with, the trial pay all costs of the survey, including associated costs, e.g., haul-out, dry dock, and subcontractors' charges, (e) Buyer and its solely responsible for determining the scope of the survey and the trial run to assess the Vessel's conformity with Buyer shall deliver written notice of rejection or acceptarce of the Vessel to Seller or the Listing Broker on or before the Accept/Reject Date. Whether or not Buyer will be deemed to have rejected the Vessel if it fails to give timely written notice of its acceptance. Upon Buyer's acceptance of the Vessel, Seller will not make any use of the Vessel pending (dofined in Paragraph 4) except to move the Vessel to the Delivery Location. f Byyer\n\nBuyer's Initials: \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\n\nRev.3.10.20\n\nThis form was prepared for the exclusive use and be I BA. The porties ond Brokes hereby release the ! BA from any lability for damages resulting from or eloted to its use. The I'R& expessy disclaims and all warenties, including merchartability and fitness for o particular purpose, related to the use of this form.\n\n@2020 International Yacht Brokers Association. All rights reserved.\n\nrejects or is deemed to reject the Vessel, after all expenses incurred on Buyer's behalf have been paid, (i) the Selling Broker shall return the Deposit to Buyer, (i) this PSA will terminate, and (ii) 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\n4. Closing. The transfer of Vessel's ownership (\"Closing Date at the Delivery Location 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 titleto Buyer. If the Vessel must move to the Delivery Location, Seller should not deliver Vessel to the Closing Location unless funds have been paid in full or are being held subject to an escrow conditioned only upon delivery of the Velivery Location and release of title documents to the Buyer. Closing may be facilitated by overnight courier or electronic means. Seller shall deliver the Vessel (ss 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 title to the Vessel (and all other items hereby required to be delivered) to Buyer shall pay the Balance to Seller (subject to Paragraph 6) and/or to the Selling Broker for onward transfer to Seller by wire transfer. Any funds Seller owes to (i) the Brokers for the commission, storage, insurace, repairs 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 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 the Broker shall not, without Seller's consent, disclose to Buyer that Seller is willing to sell the Vessel for an amount lessing price or, without Buyer's consent, disclose to Seller that Buyer is willing to pay a price greater than the offering price. If the Listing Broker are different, the Listing Broker will represent Seller only and owe no duties, fiduciary or otherwise, to Buyer, and the Selling Broker will represent Buyer only and owe no duties, fiduciary or otherwise, to Seller (though paid by Seller). The Brokers are obligated to perform only the duties expressly set forth herein and no implied duties 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, maritime or common law liens, security interests, encumbrances, excise taxes, and any other applicable taxes, customs' dutles, or tariffs due to any state, country, regulatory and/or taxing authority of any kind whatsoever (collectively, \"Encumbrances\"). 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 at closing), (c) a guaranty and indemnification 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 warranties in this Paragraph 6, and (e) copies of any other documents necessary for transfer of good and marketable title to Buyer. Seller shall pay and shall cooperate fully to obtain, any authorization for sale required from any governing authority. Any party which is a legal entity will provide to the other prior to Closing (i) proof that it is in good standing under the laws of the State or other jurisdiction under which the entity has been formed, (ii) a consent action or resolution demonstrating the entity's duly authorized decision to purchase or sell the Vessel as well as the authority of the individual delivering or accepting this PSA and/or purchase and sales documents,(iii) a power of attorney demonstrating the authority of the individual delivering or accepting the Vessel and (iv) as to Seller, its wire transfer information.\n\n7. Risk of Loss; Force Majeure. Seller will bear the risk of loss of or to Closing. If 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 (a) Seller must repair the damage prior to Closing in accordance with sound marine practices to 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, either party may terminate this PSA with the same consequences as if Buyer had rejected the Vessel. Either party s obligation to perform will be suspended to the extent required to accommodate unforeseeable events beyond that party's reasonable control (\"Force Mojeure Events\"), including, without limitation, acts of terrorism, strikes, lockouts, riots, acts of war, fire, communication line failures, computer viruses, power failures, accidents, tropical storms, hurricanes, or other natural disasters. If a Force Mojevre 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 Mgjeure Event delays the Closing Date for a period of at more than 30 days, either party may terminate this PSA with the same consequences as if Buyer had rejected the Vessel.\n\n8. Default. Notwithstanding anything herein to the contrary, if the Deposit is not paid when due or Closing is not consummated due to Buyer's non-performance, including, without limitation, failure to pay the Balance or execute all documents necessary for completion of the\n\nC2020 International Yacht Brokers Association. All rights reserved.\n\nRev. 3.10.20\n\npurchase by the Closing Date: (i) the Deposit shall be retained by (or if 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, (ii) the Selling Broker shall return to Buyer, and (ii) the parties will be relieved of all obligations under this PSA. 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 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 have been consummated. If the Closing is not consummated due to Seller's non-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. Seller agrees that specific 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 remedy. On Seller's default, Seller shall forthwith pay the Brokers the same commission otherwise payable had the transaction closed.\n\n9. Sales and Use Taxes. Sales 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 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 BELIEVE THAT ANY INFORMATION ANY OF THEM HAS PROVIDED ON THE VESSEL IS GOOD AND CORRECT 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 HAVE VOLUNTARILY WAIVED THESE RIGHTS) AND (B) IS NOT RELYING ON ANY ADVERTISEMENTS, PROMISES, DESCRIPTIONS, AFFIRMATIONS, OR REPRESENTATIONS (WHETHER ORAL OR WRITTEN, 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 IS\" CONDITION. SELLER AND THE BROKERS HAVE GIVEN NO WARRANTY, EITHER EXPRESSED OR IMPLIED, AND MAKE NO REPRESENTATION AS TO THE CONDITION OF THE VESSEL, ITS FITNESS FOR ANY PARTICULAR PURPOSE OR MERCHANTABILITY, ALL OF WHICH ARE DISCLAIMED.\n\n11. Financing. Buyer's obligations are not contining financing. Buyer represents that it will arrange financing, if necessary. Buyer and Seller acknowledge that the Brokers have made no representations or warranties with respect to Buyer's ability to obtain financing, Buyer's qualifications to obtain any type of mortgage on the Vessel, or Buyer's ability to document or register the Vessel in any jurisdiction.\n\n12. Counterparts. The parties may sign this PSA in any number of identical counterparts, each 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 parties, their heirs, personal representatives and/or asigns. Seller shall not sell the Vessel or enter into any contract for the Vessel while this PSA is in effect. If a sale is not consummated 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 entity under a party's owners after this PSA is terminated, Seller agrees to pay the Brokers an amount identical to the commission the Brokers would have 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 Deposit until the funds have cleared into the Selling Broker's account, (b) the Selling 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 party, (c) the Selling Broker may retain the Brokers prior to disbursement 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 uding 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, to have engaged in willful misconduct or acted with gross negligence.\n\n15. Additional Terms. See Addendum.\n\n16. Miscellaneous. This PSA, including its exhibits and schedules, is the entire ogreement between the parties pertaining to the subject matter hereof and supersedes all prior and contemporaneous negotiations, agreements, representations, warranties, and understandings pertaining thereto, be they in writing, or otherwise. If a Broker becomes a party to any litigation involving this PSA, the Broker shall be reimbursed for their costs and attorney's fees, at all pretrial, trial and appellate levels, by the party or parties found to have breached this PSA. 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 be entitled to recover reasonable expenses, attorney's fees and costs for all pretrial, trial and appellate proceedings. If any term, condition, or provision of this PSA is held to be unenforceable for any reason, it shall be interpreted to achieve the intent of this PSA to the extent possible rather than avoided. In any event, all other terms, conditions and provisions of this PSA shall be deemed valid and enforceable. There are no other duties, obligations, liablies, or warranties, implied or otherwise, except as set forth herein. This PSA may not be amended or modified, except in writing, signed by Buyer and Seller. Notice and delivery given by or to the 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, overnight courier, facsimile, email, or other electronic means, and shall be effective upon delivery retained. Buyer may assign this by\n\nBuver's Initials:\n\n©2020 International Yacht Brokers Association. All rights reserved.\n\nRev. 3.10.20\n\nSeller's Initials\n\nany member(s) of Buyer's immediate family or any entity owned or controlled by Buyer and/or any member(s) of his immediate family. Otherwise, neither party may assign this PSA without the other party's consent shall not be unreasonably withheld. No claim or right arising out of this PSA can be waived by one party, in whole or in part, unless in writing, nor shall any waver 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 located in the State of \\_\\_\\_\\_ (Florida, if left blank), (b) \\_\\_ by binding arbitration in the State of (Florida, if left blank), (c) by binding arbitration in London, England. If (a) or (b) is selected: (i) this Agreement will be governed by and interpreted according to the law of the State of \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_(Florida, if left blank) regardless of conflicts-oflaws and (i) the proceedings will be conducted in the county of the Selling Broker, or if the Selling Broker has no office in Florida, in \\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_\\_ the American Arbitration (\"AAA\") in force when the arbitration is commenced will apply unless the following . If the amount in controvery including counterclaims is not more than USD rules apply: \\_\\_ \\$1,000,000.00, the parties shall jointly select a single arbitrators maintained by the International Yacht Brokers Association (\"YBA\") within twenty (20) days of the giving of notice of arbitration. If the parties are unable to agree upon the arbitrator, the IYBA shall have the power to make the appointment of the anount in controversy is greater, the parties shall each appoint one arbitrator and the two arbitrators will jointly appoint a third arbitrator. If they cannot agree on the third a 14 days, either party may request that the IYBA appoint the third arbitrators maintained by the IYBA. The decision of the single arbitrator, or if a three abitrator panel, any two of them will be final and binding on the parties. An action may be brought in any court of competent jurisdiction to enforce any arbitral award or compel arbitration. If (c) is selected: (i) this Agreement will be governed by and interpreted in accordance with English law regardless of ts principles of conflicts-of-laws, (ii) the parties irrevocably agree that any dispute arising 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-enactment thereof save to the extent necessary to give effect to the provisions of this Paragraph, (iii) the arbitration shall be conducted in accordance with the rules of London Martime Arbitrators Association (\"LMAA\") current when the arbitration is commenced, (iv) if the amount in dispute (including counterclaims) is less than USD\\$100,000, its Small Claims Procedure will apply, while if ereater than or equal to USD\\$100,000 and less than USD\\$400,000, its Internediate Claims Procedure will apply. Whatever option is selected, the parties irrevocably submit to the exclusive jurisdiction of such court or arbitral forum, waive any objection they now have to venue or convenience of forum, agree that all daims relating to the proceeding will be decided only in such court or artitral forum and, further, not to bring any claim relating to this Agreement in any other or arbitral forum. The parties, having had the opportunity to seek legal counsel, waive trial by jury for claims arising under this Agreement, whether against each other or any Broker.\n\nBUYER. Patrick Cloppenburg Title: Date:\n\nSELLER: Print Ittle: Date:\n\n## SELLING BROKER DEPOSIT CONFIRMATION (Subject to clearance of funds)\n\n| Print: | |\n|--------|--|\n| | |\n| Title: | |\n\n| Amount: | |\n|---------|--|\n| Date: | |\n\nBuyer's Initial:\n\n©2020 International Yacht Brokers Association. All rights reserved.\n\nRev. 3.10.20\n\nThis form was prepared for the exclusive use and benefit of the PBA. The parties and Brokers hereby release the IYBA from any libility for damages resulting from or related to its use. The IPA expressly disclaims and of thess for o particular purpose, related to the use of this form.\n\n#### Addendum to Purchase and Sale Agreement for Brokerage Vessel, executed on November 22, 2023, Between (i) Luc A. Despins, as the Chapter 11 Trustee for the Estate of Ho Wan Kwok and (ii) Patrick Cloppenburg (the \"Addendum\")\n\nCapitalized terms used but not defined herein have the meanings set forth in the Purchase and Sale Agreement for Brokerage Vessel, executed on November 22, 2023, with respect to the Lady May II (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. Seller's obligations 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 law of 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 Exelusions List provided by the Seller or Listing Broker on the earlier of (a) five days from the Effective Date or (b) the Aceept/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.\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 left blank)) following Seller's signature of this PSA, On [ ---- ], 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 Seller'sSelling Broker's escrow account.\n\n8. Section 3 of the PSA is hereby modified as follows:\n\nBuyer agrees to purchase the Vessel on an \"as is, where is\" basis, i.e., neither Seller nor the Brokers give any warranty, either expressed or implied, and make no representation as to the condition of the Vessel, its fitness for any particular purpose or merchantability, all of which are disclaimed. For the avoidance of doubt, Buyer may not reject the Vessel for any reason, and by signing this PSA, Buyer agrees to accept the Vessel on an \"as is, where is\" basis. Buyer'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. If inspected: (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, (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 eosts, e.g., haul-out, dry dock, and subcontractors' charges, (e) Buyer and its surveyor will be solely responsible for determining the seope of the survey and the trial run to assess the Vessel's eenformity with Buyer's requirements and (f) 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 if it fails to give timely written notice of its acceptance. Upon Buyer's acceptance of the Vessel, Seller will not make any use of the Vessel pending\n\nCase 22-50073 Doc 2375 Filed 11/27/23 Entered 11/27/23 14:48:34 Page 48 of 62\n\nClosing (defined in Paragraph 4) except to move the Vessel to the Delivery Location. If Buyer rejects or is deemed to reject the Vessel, after all expenses incurred on Buyer's behalf have been paid, (i) the Selling 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 (i) the Brokers for the commission, storage, insurance, repairs and/or other items (which are subject to approval of the Bankruptsy Court)or (ii) 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 Depart helder 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 succesing the \"esse 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 Vesselor, 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\n\nfull at closing), which proof may be the order entered by the Bankruptcy 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 scond 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 greated of the 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 Deposit 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 (er 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 \\$5,500 out of the Deposit, which amount shall count against, and reduce, any commission that the Listing Broker may carn (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\n\nunpaid costs or expenses that Buyer or Broker ineurred against the Vessel and then divided fifty percent (50%) to the Seller and fifty percent (50%) to the Brokers, which the Brokers shall divide in the same proportions as the commission would have been divided had a sale been due to Saller's If by the Closing Date the Closing is not consummated due to Seller's non-performance (which, for the avoidance of doabt, 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 Buyer will have the right of specific performance. Seller agrees that specific 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 remedy. If by the Closing Dato the Closing is not consummated due to Seller's non-performanceOn Seller's default, Seller shall forthwith pay the Brokers the same commission otherwise payable had the transaction closed; provided, showever, 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 Bryer 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 Cuver'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, sif 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 behast 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'sSelling 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 party, (c) the Seller Selling Broker shall pay, in accordance with this PSA may retain the commission due the Brokers prior to the releasedisbursement 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 oblig way io 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 to to appealable 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 nogligence.\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 family or any entity owned or controlled by Buyer and/or any member(s) of his immediate family. Otherwise, nNeither party may assign this SSA without the other party's consent, which consent shall not asse 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 By:\n\nName: Luc A. Despins, as chapter 11 trustee for the estate of Ho Wan Kwok Date:\n\nBuyer\n\nBy:\n\nName: Patrick Cloppenburg\n\nTitle:\n\nDate: 22.11.2023\n\n#### Second Addendum to Purchase and Sale Agreement for Brokerage Vessel, exccuted on November 22, 2023, Between (i) Luc A. Despins, as the Chapter 11 Trustee for the Estate of Ho Wan Kwok and (ii) Patrick Cloppenburg (the \"Second Addendum\")\n\nCapitalized terms used but not defined herein have the meanings set forth in the Purchase and Sale Agreement for Brokerage Vessel, executed on November 22, 2023, with respect to the Lady May II (the \"PSA\") and the addendum thereto, executed on the same date (the \"First Addendum\").\n\n- 1. Buyer agrees that Seller may, prior to Closing, winterize the Vessel and place the Vessel into winter storage at Safe Harbor Newport Shipyard in Newport, Rhode Island (the \"Newport Shipyard\").\n- 2. Buyer agrees to pay to the Seller, at Closing, (a) the pro-rated portion of storage costs for the remainder of the winter storage at the Newport Shipyard (i.e., from the Closing Date to April 15, 2024) and (b) the cost of winterizing the Vessel (subject to a \\$3,000 cap for such cost of winterizing). For the avoidance of doubt, Seller shall not be responsible for any post-Closing costs of transferring or relocating the Vessel after it has been placed into winter storage at the Newport Shipyard.\n- 3. The Parties agree to proceed with Closing as soon as practicable after the PSA (as amended by the First Addendum and this Second Addendum) has been approved by the Bankruptcy Court.\n\nSeller\n\nName: Luc A. Despins, as chapter 11 trustee for the estate of Ho Wan Kwok\n\nDate:\n\nBuyer\n\nBy:\n\nName: Patrick Cloppenburg\n\nTitle:\n\nCase 22-50073 Doc 2375 Filed 11/27/23 Entered 11/27/23 14:48:34 Page 54 of 62\n\n## **EXHIBIT C**\n\n**Johnson Declaration**\n\n#### UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION\n\n| | --------------------------------------------------------------------- | |\n|------------------------|-----------------------------------------------------------------------|---------------------------|\n| | | |\n| In re: | : | Chapter 11 |\n| | | |\n| HO WAN KWOK, et al., 1 | | : Case No. 22-50073 (JAM) |\n| | | |\n| Debtors. | | : (Jointly Administered) |\n| | | |\n| | | |\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 LADY MAY II 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\nThe 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\nLady May II Free and Clear of Liens, Claims, Interests, and Encumbrances, (ii) Authorizing and Approving Purchase and Sale Agreement, and (iii) Granting Related Relief (the \"Motion\")\" in the chapter 11 case of Ho Wan Kwok (the \"Debtor\"), seeking an order approving and authorizing the sale of the Lady May II to Patrick Cloppenburg (the \"Buyer\").\n\nI am a Yacht Broker based in Newport, Rhode Island, since 1991, and have been 3. employed by Edmiston for 3 years. I have approximately 15 years of experience in the brokerage industry. Edmiston is a 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, more than double the industry average of deals per broker.\n\n4. On April 18, 2023, Edmiston was retained by the Trustee to market and sell the Lady May and the Lady May II, which retention was approved by order of the Court, dated April 27, 2023. On June 27, 2023, the Court approved the sale of the Lady May by the Trustee for a purchase price of \\$23,150,000. The sale of the Lady May closed on June 30, 2023.\n\n5. forth below, and if called to testify, I could and would testify competently thereto.\n\n#### Marketing of Lady May II\n\n6. Since its retention, Edmiston has engaged in an extensive marketing campaign to sell the Lady May II to the highest bidder. Edmiston has canvassed for potential buyers, both within its own network of potential buyers as well as throughout the industry, as well as advertised the Lady May II both online and in print. These marketing efforts were initially focused on residents outside of the United States and, following the Lady May II being formally\n\n2 Capitalized terms used but otherwise not defined herein shall have the meaning ascribed to them in the Motion.\n\nimported into the United States on July 30, 2023, Edmiston expanded its efforts to also include\n\nU.S. residents.\n\n- Among other things, as part of its marketing efforts: 7.\n- (1) Edmiston created an electronic brochure of the Lady May II, 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 II 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 II on its website and social media accounts, including Instagram, Facebook, LinkedIn and YouTube; and\n- (4) Shortly after the Lady May II was imported into Newport, Rhode Island, Edmiston issued further announcements regarding the Lady May II 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 II has been featured in six business email distributions since Edmiston's retention, each of which was sent to approximately 1,875 brokers in the yacht industry. Furthermore, beginning in mid to late August 2023, the Lady May II was also listed on Yatco.com and Yachtworld.com, which are online business-to-business (B2B) search facilities that centralize brokerage information for the yacht industry-similar to MLS (multiple listing service) for real estate sales.\n\n9. arranging for a sea trial) in hope he would purchase the tender and rejoin the Lady May II to the Lady May (now called the Excellence V), but he declined to purchase the Lady May II.\n\n10. Furthermore, Edmiston entered the Lady May II in the Newport Brokerage boat show from September 14, 2023 through Sunday, September 17, 2023, which showcased the Lady May II, in a premium slip (to increase visibility), along with approximately 60 other high quality yachts being offered for sale. During the four-day event, there were approximately thirty visits of the Lady May II, with six parties expressing potential continued interest in the Lady May II.\n\n11. 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\n12. In addition to all of the foregoing, I reached out, and received calls from, numerous other brokers as well as prospective buyers about the Lady May II.\n\n#### Bidding Process\n\n13. In order to stimulate a competitive bidding process, including among those who had informally expressed interest in the Lady May II, the Trustee decided to pursue a similar bidding process as had been employed for the sale of the Lady May. In particular, the Trustee (through Edmiston) advised the interested parties (and other parties) that the deadline to submit best and final bids was of Wednesday, October 4, 2023, at 5:00 p.m. (ET). This deadline was chosen to maintain maximum momentum with the interested parties. Commencing on September 26, 2023, Edmiston sent emails to the parties that had previously express an interest\n\nin the Lady May II, as well as other parties, advising them of the October 4, 2023 bid deadline. In that email, interested bidders were also advised that (a) due to the fact that the Trustee had received interest for the Lady May II from several potential buyers, Edmiston was inviting all interested parties to present their best and final offer prior to the October 4, 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 \\$550,000 would be considered by the Trustee;\n- · Offers must be based on the Trustee's form of purchase agreement;\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 25% 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 25% deposit would be forfeited if the winning bidder fails to close on purchase of Lady May II in accordance with terms of purchase agreement (subject to the right to reject the Lady May II if the survey reveals a defect affecting the operational integrity of the Lady May II or her machinery or her systems or renders the Lady May II unseaworthy);\n- · The purchase agreement must be executed by October 9, 2023;\n- · The Lady May II must be accepted or rejected (based on results of survey) by October 18, 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;3\n- · Closing would take place as soon as practical on or before November 17, 2023;\n\n3 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\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, on September 28, 2023, Edmiston circulated emails to more than 1,875 other 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 \\$550,000. As with the email to the interested parties, the email distribution advised the brokers that the Trustee was setting October 4, 2023 as the deadline to submit best and final bids due to multiple offers received to date. Furthermore, Edmiston also updated the Yatco.com and Yachtworld.com listing for the Lady May II to advise interested parties of the bid deadline and the minimum bid requirement.\n\n15. Unfortunately, there was not significant additional interest in the Lady May II. As of 5:00 p.m. (ET) on October 4, 2023, only one (1) formal bid was received from prospective buyers. That bid was not a qualified bid, as the proposed purchase prices was well below the minimum bid requirement.\n\n16. Following receipt of this bid, the Trustee engaged in further discussions with prospective buyers and other interested parties. During these discussions, the Buyer indicated that he would be interested in purchasing the Lady May II for \\$350,000. Ultimately, after further negotiations, the Buyer agreed to increase the purchase price for the Lady May II to \\$375,000 million and, moreover, agreed to purchase the Lady May II on an \"as is, where is\" basis.\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 December 31, 2023)), (b) provides for a sale on an \"as is, where is\" basis, and (c) is the product of an arms' length 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 II 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. 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 and the pool of potential buyers. To the contrary, conducting an auction would likely have discouraged the Buyer 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. Moreover, despite the extensive marketing to date, there is only one potential buyer at this time (i.e., the Buyer), thus calling into question the utility of conducting an auction.\n\n20. Moreover, 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\n[Remainder of page intentionally left blank.]\n\nPursuant to 28 U.S.C. § 1746, I declare under penalty of perjury that the foregoing is true and correct.\n\nDated: November 27, 2023\n\nDirk Johnson Broker Edmiston and Company Limited","body_zh":"美国康涅狄格联邦破产法院 布里奇波特分庭\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： （合并管理）\n\n受托人依据《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条以及地方法则第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 II，且不附带任何留置权、请求权、权益及负担；(II) 授权并批准购买及出售协议；以及 (III) 准予相关救济\n\nLuc A. Despins（卢克·A·德斯平斯）作为在 Ho Wan Kwok（郭文贵）（下称“债务人”）第11章案件中被指定的第11章受托人（下称“受托人”），通过其下方署名律师，特此提出本动议（下称“本动议”），请求根据《美国法典》第11编（下称“破产法典”）第105条、第363(b)条和第363(f)条、《联邦破产程序规则》（下称“破产程序规则”）第2002条、第6004(c)条和第9014条，以及美国康涅狄格联邦破产法院（United States Bankruptcy Court for the District of Connecticut）的《地方法院破产程序规则》（下称“地方法则”）第6004-1条和第6004-2条，作出与随附本动议的附件A所载形式实质相同的命令（下称“拟议出售命令”），以：(i) 授权并批准受托人\n\n1 本第11章案件中的债务人为 Ho Wan Kwok（郭文贵）（又名 Guo Wengui、Miles Guo 和 Miles Kwok，以及众多其他别名）（税务识别号码后四位：9595）、Genever Holdings LLC（税务识别号码后四位：8202）以及 Genever Holdings Corporation。受托人、Genever Holdings LLC 和 Genever Holdings Corporation 的邮寄地址为 Paul Hastings LLP, 200 Park Avenue, New York, NY 10166，收件人为 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 November 22, 2023 签订的特定购买及出售协议，将 Lady May II2 出售（下称“出售”）给 Patrick Cloppenburg（帕特里克·克洛彭堡）（下称“买方”），且不附带任何留置权、请求权、权益及负担；该协议作为附件B随附于本动议（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。为支持本动议，受托人依赖并以引用方式纳入 Dirk Johnson（德克·约翰逊）的声明（下称“Johnson 声明”），该声明作为附件C随附于本动议。为进一步支持本动议，受托人谨陈如下：\n\n初步陈述\n\n1. 受托人通过本动议，请求根据 PSA 的条款，批准以“现状、现地”基础按 $375,000 的购买价出售 Lady May II。PSA 代表在受托人经纪人 Edmiston and Company Limited（下称“Edmiston”）开展广泛营销活动后，并经竞争性竞标程序所获得的最高且最佳出价。3 受托人主张，根据 PSA 向买方出售 Lady May II 符合债务人遗产的最佳利益，因此，受托人请求获准推进出售。\n\n2. 如下文及 Johnson 声明所详述，Edmiston 自其于 April 2023 下旬受聘后，一直积极营销 Lady May II。该等营销工作最初面向美国境外居民；Lady May II 于 July 30, 2023 正式进口至美国后，Edmiston 将其工作扩展至美国居民。依照营销 Lady May II 等船舶的行业最佳做法，Edmiston 已在其自身潜在买方网络及行业内众多其他经纪人中积极招揽潜在买方，并通过网络及印刷媒体宣传 Lady May II。此外，Lady May II 曾在 Newport 船展期间展出，该船展于 Thursday, September 14, 2023 至 Sunday, September 17, 2023 举行。\n\n3. 遗憾的是，在营销过程中，显然 $950,000 的挂牌价格根本无法实现。最初，有六方表示有意购买 Lady May II，因此，受托人在征询 Edmiston 意见后，决定将 October 4, 2023, at 5:00 p.m. (ET) 定为提交最佳及最终报价的截止期限。设定该投标截止期限旨在与初始竞标人及其他有意方保持最大限度的推进势头。作为竞标程序的一部分，受托人还要求该等最佳及最终报价满足若干条件，包括：(a) 购买价必须超过 $550,000；(b) 报价必须以受托人的购买协议范本为基础；(c) 中标报价须在该报价被选定为中标报价后48小时内支付购买价25%的定金；(d) 购买协议必须于 October 9, 2023 前签署；以及 (e) 虽然购买人可进行检验，但购买人仅可在检验师证明检验发现影响 Lady May II 或其机器或系统运行完整性的缺陷，或致使 Lady May II 不适航时，拒绝购买 Lady May II。受托人还告知竞标人，所有报价均须经本法院审查及批准。\n\n4. 截至 October 4, 2023 的投标截止期限，受托人未收到任何合格报价；事实上，受托人仅收到一份报价，其拟议购买价（$150,000）远低于最低报价。尽管如此，在收到该等报价后，受托人与曾表示有意购买 Lady May II 的各方进行了进一步谈判。经该等谈判，受托人获得了买方提出的 $375,000 购买价报价，受托人已接受该报价，但以本法院批准 PSA 为条件。\n\n5. 受托人承认，上述竞标程序未经本法院依据单独的竞标程序命令预先批准，且受托人未举行公开拍卖。然而，鉴于：(a) 本法院此前已批准出售 Lady May（该船曾经历几乎相同的出售程序）；(b) Lady May II 已经过广泛营销；以及 (c) PSA 所载购买价较截至 October 4, 2023 投标截止期限收到的唯一报价有显著提高，受托人认为，正式竞标程序和/或公开拍卖不会带来更高报价。事实上，受托人在征询 Edmiston 意见后，决定不推进正式拍卖程序，因为该程序很可能会阻碍有意买方和/或导致较低报价，包括因拍卖程序所涉延误以及竞标人对于在拍卖中支付过高价格的担忧。无论如何，《破产法典》、破产程序规则或地方法则均未要求遗产财产必须通过公开出售的方式出售。\n\n6. 受托人还承认，地方法则要求提供“动议提出人确定拟出售财产公平市场价值所采用方式的说明。”地方法则第6004-2(b)(4)条。虽然在不同情况下，这可能需要由评估师进行正式估值，但受托人主张，鉴于广泛的营销及竞标程序，PSA 项下的购买价反映了衡量 Lady May II 公平市场价值的最佳标准，因此无需进行正式估值。4\n\n4 为充分披露起见，受托人指出，作为于 July 2023 将 Lady May II 进口至美国的一部分，受托人取得了一份对 Lady May II 的评估，该评估显示估计评估价值为 $480,000。\n\n7. 将买方选定为中标竞标人的另一重要考量是，买方已接受受托人对国际游艇经纪人协会（International Yacht Brokers Association，下称“IYBA”）公布的标准购买协议范本（下称“IYBA 范本”）所作的全部修改，该等修改旨在使遗产受益。然而，最重要的是，买方还同意接受受托人的要求，即 Lady May II 按“现状、现地”基础出售，亦即，遗产不作任何明示或默示保证，且不就 Lady May II 的状况、其是否适用于任何特定用途或适销性作出任何陈述，以上各项均予以否认。换言之，该出售不以完成检验或其他检查为条件。\n\n8. 此外，鉴于冬季临近以及需要对 Lady May II 进行越冬处理，买方已同意，受托人可在交割前着手对 Lady May II 进行越冬处理，并将其存放于 Newport 船厂进行冬季保管；买方同意在交割时向受托人支付：(a) 交割后冬季保管费用的按比例部分（即自交割日起至 April 15, 2024）；5 以及 (b) 对 Lady May II 进行越冬处理的费用（以 $3,000 为上限）。6\n\n9. 最后，为明确起见，受托人正依照地方法则第6004-2(g)条，向所有曾向 Edmiston 表示有意购买 Lady May II 的各方送达本动议副本。如在本动议听证会之前或听证会上收到任何额外的更优报价，受托人理解其负有考虑该等报价的义务。\n\n5 整个冬季保管期（自 November 15, 2023 至 April 15, 2024，即152天）的保管费用为 $16,653.00，必须预先支付给 Newport 船厂。举例而言，如出售于 December 20, 2023 交割，则买方应按比例承担的该等费用为 $12,818.43（即 $16,653.00 乘以剩余117天再除以152天）。\n\n6 受托人获悉，对 Lady May II 进行越冬处理的费用约为 $3,000。\n\n10. 基于所有上述理由，以及如下文进一步详述，受托人请求本法院批准本动议，并授权受托人向买方推进出售 Lady May II。\n\n管辖权、审理地点及法定依据\n\n11. 本法院根据 28 U.S.C. §§ 157 and 1334 以及美国康涅狄格联邦地区法院（United States District Court for the District of Connecticut）的移送常设命令，对本事项具有管辖权。本事项属于 28 U.S.C. § 157(b) 所称的核心程序。\n\n12. 根据 28 U.S.C. §§ 1408 and 1409，本地区为适当审理地点。\n\n13. 本动议所请求救济的法定依据为《破产法典》第105(a)条和第363条、破产程序规则第2002条、第6004(c)条和第9014条，以及地方法则第6004-1条和第6004-2条。\n\n背景\n\nA. 程序背景\n\n14. 于 February 15, 2022（下称“申请日”），债务人向本法院提交了根据《破产法典》第11章请求救济的自愿申请书。\n\n15. 于 March 21, 2022，美国受托人（United States Trustee）在债务人的第11章案件（下称“第11章案件”）中指定了无担保债权人正式委员会（Official Committee of Unsecured Creditors，下称“委员会”）。第11章案件中尚未指定审查员。\n\n16. 2022年6月15日，本院作出一份决定备忘录及命令[Docket No. 465]（“受托人命令”），指示美国受托人（United States Trustee）在第11章案件中指定一名第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. 2022年7月8日，本院作出一项命令，批准指定卢克·A·德斯平斯为第11章案件中的受托人[Docket No. 523]。\n\nB. Lady May和Lady May II\n\n18. 2023年3月27日，本院作出一项命令[Docket No. 172 in Adv. Proc. No. 22-5003]（“Lady May I命令”），其中认定，包括其他事项在内，Lady May为债务人破产财产的财产。2023年3月31日，本院作出《批准Ho Wan Kwok（郭文贵）破产财产第11章受托人关于部分简易判决动议的命令修正案》[Docket No. 182 in Adv. Proc. No. 22-5003]，并认定Lady May II亦为债务人破产财产的财产（“Lady May II命令”，与Lady May I命令合称“Lady May命令”）。2023年4月10日，HK USA（美国HK）和郭女士就Lady May命令向United States District Court for the District of Connecticut（美国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。有关Lady May的更多背景资料载于受托人关于出售Lady May的动议[Docket No. 1858]，并以引用方式纳入本文。\n\n19. 2023年6月27日，本院作出一项命令，批准以$23,150,000.00的购买价格将Lady May出售给Herb Chambers Yachting, LLC（赫伯·钱伯斯游艇有限责任公司）（“Lady May I出售命令”）。2023年6月30日，Lady May的出售完成交割。\n\n20. Lady May II目前位于Rhode Island（罗得岛州）Newport（纽波特）的Safe Harbor船厂。不同于Lady May，Lady May II未被置于对外贸易区，而是于2023年7月30日正式进口至美国，以便向美国居民（以及非美国居民）进行营销。\n\nC. Lady May II的营销\n\n21. 如Johnson声明中详述，Edmiston（埃德米斯顿）一直在开展广泛的营销活动，以向出价最高者出售Lady May II。Edmiston已在其自身的潜在买方网络以及整个行业内寻找潜在买方，并通过线上和印刷媒体宣传Lady May II。这些营销工作面向美国境内及境外的居民。\n\n22. 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 II的电子宣传册，其中包括照片并列明其规格；该宣传册被纳入向其他游艇经纪人发布的全行业公告，并发布于Edmiston的网站及社交媒体；\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推介Lady May II（该邮件发放给约10,000名客户及其他可能感兴趣的人士）；以及\n\n(3) Edmiston利用广泛的数字广告，在其网站和社交媒体账户上推广Lady May II，包括Instagram、Facebook、LinkedIn和YouTube。\n\n23. Edmiston还通过单艘及多艘游艇邮件推送，将Lady May II介绍给其行业经纪人网络，并在多个经纪挂牌页面及企业对企业检索平台上刊登Lady May II；该等平台集中汇集游艇行业的经纪人信息。此外，Lady May II在Newport International Boat Show（纽波特国际船展）——美国最著名的船展之一——期间，停泊于一个优质泊位（以提高可见度）展出；该船展为期四天，自2023年9月14日星期四至2023年9月17日星期日举行。Edmiston还邀请Lady May的买方查看Lady May II（包括安排海试），希望其购买该附属艇，并将Lady May II重新与Lady May（现称Excellence V）配套，但其拒绝购买Lady May II。\n\n竞争性竞价程序\n\n24. 如Johnson声明所述，遗憾的是，市场对Lady May II未表现出显著兴趣。尽管如此，截至2023年9月中旬，仍有六方非正式表示对Lady May II感兴趣。为促进竞争性竞价程序，受托人决定采用此前出售Lady May时所使用的同一竞价程序。具体而言，受托人（通过Edmiston）告知有兴趣的各方（及其他各方），提交最佳和最终报价的截止日期为2023年10月4日星期三下午5:00（ET）。选择该截止日期是为了维持有兴趣各方的最大热度。自2023年9月26日起，Edmiston向该六方有兴趣的各方及其他各方发送电子邮件，告知其2023年10月4日的报价截止日期。在该电子邮件中，亦告知有兴趣的竞买人：(a) 鉴于受托人已收到数名潜在买方就Lady May II提出的报价，Edmiston邀请所有有兴趣的各方在2023年10月4日报价截止日期前提出其最佳和最终报价；以及(b) 任何该等报价均须符合下列要求：\n\n仅购买价格超过$550,000的报价将由受托人予以考虑；\n\n报价必须以受托人的购买协议格式文本为基础；\n\n如潜在买方拟修改购买协议格式文本，报价中应附上该协议的修订标记版本（并告知各方，任何该等修改将在确定最高和／或最佳报价时予以评估）；\n\n中标报价必须规定支付购买价格25%的定金，该定金必须在该报价被选定为中标报价后48小时内收到；\n\n如中标竞买人未能依照购买协议条款完成Lady May II的购买交割，25%的定金将被没收（但如勘验发现影响Lady May II或其机械设备或其系统运行完整性的缺陷，或致使Lady May II不适航，则不影响其拒绝Lady May II的权利）；\n\n购买协议必须于2023年10月9日前签署；\n\nLady May II必须于2023年10月18日前根据勘验结果予以接受或拒绝；\n\n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从买方购买该勘验报告；7\n\n交割将在2023年11月17日或之前尽快进行；\n\n所有报价均须经破产法院审查和批准；以及\n\n所有报价必须直接发送给受托人。\n\n25. 此外，同于2023年9月28日，Edmiston向超过1,875名其他游艇经纪人发送电子邮件，告知其提交最佳和最终报价的截止日期，以及该等报价须符合若干条件，包括最低报价为$550,000。与发给有兴趣各方的电子邮件相同，该电子邮件发送内容告知各经纪人，由于迄今已收到多项报价，受托人将2023年10月4日定为提交最佳和最终报价的截止日期。此外，Edmiston还更新了Lady May II在Yatco.com和Yachtworld.com上的挂牌信息，以告知有兴趣各方报价截止日期及最低报价要求。\n\n26. 截至2023年10月4日下午5:00（ET），仅收到潜在买方的一项正式报价。该报价并非合格报价，因为拟议购买价格（$150,000）远低于最低报价要求。收到该报价后，受托人与此前曾表示对Lady May II感兴趣的各方进行了进一步讨论。在讨论过程中，买方表示有意以$350,000购买Lady May II。最终，经进一步谈判，买方同意将Lady May II的购买价格提高至$375,000 million，并且同意按“现状、现地”基础购买Lady May II。\n\n购买和销售协议的重要条款摘要\n\n27. 下表列出了受托人与买方就Lady May II订立的PSA8的重要条款。\n\n条款 摘要说明\n\n当事方 卖方：Luc A. Despins，仅以其作为Ho Wan Kwok破产财产第11章受托人的身份，而非以其个人身份。\n买方：Patrick Cloppenburg（帕特里克·克洛彭堡）\n\n购买价格 $375,000\n\n拟出售财产\n(PSA §1) 截至PSA日期（即2023年11月22日），Lady May II以及Lady May II上所有装备、机械、设备、家具、燃料、消耗品，以及所有已登记或未登记的附属艇、艇载玩具、物品和附属物，和／或纳入Lady May II挂牌规格说明的所有该等物品。\n\n定金\n(PSA §2) 2023年11月27日，受托人收到$93,750（购买价格的25%），作为购买价格的定金；该定金将依照PSA条款以托管方式持有。9\n\n接受Lady May II\n(PSA §3) 买方同意按“现状、现地”基础购买该船舶，即卖方和经纪人均不作任何明示或默示保证，亦不就该船舶的状况、其对任何特定用途的适用性或适销性作出任何陈述；所有该等保证和陈述均予以否认。为免生疑，买方不得以任何理由拒绝该船舶，并且通过签署本PSA，买方同意按“现状、现地”基础接受该船舶。\n\n交割\n(PSA §4) Lady May II所有权的转移（“交割”）将于2023年12月31日或之前（“交割日期”）进行。\n在交割时，买方将向受托人支付购买价格余额（即$281,250）（受PSA第6条约束），且定金将发放给受托人，但须扣除受托人应向经纪人支付的佣金、仓储、保险、维修和／或其他项目费用（该等费用须经本院批准）。\n\n卖方的陈述与保证／\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 II的良好且可转让的所有权，不附带任何债务、权利主张、海事或普通法留置权、担保权益、产权负担、消费税，以及应向任何州、国家、监管和／或税务机关支付的其他适用税款、海关税费或关税（统称“产权负担”）。\n交割前不少于两（2）个营业日，受托人将向买方交付：(a) 令人满意的所有权证明；(b) 已支付或清除全部产权负担的证明（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 II的命令（该命令应规定Lady May II系在不附带任何产权负担的情况下出售给买方）；以及(c) 向买方转让良好且可转让所有权所需的任何其他文件副本。\n\n8 本文概述PSA条款，以便利本院及利害关系方。如存在任何不一致之处，以PSA条款为准。本摘要中使用但未在本文界定的首字母大写术语，应具有PSA中赋予其的含义。\n\n9 截至提交本动议之日（且因适逢感恩节假期周末），受托人尚未收到该等款项。\n\n损失风险\n\n（PSA §7）受托人在交割前承担Lady May II（“Lady May II”号游艇）灭失或损坏的风险。\n\n如果Lady May II在买方接受后受损，且必要维修费用低于购买价的百分之五（5%），并且完成维修所需时间少于30天，则受托人可自行选择在交割前，按照健全的海事惯例，将该损坏修复至Lady May II在受损前即时所处的标准，买方可检查该维修；在此情况下，(a) 买方应支付余额并接收经修复的Lady May II，且(b) 交割日期将按维修期间的长度予以延长。如果Lady May II在买方接受后受损程度更为严重，或者受托人未行使前述句子中的选择权，任何一方均可终止PSA，其后果与买方拒绝接受Lady May II时相同。\n\n违约\n\n（PSA §8）如果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必需的全部文件：(i) 定金将由受托人作为约定的违约赔偿金予以保留，作为签署PSA的对价，并作为双方之间所有请求权的完全和解；(ii) 出售方经纪人（即买方的经纪人）应向买方返还其从买方收到的任何其他资金；以及(iii) 双方将免除PSA项下的所有义务。10\n\n如果因受托人未履行义务而未完成交割（为免生疑义，不包括本院拒绝批准PSA），则定金以及买方根据PSA支付或存入的任何其他款项，将在买方提出要求后返还给买方。如果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交易已完成交割本应支付的同等佣金；但破产法院拒绝批准PSA不构成受托人一方未履行义务。\n\n10 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（埃德米斯顿））支付等同于\\$5,500的金额；如果与其他买方完成Lady May II的出售，该金额将抵扣并减少挂牌经纪人可能赚取的任何佣金（根据其与受托人签订的委聘函）。\n\n如果本院不批准PSA，PSA将被视为终止，其后果与买方根据PSA拒绝接受Lady May II时相同。\n\n如果因任何原因未完成交割，受托人将有权选择按成本向买方购买检验报告；如受托人行使该选择权，买方应在收到该检验报告成本的付款后，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\n（PSA §9）如适用，买方购买Lady May II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。买方将就其负责的任何销售税或使用税，对受托人和经纪人予以赔偿并使其免受损害。\n\n融资\n\n（PSA §11）买方的义务不以买方获得融资为条件。买方声明，如有必要，其将安排融资。买方还声明并保证，其拥有足够的现金和/或融资，以在交割时支付购买价。\n\n费用偿还\n\n（PSA §16）如双方之间发生任何因PSA标的事项而产生的争议，胜诉方（包括经纪人）将获得其合理开支、费用和律师费的偿还，包括所有审前、审理和上诉阶段的费用；但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的除外。\n\n破产法院批准\n\n（第一补充协议 §2）PSA及PSA中的所有条款均须经本院批准。\n\n破产法院专属管辖权\n\n（第一补充协议 §3）尽管PSA中有任何相反规定，本院对与PSA有关或因PSA产生的任何请求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。\n\nLady May II的过冬处理和存放\n\n（第二补充协议 §§ 2, 3）买方同意，受托人可在交割前对Lady May II进行过冬处理，并将Lady May II置于位于Rhode Island（罗得岛州）Newport（纽波特）的Safe Harbor Newport Shipyard（安全港纽波特船厂）进行冬季存放。\n\n此外，买方同意在交割时向受托人支付：(a) 在纽波特船厂剩余冬季存放期间的按比例计算的存放费用部分（即从交割日期至2024年4月15日），以及(b) 对Lady May II进行过冬处理的费用（该过冬处理费用以\\$3,000为上限）。为免生疑义，在Lady May II被置于纽波特船厂进行冬季存放后，受托人不对交割后转移或迁移Lady May II的任何费用负责。\n\n遵守地方规则6004-2(c)\n\n28. 根据地方规则6004-2(c)，受托人进一步陈述：\n\n地方规则6004-2披露 出售条款\n\n向内部人士出售\n\n（地方规则6004-2(c)(1)）买方并非《破产法典》第101(31)条所指的内部人士。事实上，买方已声明并保证，其与债务人不存在关联或关系，且/或并非代表债务人或依债务人的要求行事。PSA §11。\n\n与管理层的协议\n\n（地方规则6004-2(c)(2)）不适用。\n\n豁免\n\n（地方规则6004-2(c)(3)）PSA不含任何豁免条款。\n\n私下出售/无竞争性竞价\n\n（地方规则6004-2(c)(4)）尽管受托人未考虑举行拍卖，PSA反映了竞争性营销流程的结果（如本动议中详述）。\n\n受托人也未同意不征求对Lady May II的竞争性报价，或以其他方式限制对Lady May II的推销。事实上，受托人将考虑在出售动议听证会之前或听证会期间提出的任何报价。此外，根据地方规则6004-2(g)，受托人将向在营销过程中对Lady May II表示过兴趣的所有当事人送达本动议副本。\n\n交割期限\n\n（地方规则6004-2(c)(5)）出售的交割将于2023年12月31日或之前完成。\n\n诚信定金\n\n（地方规则6004-2(c)(6)）买方已支付相当于购买价25%的诚信定金，该定金由受托人按照PSA条款进行托管。\n\n与拟议买方的临时安排\n\n（地方规则6004-2(c)(7)）不存在与买方的临时安排。\n\n收益使用\n\n（地方规则6004-2(c)(8)）出售所得将存入受托人账户，并由受托人根据《破产法典》使用和/或分配。\n\n如Lady May II上存在任何留置权，该等留置权将附着于出售所得。11\n\n税收豁免\n\n（地方规则6004-2(c)(9)）受托人并未请求根据《破产法典》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 II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（如有）。\n\n11 受托人并不知悉Lady May II上存在任何留置权。\n\n记录保留\n\n（地方规则6004-2(c)(10)）不适用。\n\n撤销权诉讼的出售\n\n（地方规则6004-2(c)(11)）受托人并未寻求出售任何撤销权诉讼。\n\n关于继受人责任的拟议认定和命令\n\n（地方规则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无未到期租赁负担的出售\n\n（地方规则6004-2(c)(13)）受托人并未寻求转让任何不动产。\n\n信用竞价\n\n（地方规则6004-2(c)(14)）不适用。\n\n免除《破产程序规则》6004(h)规定的限制\n\n（地方规则6004-2(c)(15)）受托人请求免除《破产程序规则》6004(h)施加的十四日期限，以允许该出售在本院批准后立即完成交割。\n\n划拨和/或“赠与”\n\n（地方规则6004-2(c)(16)）不适用。\n\n剩余资产\n\n（地方规则6004-2(c)(17)）该出售并非对破产财产实质上全部资产的出售。出售交割后仍将存在额外资产。\n\n请求的救济\n\n29. 受托人通过本动议，根据《破产法典》第105(a)、363(b)和363(f)条、《破产程序规则》2002、6004和9014条以及地方规则6004-1和6004-2，请求本院作出拟议命令，12 以(i) 批准并授权出售Lady May II，(ii) 授权并批准PSA，以及(iii) 授予相关救济。\n\n请求救济的依据\n\nA. 应根据《破产法典》第363(b)条批准出售\n\n30. 《破产法典》第363(b)条授权受托人在通知和听证后，于其日常营业范围以外出售资产。参见11 U.S.C. § 363(b)。\n\n12 拟议出售命令的形式实质上与批准出售Lady May（“Lady May”号游艇）的命令相同。\n\n此外，《破产程序规则》6004(f)授权受托人通过私下出售或公开拍卖，于日常营业范围以外出售破产财产。Fed. R. Bankr. P. 6004(f)。\n\n31. 在日常营业范围以外出售资产的决定，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)。受托人对确定其资产出售方式拥有广泛裁量权，并且根据《破产法典》第363(b)条，允许在日常营业范围以外进行私下出售。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)（在符合第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造成的延误和费用时，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)（认定在公开出售成本更高的情况下，通过私下出售财产具有充分商业理由）。\n\n32. 根据《破产法典》、《破产程序规则》或地方规则，无需经法院批准的拍卖程序来证明出售属于受托人的商业判断范围。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……须以此类要求［正式拍卖］为条件；该要求并未载于《破产法典》或《破产程序规则》中。”）（省略内部引注和引语）。13\n\n33. 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) 受托人是否已向利益相关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) 买方是否本着善意行事。参见 In re MF Global Inc.（曼氏金融集团公司）, 467 B.R. 726, 730 (Bankr. S.D.N.Y.（纽约南区破产法院） 2012)；In re Betty Owens Sch., Inc.（贝蒂·欧文斯学校公司）, No. 96 Civ. 3576, 1997 WL 188127, at \\*4 (S.D.N.Y.（纽约南区联邦地区法院） Apr. 17, 1997)。\n\n34. 如本动议所详述，将 Lady May II（“Lady May II”号）出售给买方具有充分的商业理由。受托人主张，鉴于广泛的营销工作和竞争性竞标程序，拟议向买方出售最符合债务人财产的利益，且应获批准。若先行寻求批准正式竞标程序并举行公开拍卖，并不会带来任何额外利益。相反，举行拍卖很可能会阻碍买方参与竞标和／或提出其最优报价。潜在买方很可能不会参与一项会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买人），且即使其参与该程序，也很可能会在报价中折减以反映该风险。此外，尽管迄今已进行了广泛营销，目前仅有一名潜在买方（即买方），因此举行拍卖的效用值得质疑。\n\n13 地方法规仅在出售不动产时要求进行公开出售程序，除非法院另有命令。Local Rule 6004-1(a)（“除非法院在有正当理由的证明后另有命令，拟议出售不动产的一方必须通过公开出售方式进行。”）。\n\n35. 此外，推进拍卖程序所伴随的延误还将要求受托人继续承担维护 Lady May II 的巨额费用。尽管冬季存放费用（每月约 \\$3,000）显然低于夏季月份的每月泊位费（每月约 \\$11,000），但这些费用仍然巨大。此外，如 Lady May II 目前未被出售，则其能否在 2024 年春季之前出售具有高度不确定性；届时，为向其他潜在买方进行营销，Lady May II 必须重新下水（并再次产生较高的泊位费）。此外，一旦重新下水，受托人将须重新雇用一名兼职船长，每月费用为 \\$2,000 至 \\$3,000。为明确起见，受托人并非主张这些费用足以证明应以低于公平市场价值的价格出售 Lady May II；但是，与寻求批准竞标程序并推进公开拍卖相比，现在向买方出售时，维护和存放 Lady May II 的巨额费用须作为整体成本效益分析的一部分予以考虑。\n\n36. 此外，如上所述，本次出售源于竞争性竞标程序（即使该程序未经法院预先批准）；该程序形成的购买价格，受托人主张，对于 Lady May II 而言是公平合理的。作为该程序的一部分，受托人还聘用了经验丰富的经纪人 Edmiston（埃德米斯顿）。无论如何，根据 Local Rule 6004-2(g)，受托人正在向所有曾向 Edmiston 表示有意购买 Lady May II 的当事人送达本动议副本，并且，如在本动议听证会前收到更优报价，受托人理解其有义务考虑该等报价。\n\n37. 最后，如前所述，买方提交的中标报价除买方同意按“现状、现地”基础购买 Lady May II 外，未修改受托人拟议 PSA（购买与销售协议）范本的条款（包括附录所载条款）。换言之，买方无权拒绝接受 Lady May II（无论是因试航、检验或其他原因），从而消除了买方在检验后拒绝接受 Lady May II 给受托人造成的任何风险。\n\n38. 基于上述理由，受托人主张，将 Lady May II 出售给买方最符合财产利益，并应根据《破产法典》（Bankruptcy Code）第 363(b) 条获准。\n\nB. 应根据《破产法典》第 363(f) 条授权出售 Lady May II，且不附带任何留置权、请求权、权益和负担\n\n39. 《破产法典》第 363(f) 条授权受托人在下列情形下出售资产，且不附带任何留置权、请求权、权益和负担：\n\n（1）适用的非破产法律允许在不附带该等权益的情况下出售该财产；\n（2）该实体同意；\n（3）该等权益为留置权，且拟出售该财产的价格高于该财产上所有留置权的合计价值；\n（4）该等权益存在善意争议；或\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\n11 U.S.C. § 363(f)。由于《破产法典》第 363(f) 条采用析取表述，满足五项要求中的任何一项，即足以允许在不附带留置权和权益的情况下“自由且无负担地”出售 Lady May II。参见 In re Dundee Equity Corp.（邓迪股权公司）, 1992 WL 53743 at \\*4 (Bankr. S.D.N.Y. Mar. 6, 1992)（“[第]363(f)条采用析取表述，因此，如满足第 363(f) 条规定的任何一项条件，即可出售相关权益。”）。\n\n40. 受托人并不知悉 Lady May II 存在任何留置权或其他负担。14 但是，如 Lady May II 存在任何留置权、请求权、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、请求权、权益和负担，因为《破产法典》第 363(f) 条规定的一项或多项要求已经满足。就此而言，对本动议所请求救济未提出异议，即属于或应视为属于《破产法典》第 363(f)(2) 条含义内的同意。参见 Borders Group（博德斯集团）, 453 B.R. 477, 484 (Bankr. S.D.N.Y. 2011)（“根据 363(f)(2)，收到出售通知但未在规定期限内提出异议的留置权人，视为同意拟议出售，且此后资产可以在不附带留置权的情况下出售。”）。\n\n41. 此外，如存在任何留置权人，使其留置权附着于出售所得款项，即可为其提供充分保护，但须受制于受托人就此可能拥有的任何请求权和抗辩。参见，例如，In re Healthco Int'l, Inc.（Healthco 国际公司）, 174 B.R. 174, 177 (Bankr. D. Mass.（马萨诸塞联邦地区破产法院） 1994)（“因此，我认定受托人可根据第 363(f)(5) 条出售该财产，不附带该县的留置权，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 P 363.06 (16th 2023)（“第 363(f) 条允许在多种情形下出售财产中的权益，包括留置权，且不附带该等权益。长期以来，人们一直承认，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，无论是否获得留置权人同意。”）。\n\n14 受托人此前已就 HK USA 对《统一商法典》（UCC）进行了查询，并且正在进行海事留置权查询（向 Cayman Islands（开曼群岛）登记处查询）。如发现任何该等留置权，受托人还将向任何该等留置权的持有人送达本动议副本及相关出售通知。\n\n42. 基于上述全部理由，受托人请求法院授权受托人在不附带任何留置权、请求权、权益和负担的情况下出售 Lady May II。\n\nC. Lady May II 的出售应受《破产法典》第 363(m) 条保护\n\n43. 《破产法典》第 363(m) 条保护善意买方就从财产中购买的财产所享有的权益，即使根据《破产法典》第 363(b) 条进行的出售其后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［第 363(b) 条］作出的授权……在上诉中予以撤销或修改，不影响向善意购买……该等财产的实体进行的出售……的有效性，无论该实体是否知悉该上诉尚未审结，除非该授权及该出售……在上诉期间已被中止。\n\n44. 尽管《破产法典》未界定“善意”，第二巡回上诉法院（Second Circuit）已指出：\n\n买方的善意通过其在出售程序过程中的行为诚信予以体现……买方的善意会因欺诈、买方与其他竞买人或受托人之间串通，或企图对其他竞买人获取极不公平的优势而丧失。\n\nIn re Gucci（古驰）, 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，尤其是赋予第三方所依赖的那些命令和判决终局性的政策。’”In re Chateaugay Corp.（沙托盖公司）, 1993 U.S. Dist. Lexis 6130, \\*9 (S.D.N.Y. 1993)（引用 In re Abbots Dairies of Penn., Inc.（宾夕法尼亚阿博茨乳品公司）, 788 F.2d 143, 147）；另见 Allstate Ins. Co.（好事达保险公司） v. Hughes（休斯）, 174 B.R. 884, 888 (S.D.N.Y. 1994)；In re Stein & Day, Inc.（斯坦与戴公司）, 113 B.R. 157, 162 (Bankr. S.D.N.Y. 1990)。\n\n45. 在 Edmiston 进行广泛营销工作和竞争性竞标程序（包括独立交易谈判）后，受托人选择买方，因为其提交了最高且最佳报价。受托人没有理由认为买方与其他利益相关方串通，或以其他方式试图在该程序中取得对其他当事人的不公平优势。此外，买方与债务人不存在任何关联，买方也并非代表债务人或受债务人指使行事，所有这些均如 PSA 中买方的陈述与保证所反映。买方应作出的全部付款，以及买方就 PSA 所载出售所达成的其他协议或安排，均已披露。因此，受托人主张，买方是有权根据《破产法典》第 363(m) 条获得保护的善意买方。\n\nD. 应授权受托人向 Edmiston 支付佣金\n\n46. 根据 Edmiston Retention Order（Edmiston 聘用命令），法院此前已批准 Edmiston 的报酬结构，包括在不涉及 Sub-Listing Broker（分挂牌经纪人，定义见 Edmiston Retention Application（Edmiston 聘用申请））的内部交易情况下，收取购买价格 5%的固定费用。鉴于 Edmiston 为营销 Lady May II 所作出的重大努力，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 \\$18,750 的费用。\n\n47. 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而未完成本次出售，受托人须向 Edmiston 支付前述全额费用（Full Fee，定义见 Edmiston 聘用命令）。受托人主张，该项规定是合理的，其中包括因为在该情形下，Edmiston 将已提供相同服务，且若非受托人未履行义务，交割本应完成。因此，受托人主张，受托人同意，属合理之举，\n\n作为PSA的一部分，在该情形下向Edmiston（埃德米斯顿）支付5%的费用，且法院应批准支付该费用。尽管如此，为明确起见，受托人无意不履行其在PSA项下的义务，并继续完成向买方的出售交易（当然，前提是本院批准该出售）。\n\n48. 最后，PSA规定，如在法院批准出售后，因买方不履行义务而未能完成交割，受托人应从保证金中向Edmiston支付等同于\\$5,500的金额；如Lady May II随后与另一买方完成出售，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，该项规定亦属合理，应予批准，原因还包括受托人认为，如出售因买方不履行义务而失败，受托人将能够以使Edmiston获得远高于\\$5,500佣金的购买价，将Lady May II出售给另一名有意向的买方——因此，财产不会遭受净损失。\n\n根据破产程序规则6004(h)豁免暂停期\n\n49. 受托人请求法院豁免《破产程序规则》6004(h)规定的任何适用暂停期，该规则规定：“[一]项授权使用、出售或出租非现金担保物的命令，应暂停执行，直至该命令录入后14日期满，除非法院另有命令。”Fed. R. Bankr. P. 6004(h)。\n\n50. 如前所述，拟向买方出售的条件之一是交割须于December 31, 2023当日或之前完成。除非豁免《破产程序规则》6004(h)规定的默认暂停期，否则将无法满足交割截止期限，买方可能试图退出并终止其购买Lady May II的义务；在此情形下，受托人将失去Lady May II的最高出价，损害债务人财产的利益。因此，鉴于本文件所请求救济的紧迫性质证明应立即给予救济，受托人谨请求法院豁免《破产程序规则》6004(h)规定的十四日暂停期。\n\n关于估值豁免地方法则6004-2\n\n51. 根据地方法则6004-2(b)，除非法院命令另有规定，出售动议必须包括对动议提出人确定拟出售财产公平市场价值所采用方法的说明。受托人已确定，根据本案事实，Lady May II公平市场价值的最佳证据是Edmiston进行的营销程序及随后进行的竞争性竞价程序的结果。因此，受托人认为，没有必要从评估师处取得（并支付费用以取得）单独的公平市场估值。故在必要范围内，受托人请求豁免地方法则6004-2(b)的要求。\n\n通知\n\n52. 本动议的通知将送达：(i) Office of the United States Trustee for the District of Connecticut（美国康涅狄格地区联邦受托人办公室），(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 II有意向的所有实体和个人（如有），(vi) 根据《破产程序规则》2002请求就债务人案件获得通知的所有当事人，以及(vii) 债权人名单。\n\n53. 第(i)至(vi)项所列当事人将收到本动议的完整副本；第(vii)项所列当事人将仅收到出售通知副本（附于本动议之后），于法院就本动议安排听证会及异议期限后尽快送达。15\n\n15 该出售通知以地方法则附录O所载的《拟议私下出售财产通知》为基础，但经修改，亦包括法院就本动议安排的听证日期及对本动议提出异议的截止日期。受托人通过单独动议，请求将本动议的听证会安排在December 18, 2023所在周举行，并将异议截止日期设为December 15, 2023。\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，准予本文件所请求的救济。\n\n日期：November 27, 2023\nNew York, New York\n\n签署人：/s/ G. Alexander Bongartz\n\nLuc A. Despins（吕克·A·德斯平斯）（获准临时出庭）\nG. Alexander Bongartz（G. 亚历山大·邦加茨）（获准临时出庭）\nDouglass Barron（道格拉斯·巴伦）（获准临时出庭）\nPAUL HASTINGS LLP（普衡律师事务所）\n200 Park Avenue\nNew York, New York 10166\n(212) 318-6079\nalexbongartz@paulhastings.com\ndouglassbarron@paulhastings.com\n\n以及\n\nNicholas A. Bassett（尼古拉斯·A·巴塞特）（获准临时出庭）\nPAUL HASTINGS LLP\n2050 M Street NW\nWashington, D.C., 20036\n(202) 551-1902\nnicholasbassett@paulhastings.com\n\n以及\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.（诺伊伯特、佩佩与蒙泰斯律师事务所）\n195 Church Street, 13th Floor\nNew Haven, Connecticut 06510\n(203) 781-2847\ndskalka@npmlaw.com\nplinsey@npmlaw.com\n\n第11章受托人的律师\n\n案件 22-50073 文档 2375 提交于 11/27/23 录入于 11/27/23 14:48:34 第 26 页，共 62 页\n\n附件A\n\n拟议出售命令\n\nUNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION（美国康涅狄格联邦破产法院布里奇波特分庭）\n\nx\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【拟议】命令：根据《破产法典》第105条和第363条、《破产程序规则》第2002条和第6004(c)条以及地方法则6004-1和6004-2，(I) 授权并批准无任何留置权、请求权、权益及负担地出售LADY MAY II，(II) 授权并批准购买和出售协议，以及(III) 准予相关救济\n\n现就Luc A. Despins以Ho Wan Kwok（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“本动议”）2，根据《美国法典》第11编第105、363(b)和363(f)条（下称“破产法典”）、《联邦破产程序规则》第2002、6004(c)和9014条（下称“破产程序规则”），以及United States Bankruptcy Court for the District of Connecticut（美国康涅狄格联邦破产法院）《地方法则》第6004-1和6004-2条（下称“地方法则”），请求作出一项命令：(i) 授权并批准受托人根据买方与受托人于November 22, 2023订立的特定购买和出售协议（连同相关附录，下称“PSA”），将Lady May II3无任何留置权、请求权、权益及负担地出售（下称“出售”）给Patrick Cloppenburg（帕特里克·克洛彭堡）（下称“买方”）；(ii) 授权并批准PSA；以及(iii) 准予相关救济，详见本动议；并且，本动议的听证会已于_____, 2023举行（下称“听证会”），在该听证会上，受托人的证据材料以及Johnson先生和受托人的证言获准作为支持出售的证据；并且，本院已审阅并考虑本动议、Dirk Johnson（德克·约翰逊）就所请求救济所作的声明（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出示的证据；并且，PSA条款看来符合债务人、财产、债权人及其他利害关系方的最佳利益；并且，经适当审议且有正当理由，现\n\n本院特此认定：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United States District Court for the District of Connecticut（美国康涅狄格联邦地区法院）的移送常设命令，对出售及PSA的批准具有管辖权。这是根据28 U.S.C. § 157(b)规定的核心程序。本案在本地区的审判地根据28 U.S.C. §§ 1408和1409适当。\n\n3 就根据PSA进行的出售而言，“Lady May II”一词包括根据PSA拟出售的全部资产，包括截至PSA日期（即November 22, 2023）在Lady May II上和/或列入Lady May II清单规格中的所有装备、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、物品及附属设施。\n\n4 本文所载认定和结论构成本院根据《破产程序规则》7052作出的事实认定和法律结论；该规则依《破产程序规则》9014适用于本程序。\n\nB. 本命令构成28 U.S.C. § 158(a)所指的终局命令。\n\n尽管有《破产程序规则》6004(h)的规定，并根据《破产程序规则》9014及《联邦民事诉讼规则》54(b)（经由《破产程序规则》7054适用）在任何必要范围内，本院明确认定不存在延迟执行本命令的正当理由，并明确指示按本文规定录入判决书。作为《破产法典》第363(m)条规定的善意买方，买方可于本命令录入后的任何时间完成PSA所设想的出售，且不受《破产程序规则》6004(h)规定的暂停期约束。\n\n出售通知\n\nC. 已向所有已知利害关系人或实体提供本动议、听证会的实际书面通知，以及就本动议及其所请求救济提出异议或陈述意见的合理机会。\n\nD. 如此前向本院提交的送达证明所示：(i) 已向所有利害关系方就本动议、听证会、本命令的录入、出售及相关异议截止日期提供适时、适当、及时、充分且足够的通知；(ii) 该等通知在本第11章案件的情形下过去及现在均属良好、充分且适当，向利害关系方提供了就此提出异议和陈述意见的公平合理机会，且系依照《破产法典》、《破产程序规则》及适用地方法则提供；以及(iii) 无须且不应要求就该等事项作出其他或进一步通知。\n\n商业判断\n\nE. 受托人已证明，迅速完成出售具有良好、充分且合理的商业目的和正当理由以及令人信服的情形；该等行动是对受托人商业判断的适当行使，并符合债务人、其财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规定的购买价及其他条款构成就Lady May II收到的最高报价，或在其他方面构成最高及最佳报价；(ii) 按照PSA规定的条款进行出售，构成对Lady May II有序且迅速的出售，并为最大化Lady May II价值提供最佳机会；以及(iii) 除非按本命令规定并依照PSA迅速完成出售，债权人可能获得的清偿将大幅减少。\n\n营销程序\n\nF. 如动议、Johnson Declaration（约翰逊声明）、在听证会上提出或采纳的证言及其他证据，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，以下简称“Edmiston”）进行了充分而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，已适当通知，并向任何实体提供了充分、公平和合理的机会，以提出购买 Lady May II 的要约；及 (iv) 受托人实施的程序为受托人和债务人遗产就 Lady May II 获得了最高及最佳价值。\n\n公平对价；最高或最佳价值\n\nG. 买方根据 PSA 就 Lady May II 提供的对价，属于对 Lady May II 公平合理的对价，并构成：(i) 根据《破产法典》、《统一欺诈性转让法》和《统一可撤销交易法》的合理等值；(ii) 根据《统一欺诈性让与法》的公平对价；以及 (iii) 根据美国、任何州、领地、属地或哥伦比亚特区任何其他适用法律的合理等值、公平对价和公允价值。该等对价构成对 Lady May II 的最高及最佳出价。没有任何其他个人、实体或个人或实体团体曾提出以高于或等于买方依据 PSA 所提供给债务人遗产价值的金额购买 Lady May II。迅速批准出售是实现 Lady May II 价值最大化的唯一方式。\n\n善意\n\nH. PSA 和出售系由受托人和买方以善意、无串通并在独立交易地位上谈判、提议和订立，且正在由其实施。同样，债务人遗产将在出售完成时获得的价值，是受托人、买方及其各自代表和顾问之间独立谈判的结果。\n\nI. 买方系善意购买 Lady May II，并且是《破产法典》第 363(m) 条所指的善意购买人，因此有权享有该规定及任何其他适用或类似的破产法和非破产法所赋予的全部权利、利益、特权和保护。\n\nJ. 买方和受托人均未从事任何会阻止《破产法典》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有关的一切方面均为善意行事，原因包括：(a) 买方的出价系竞争性竞价程序的结果；(b) 买方应支付的所有款项，以及买方就出售订立的、载于 PSA 的其他协议或安排，均已披露；以及 (c) 买方未因任何作为或不作为而违反《破产法典》第 363(n) 条。\n\nL. 买方不是债务人的内部人或关联方（该等术语定义见《破产法典》第 101(2) 条和第 101(31) 条）。\n\n《破产法典》第 363(f) 条的条件已获满足\n\nM. 受托人获授权在不附带针对债务人或其遗产的任何留置权、请求权、权益及负担的情况下出售 Lady May II，因为《破产法典》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（或最终撤回其异议，如有）的留置权、请求权、权益或负担持有人，已依据《破产法典》第 363(f)(2) 条同意或被视为已同意出售。此外，《破产法典》第 363(f) 条的一个或多个其他款项亦适用，因此，Lady May II 上的留置权、请求权、权益或负担持有人，因其在 Lady May II 上的留置权、请求权、权益或负担仅以与出售前相同的优先顺位及相同的范围、效力和作用附着于出售所得款项，而获得充分保护。\n\nO. 如果 (i) Lady May II 的出售并非不附带所有留置权、请求权、权益及负担，或 (ii) 买方将来可能或在未来可能须对任何该等留置权、请求权、权益及负担承担责任，买方将不会订立出售，亦不会完成由此设想的交易，从而对债务人遗产及其债权人造成不利影响。PSA 项下应提供的全部对价反映出买方依赖本命令，根据《破产法典》第 105(a) 条和第 363(f) 条，向其提供不附带所有留置权、请求权、权益及负担的 Lady May II 所有权和占有。\n\n转让的有效性\n\nP. 将 Lady May II 转让给买方，将构成对 Lady May II 合法、有效且具效力的转让，并将使买方取得债务人在 Lady May II 中及就 Lady May II 享有的任何法定、衡平及受益权利、所有权和权益，且不附带所有留置权、请求权、权益及负担。出售的完成根据《破产法典》的所有适用规定，包括但不限于《破产法典》第 105(a)、363(b)、363(f) 和 363(m) 条，均属合法、有效且获得适当授权，并且就出售而言，已遵守该等条款的所有适用要求。交割后，债务人遗产将免除与买方在交割后经营和/或拥有 Lady May II 所产生或相关的请求权有关的任何种类责任或其他义务。\n\n豁免《破产规则》6004(h)\n\nQ. 必须迅速批准并完成 Lady May II 的出售。受托人和买方拟于 2023 年 12 月 31 日或之前完成出售的交割。受托人已证明，按照 PSA 所设想的方式立即批准和完成出售，具有迫切情形以及正当、充分和合理的商业目的和理由。因此，有充分理由解除《破产规则》6004(h) 就本命令所设想交易规定的停止效力。\n\n法院特此命令、裁定并判决：\n\n1. 动议在各方面均获准并获批准，任何异议均予驳回。\n\n2. PSA 特此按本命令所述获批准。\n\n3. 根据《破产法典》第 363(b) 条和第 363(f) 条，特此在各方面批准依据 PSA 将 Lady May II 出售给买方，且不附带所有留置权、请求权、负担及其他权益。\n\n4. 根据《破产法典》第 105(a)、363(b) 和 363(f) 条，受托人获授权按照 PSA 和本命令的条款转让 Lady May II。受托人按照 PSA 向买方转让 Lady May II 应：(a) 有效、合法、具有约束力并具有效力；(b) 使买方取得受托人在 Lady May II 中及就 Lady May II 享有的全部权利、所有权和权益；以及 (c) 根据《破产法典》第 363(f) 条，不附带针对 Lady May II 的所有留置权、请求权、权益及负担。\n\n5. 根据《破产法典》第 363 条，本命令自交割时起使受托人和债务人遗产丧失其在 Lady May II 中及就 Lady May II 享有的全部权利、所有权和权益。\n\n6. 买方根据 PSA 就 Lady May II 提供的对价公平合理，并应就一切目的视为构成《破产法典》及任何其他适用法律项下的合理等值、公允价值和公平对价；不得根据第 363(n) 条或《破产法典》的任何其他规定撤销或拒绝该出售，或对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) 按照动议、PSA 和本命令，在交割时完成将 Lady May II 转让给买方的出售；(b) 履行、完成、实施并全面完成 PSA，以及为实施本命令和 PSA 而可能合理必要或适宜的所有补充文书和文件；以及 (c) 履行本命令和 PSA 所设想的义务，包括买方就此合理要求的所有行动。\n\n8. 尽管有任何要求任何人批准或同意的规定，受托人向买方出售 Lady May II 应构成对 Lady May II 合法、有效且具效力的转让，并使买方取得 Lady May II 的全部权利、所有权和权益，但须遵守 PSA 的条款。\n\n9. Lady May II 中、上或针对 Lady May II 的所有留置权、请求权、权益和/或负担，应自动仅附着于出售所得款项，并具有其目前针对 Lady May II 所具有的相同有效性、优先顺位、效力和作用，但须受受托人或债务人遗产就此可能享有的任何请求权和抗辩的约束；但前述规定不得排除受托人使用该等所得款项，但进一步规定，用于支付受托人专业人士的该等款项（Edmiston 除外），如有最终且不再可上诉的命令作出，认定 Lady May II 和/或其所得款项为 HK USA 的财产，则须予调整和/或返还；在此情况下，HK USA 有权在该最终确定的权益范围内从所得款项和/或债务人遗产获得付款；仅在债务人遗产无法从出售所得款项或债务人遗产的其他资产中独立清偿 HK USA 的留置权、请求权、权益和/或负担（如有）的情况下及范围内，本法院方可命令作出该等调整和/或返还。受托人确认并同意，本命令授权的出售不会基于衡平原则使 HK International Funds Investments (USA) Limited, LLC（HK国际基金投资（美国）有限公司）诉 Luc A. Despins（吕克·A·德斯平斯），受托人，Adv. Proc. No. 22-05003 (JAM) 一案中对本法院《准予部分简易判决命令》的上诉失去实际意义。尽管本命令有任何相反规定，本命令中的任何内容均不得排除受托人反对 HK USA 和 Mei Guo（梅郭）在债务人第 11 章案件中获得陈述机会的资格。本命令应作为一项认定而生效，即于交割时及自交割时起，Lady May II 中、上或针对 Lady May II 的任何种类或性质的所有留置权、请求权、权益和/或负担，均已无条件解除、清偿并终止。本命令中授权和批准不附带留置权、请求权、负担及其他权益转让 Lady May II 的规定应自行执行，受托人和买方均无需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、完成和实施本命令和 PSA 的规定。\n\n10. 在遵守本命令的条款、条件和规定的前提下，兹永久禁止并阻止所有个人和实体采取任何会对以下事项产生不利影响、构成干扰或与之不一致的行动：(a) 受托人将 Lady May II 转让并交付给买方的能力；(b) 买方依照 PSA 及本命令的条款取得、占有、使用和运营 Lady May II 的能力；以及 (c) 受托人与买方履行其各自在其中所承担义务的能力；但前述限制不得损害任何具有必要诉讼资格的利害关系方依照适用法律对本命令提出上诉，或反对对本命令提出的任何上诉的权利。\n\n11. 买方有权获得《破产法典》第 363(m) 条所赋予的一切保护。PSA 及本命令所设想的出售系由买方善意进行，该术语的含义以《破产法典》第 363(b) 条中的用法为准；因此，对本命令所授予完成该出售之授权作出的上诉撤销或修改，不影响该出售的有效性，除非该授权在交割前已在该上诉待决期间依法获得中止。为免疑义，在未就本命令于上诉待决期间获得中止的情况下，对本命令提出上诉的待决状态，不构成不完成该出售的依据。\n\n12. 未在本命令中明确载入 PSA 的任何特定条款，不得削弱或损害该等条款的效力；本院意图使 PSA 及其每一项条款、期限和条件（包括但不限于其附录）均获得完整授权和批准，且因此现予以完整授权和批准；但 PSA 可由其当事方以经全体当事方签署的书面文件予以修改、修订或补充，无须另行通知本院或取得本院命令，前提是任何该等修改、修订或补充不会对债务人遗产产生重大不利影响，除非经本院命令批准。\n\n13. 本命令、PSA 的规定，以及依照本命令或 PSA 所采取的任何行动，在任何确认或完成任何第 11 章计划的命令作出后，或在任何将本第 11 章案件自《破产法典》第 11 章转换为第 7 章或驳回本第 11 章案件的命令作出后，均继续有效；PSA 的条款和规定，以及依照本命令和 PSA 授予的权利和利益，应在本第 11 章案件或任何继受案件中继续有效，并可具体履行、可强制执行，且对受托人、债务人、其遗产、全体债权人、对债务人享有债权的所有持有人（无论已知或未知）、对 Lady May II 的全部或任何部分拥有留置权、债权、权益和／或其他负担的所有持有人（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《破产法典》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托责任人，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该计划获确认时任命的计划受托责任人、计划管理人、诉讼受托人或清算受托人。\n\n14. 本命令对所有因法律实施、职务职责或合同而可能被要求接受、提交、登记或以其他方式记录或解除任何文件或文书，或可能被要求报告或承保 Lady May II 之上或与之相关的任何所有权或所有权状态的个人和实体（包括但不限于所有提交代理人、提交官员、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，并规范其行为。上述每一个人和实体均应接受提交为解除、清偿和终止针对 Lady May II 的任何留置权、债权、权益和负担，或以其他方式完成本命令及 PSA 所设想出售所必需且适当的任何及所有文件和文书。截至本命令日期登记在案的所有留置权、债权、权益和负担，应立即视为已从 Lady May II 上移除并注销。本段所述的所有个人和实体均获授权并被明确指示，从其正式或其他记录中注销所有该等登记在案、针对 Lady May II 的留置权、债权、权益和负担。\n\n15. 尽管其后根据《破产法典》任何章节或任何其他法律任命任何其他受托人、审查员或接管人，PSA 和本命令的条款和规定在各方面均应对受托人、债务人遗产及其债权人、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，包括所有主张对 Lady May II 享有或针对其享有留置权、债权、权益或负担的个人；所有该等规定和条款同样应对该等受托人、审查员或接管人具有约束力，且不得由受托人、债务人、其遗产、其债权人或任何该等受托人、审查员或接管人拒绝履行或撤销。\n\n16. 于交割时，受托人获授权向 Edmiston 支付全额费用（定义见 Edmiston 留任命令），即购买价款的 5%，亦即 $18,750。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 $5,500 的金额；如 Lady May II 与不同买方完成出售，该金额将计入并减少 Edmiston 根据其与受托人签订的聘用函可能获得的任何佣金。\n\n17. 为免疑义，出售中不包括出售任何遗产诉因。\n\n18. 尽管《破产规则》6004(h) 或地方法规的任何适用规定另有规定，本命令在作出后不得中止，而应于作出后立即生效并可强制执行；《破产规则》6004(h) 规定的 14 日期限中止，现明确予以放弃且不适用。受托人与买方拟于 2023 年 11 月 30 日或之前完成该出售的交割。任何反对本命令的一方必须在法律规定期限内且于交割前，以适当勤勉提出上诉并寻求中止，否则其上诉将面临因失去实际意义而被排除的风险。\n\n19. 本命令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，所有该等条件和权利均应依其条款继续完全有效。\n\n20. 自交割时起，于本命令日期之前作出的所有任何种类的协议及本院的所有命令，均应在为允许完成该出售所必需的范围内视为已被修订和／或修改，包括但不限于将 Lady May II 转让给买方及完成交割。\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该出售。\n\n22. 在必要范围内，现放弃地方法规 6004-2(b) 的要求。\n\n23. 应于该出售交割后 10 日内向法院案卷提交交割结算书。\n\n24. 如本命令的规定与 PSA 之间存在冲突，应以本命令为准。\n\n25. 本院保留管辖权，以便除其他事项外，(a) 解释、执行和实施本命令及 PSA 的条款和规定（包括对其作出的全部修订、其项下的任何弃权和同意，以及与之相关签署的每一份协议）；以及 (b) 裁决与本命令及 PSA 有关的争议（包括对其作出的全部修订、其项下的任何弃权和同意，以及与之相关签署的每一份协议）。\n\n案号 22-50073 文书 2375 于 11/27/23 提交 于 11/27/23 14:48:34 登记 第 41 页，共 62 页\n\n附件 B\n\nPSA\n\n经纪船舶购买与出售协议\n\n买方：Patrick Cloppenburg 卖方：Luc A. Despins，作为 Ho Wan Kwok（郭文贵）遗产的第 11 章受托人\n\n地址： 地址： 地址：\nUNTERE ROOSTMATT 12 地址：转交 Paul Hastings LLP, 200 Park Avenue\n6300 Zug，瑞士 New York, New York 10166\n国籍：加拿大 国籍：美国\n船舶名称：Lady May II 制造商：Windy Scaninavia AB\n型号：机动游艇 全长：14.95 m\n年份：2013 文件或登记编号：746230\n船旗：开曼群岛\n船体编号： 发动机说明：内燃机（Volvo）\n出售经纪人： 挂牌经纪人：Edmiston & Company Limited\n\n重要日期 购买价款\n要约日期： 购买价款：375,000.00 $\n要约到期日： 减：保证金：[购买价款的 25%]\n接受／拒绝日期： 减：折抵补贴（见附录）：不适用\n交割日期：31.12.2023 余额：\n\n交付地点：Newport, Rhode Island\n\n注：如船舶须被移动至交付地点，必须准确具体地说明。仅列明港口或城市并不足够。\n\n包括的其他已登记船舶 ＿＿ 是 否\n\n1. 协议。买方同意购买，且卖方同意出售上述船舶的一切权利、所有权和权益，但须遵守本《购买与出售协议》（“PSA”）所载条款和条件。本 PSA 中使用的大写术语，除非本文另有定义，均指上表中的相应术语。本 PSA 的“生效日期”系双方均已签署本 PSA 的日期。“船舶”还包括截至本协议之日位于船上和／或载于船舶挂牌规格说明中的全部装备、机械、燃料、消耗品，以及所有已登记或未登记的附属艇、玩具、物品和附属设施，但卖方于以下较早日期提供的排除清单中列明的物品除外：(a) 生效日期起五日内；或 (b) 接受／拒绝日期；该等物品不包括在出售范围内。如买方未提出异议，即视为其已接受排除清单。经纪人和出售经纪人在本文中统称为“经纪人”。如存在折抵补贴，以旧换新的条件应受随附的《折抵船舶附录》管辖。如任何一方未在要约到期日或之前签署本 PSA 并将其交付给另一方，本 PSA 不生效。\n\n2. 保证金。在卖方签署本 PSA 后＿＿＿＿＿＿个营业日内（如留空），买方应按下文确认向出售经纪人的账户支付保证金，作为依照本 PSA 条款支付购买价款的保证金。在保证金已清算并存入出售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\n3. 验船选择权；船舶接受；验船条件。买方购买该船舶的义务，以买方就该船舶的试航和验船是否满意为条件，该等满意与否由买方自行决定；但买方可选择不对该船舶进行检验：(a) 买方应选择验船师；(b) 验船师而非经纪人，应对与验船有关的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验船师；(c) 卖方应提供该船舶，且买方应尽快完成试航和验船；(d) 卖方应支付试航的全部运行费用并承担与试航有关的风险；买方应支付验船的全部费用，包括相关费用，例如吊船、干船坞及分包商费用；(e) 买方及其验船师应独自负责确定验船和试航的范围，以评估该船舶是否符合本协议。买方应在接受/拒绝日期当日或之前，向卖方或挂牌经纪人递交书面的该船舶拒绝或接受通知。如买方未及时发出其接受通知的书面通知，则应视为买方已拒绝该船舶。买方接受该船舶后，在交割（定义见第4段）完成前，卖方不得使用该船舶，但为将该船舶移至交付地点而使用的除外。若买方拒绝或被视为拒绝该船舶，则在代表买方发生的全部费用均已支付后，(i) 销售经纪人应将保证金退还给买方，(ii) 本购销协议将终止，且(iii) 双方当事人及经纪人将免于承担本协议项下任何进一步责任。经纪人不负责修复在试航和验船期间发现的任何缺陷或不足所需的费用。\n\n买方姓名首字母：________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________\n\n修订版：3.10.20\n\n本表格由 International Yacht Brokers Association（国际游艇经纪人协会）为其专属使用及利益编制。双方当事人及经纪人特此免除国际游艇经纪人协会因使用本表格所产生或与之相关的损害赔偿责任。国际游艇经纪人协会明确否认与使用本表格有关的一切保证，包括适销性及适合特定用途的保证。\n\n©2020 International Yacht Brokers Association（国际游艇经纪人协会）。保留所有权利。\n\n4. 交割。该船舶所有权的转让（“交割”）应于交割日，在交付地点，同时支付买方应付的全部款项并交付向买方转让良好且可销售所有权所必需的所有其他文件原件时完成。如该船舶必须移至交付地点，除非款项已全额支付，或款项由托管机构持有且仅以将该船舶交付至交付地点及向买方交付产权文件为条件，否则卖方不应将该船舶交付至交割地点。交割可通过隔夜快递或电子方式促成。卖方应在交付地点向买方交付该船舶（定义见第1段），但应扣除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。于交割日当日或之前，卖方必须向销售经纪人交付向买方转让该船舶所有权所必需的全部文件（以及本协议要求交付的所有其他物品）；买方应向卖方（受第6段约束）及/或向销售经纪人支付余额，以便后者通过电汇转交卖方。卖方应付给(i) 经纪人的佣金、仓储费、保险费、维修费及/或其他项目，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支付款项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保证金持有人根据本协议条款，从保证金中向经纪人支付佣金。\n\n5. 经纪人。双方当事人确认，挂牌经纪人和销售经纪人是促成本购销协议的唯一经纪人。如挂牌经纪人与销售经纪人为同一家经纪公司，双方当事人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；该经纪人可以向双方披露其知悉的、对该船舶价值或吸引力有重大影响的事实；但在该等情形下，未经卖方同意，经纪人不得向买方披露卖方愿意以低于挂牌价格的金额出售该船舶，且未经买方同意，经纪人不得向卖方披露买方愿意支付高于要约价格的价格。如挂牌经纪人与销售经纪人不同，挂牌经纪人仅代表卖方，对买方不负有任何义务，无论该等义务是否为信义义务；销售经纪人仅代表买方，对卖方不负有任何义务，无论该等义务是否为信义义务（尽管由卖方支付报酬）。经纪人仅有义务履行本协议明示规定的职责，不得将任何默示职责或义务解释为包含于本购销协议中。卖方应独自负责支付本协议所规定的、与出售该船舶有关的应付经纪人佣金。各方当事人向另一方陈述并保证，其未曾就向买方出售该船舶的谈判聘用或接触任何其他经纪人、代理人或介绍人，并确认经纪人为本购销协议的第三方受益人。\n\n6. 卖方的陈述；交割要求。卖方陈述并保证，其将向买方转让该船舶的良好且可销售所有权，且不存在任何债务、请求权、海事或普通法留置权、担保权益、权利负担、消费税，以及应付给任何州、国家、监管机关及/或税务机关的任何其他适用税款、关税或税费（统称“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) 已支付或解除全部权利负担的证明（交割时将解除的权利负担除外）；(c) 卖方就其在本第6段中所作陈述和保证提供的保证及赔偿；(d) 如卖方为法人实体，则由卖方实益所有人提供的个人保证及赔偿，以保证卖方在本第6段中所作的陈述和保证；以及(e) 向买方转让良好且可销售所有权所必需的任何其他文件副本。卖方应支付并充分配合取得任何主管机关要求的出售授权。任何作为法人实体的一方，应在交割前向另一方提供：(i) 其根据设立该实体所在州或其他司法管辖区的法律处于良好存续状态的证明；(ii) 同意行为或决议，证明该实体已适当授权作出购买或出售该船舶的决定，并证明交付或接受本购销协议及/或购销文件的个人具有相应权限；(iii) 授权书，证明交付或接受该船舶的个人具有相应权限；以及(iv) 就卖方而言，其电汇信息。\n\n7. 灭失风险；不可抗力。卖方应在交割前承担该船舶灭失或损坏的风险。如该船舶在买方接受后受损，且必要的维修费用低于购买价格的百分之五(5%)，并且完成维修所需时间少于30日，则：(a) 卖方必须在交割前按照良好海事惯例修复损坏，使该船舶恢复至损坏前的状态，且买方可以检查该等维修；(b) 买方必须支付余额并接收经修复的该船舶；以及(c) 交割日将按维修期间予以延长。如该船舶在买方接受后遭受更大程度的损坏，任何一方均可终止本购销协议，其后果与买方拒绝该船舶时相同。任何一方履行义务的义务，在为适应超出该方合理控制范围的不可预见事件（“不可抗力事件”）所必需的范围内应予中止，包括但不限于恐怖主义行为、罢工、停工、骚乱、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，本购销协议所提及的期限，包括但不限于交割日，应视为延长为使受影响一方能够按照本购销协议履行义务所必需的时间；但如不可抗力事件使交割日延迟超过30日，任何一方均可终止本购销协议，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，包括但不限于未能在交割日之前支付余额或签署完成购买所必需的全部文件：(i) 保证金应由卖方及经纪人留存（如保证金未支付，买方应支付等额款项），作为约定的违约赔偿金，作为本购销协议的对价，并作为双方当事人之间全部请求权的完全和解；(ii) 销售经纪人应将保证金退还给买方；且(iii) 双方当事人将免于履行本购销协议项下的全部义务。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，之后百分之五十(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支付的佣金比例进行分配。如因卖方未履行义务而未完成交割，则根据本购销协议由买方支付或存入的保证金及任何其他款项，应在买方提出要求时退还给买方，或者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。卖方违约时，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。\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\n9. 销售税及使用税。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，买方应于交割时向销售经纪人支付应缴税款。买方特此就其负责的任何销售税或使用税向卖方及经纪人作出赔偿并使其免受损害。\n\n10. 陈述与保证。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，并善意提供该等信息，但不作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) 将已对该船舶进行充分检验和试航（或已自愿放弃该等权利），且(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（无论为口头或书面，且无论在本购销协议之前或与本购销协议同时作出）。交割时，买方应视为已按该船舶“现状”接受该船舶。卖方及经纪人未作出任何明示或默示保证，亦未就该船舶的状况、其适合任何特定用途或适销性作出任何陈述，且特此否认所有该等保证和陈述。\n\n11. 融资。买方的义务不以获得融资为条件。买方声明，如有必要，其将安排融资。买方和卖方确认，经纪人未就买方获得融资的能力、买方取得船舶任何类型抵押贷款的资格，或买方在任何司法管辖区对船舶进行备案或登记的能力，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，每一副本均应视为正本（包括通过传真、电子邮件或其他电子方式证明的签名），如同签名均签署于同一文书之上。\n\n13. 约束效力；同时订立的合同；未来出售。本PSA对所有当事方、其继承人、遗产代理人和/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或就该船舶订立任何合同。如未依照本PSA条款完成出售，且买方与卖方在本PSA终止后，无论直接或通过一方所有或控制的实体，就该船舶相互订立合同，卖方同意向经纪人支付与经纪人如完成本PSA所设想交易本可获得的佣金相同的金额。\n\n14. 托管资金。双方确认：(a) 在资金结算并存入出售经纪人账户之前，出售经纪人不对定金负责；(b) 在资金结算后，出售经纪人应以托管方式持有定金，任一经纪人从任何一方收到的任何其他资金均应为该方以信托方式持有；(c) 在向卖方支付定金或余额之前，出售经纪人可以保留经纪人的佣金；以及(d) 在涉及经纪人持有的任何资金的任何争议中，买方和卖方将就与之有关的法律费用和成本（包括在任何上诉中发生的费用和成本，该义务以托管资金上的留置权作担保）以及与佣金请求有关的费用和成本，对经纪人作出赔偿；但经最终且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. 其他。本PSA，包括其附件和附表，构成双方就本协议标的达成的完整协议，并取代与此有关的所有先前及同时进行的谈判、协议、陈述、保证和谅解，无论其为书面形式或其他形式。如经纪人成为涉及本PSA的任何诉讼的一方，则经纪人应由被认定违反本PSA的一方或多方偿付其在所有审前、审判和上诉阶段发生的成本及律师费。如双方之间因本PSA标的而发生任何争议，胜诉方（包括经纪人）有权获得在所有审前、审判和上诉程序中发生的合理开支、律师费和成本。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，则应在可能范围内将其解释为实现本PSA的意图，而非不予适用。无论如何，本PSA的所有其他条款、条件和规定均应视为有效并可执行。除本协议明确规定外，不存在任何其他明示、默示或其他形式的职责、义务、责任或保证。除非以书面形式作出并由买方和卖方签署，本PSA不得修订或修改。由代表任何一方的律师或经纪人发出或向其送达的通知和交付，与由该方发出或向该方送达具有同等效力。所有通知必须采用书面形式，并可通过亲自交付、隔夜快递、传真、电子邮件或其他电子方式作出，并应于留存交付凭证时生效。买方可将本PSA转让给买方的任何直系亲属成员，或由买方和/或其直系亲属成员拥有或控制的任何实体。除此之外，未经另一方同意，任何一方不得转让本PSA，且该同意不得被无理拒绝。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，除非以书面形式作出；任何放弃亦仅适用于作出该放弃的特定情形。段落标题仅供参考和便利之用。\n\n买方姓名首字母：\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卖方姓名首字母\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)。涉及本协议的任何争议将通过以下方式解决：(a) { = 在____州（如留空，则为Florida（佛罗里达州））境内的法院解决；(b) __ 通过在____州（如留空，则为Florida（佛罗里达州））进行的具有约束力的仲裁解决；(c) 通过在England（英格兰）London（伦敦）进行的具有约束力的仲裁解决。如选择(a)或(b)：(i) 本协议应受____州（如留空，则为Florida（佛罗里达州））法律管辖并依其解释，不考虑法律冲突原则；以及(ii) 程序应在出售经纪人所在县进行；如出售经纪人在Florida（佛罗里达州）没有办事处，则在____进行。除非适用下列规则，否则仲裁开始时有效的American Arbitration Association（美国仲裁协会，AAA）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)日内共同选定一名由International Yacht Brokers Association（国际游艇经纪人协会，IYBA）维持名册的仲裁员。如双方无法就仲裁员达成一致，则IYBA有权作出任命。如争议金额较高，双方应各自指定一名仲裁员，两名仲裁员应共同指定第三名仲裁员。如其无法在14日内就第三名仲裁员达成一致，任一方可请求IYBA从IYBA维持的仲裁员名册中指定第三名仲裁员。独任仲裁员的裁决，或者如为三名仲裁员组成的仲裁庭，则其中任意两名仲裁员的裁决，应为终局性裁决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或强制仲裁。如选择(c)：(i) 本协议应受English law（英格兰法律）管辖并依其解释，不考虑其法律冲突原则；(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，均应依照Arbitration Act 1996（1996年仲裁法）或其任何法定修改或重新颁布版本提交仲裁，但为使本段规定生效所必需的范围除外；(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，LMAA）规则进行；(iv) 如争议金额（包括反请求）低于USD $100,000，则适用其小额请求程序；如争议金额等于或高于USD $100,000且低于USD $400,000，则适用其中等请求程序。无论选择何种方案，双方均不可撤销地接受该法院或仲裁机构的专属管辖，放弃其目前对审判地或法院便利性所提出的任何异议，同意所有与该程序有关的请求仅由该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。双方在有机会寻求法律顾问后，放弃就根据本协议产生的请求接受陪审团审判的权利，无论该请求系针对彼此或任何经纪人提出。\n\n买方：Patrick Cloppenburg（帕特里克·克洛彭堡） 职务： 日期：\n\n卖方： 印刷体姓名： 职务： 日期：\n\n出售经纪人定金确认书（以资金结算为条件）\n\n印刷体姓名：\n\n职务：\n\n金额：\n\n日期：\n\n买方姓名首字母：\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本表格专为PBA的独家使用和利益而编制。双方及经纪人特此免除IYBA因使用本表格所造成或与之相关的任何损害赔偿责任。IYBA明确否认与使用本表格有关的任何适销性保证及任何特定目的适用性保证。\n\n经纪船舶买卖协议附录，签署于November 22, 2023，由(i) Luc A. Despins（卢克·A·德斯平斯）作为Ho Wan Kwok（郭文贵）遗产的Chapter 11（第11章）受托人，与(ii) Patrick Cloppenburg（帕特里克·克洛彭堡）订立（以下简称“附录”）\n\n本附录中使用但未定义的首字母大写术语，具有就Lady May II订立、签署于November 22, 2023的《经纪船舶买卖协议》（以下简称“PSA”）中赋予该等术语的含义。为免生疑，任何对PSA的提及（无论在该PSA或本附录中）均指经本附录修改后的PSA。\n\n1. Luc A. Despins仅以Ho Wan Kwok遗产的Chapter 11受托人身份作为PSA的一方，而非以其个人身份作为一方。因此，买方不得以Luc A. Despins的个人身份或Paul Hastings LLP为对象提出任何请求。\n\n2. 卖方的义务须经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Chapter 11案件，即Case No. 22-50073（以下简称“第11章案件”），正在该法院审理。\n\n3. 尽管PSA中有任何相反规定，破产法院对有关PSA或因PSA产生的任何请求或争议享有专属管辖权，双方及经纪人不可撤销地接受破产法院的专属管辖，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，同意与PSA有关的所有请求均应由该法院裁决，并进一步同意不在任何其他法院提出与PSA有关的任何请求。为免生疑，特此删除PSA第17条中有关对涉及PSA的任何争议进行仲裁的所有规定。\n\n4. 尽管PSA中有任何相反规定，PSA应受State of New York（纽约州）法律管辖并依其解释，不考虑其法律冲突原则。\n\n5. PSA第1条第四句和第五句特此修改如下：\n\n“船舶”还包括截至本PSA日期位于船上和/或列入船舶挂牌规格的所有属具、机械、设备、家具、燃料、消耗品，以及所有已登记或未登记的附属艇、玩具、物品和附属设施。不设除外物品清单。除卖方或挂牌经纪人在(a)生效日期后五日或(b)接受/拒绝日期中较早者提供的除外物品清单所列项目外，该等项目不包括在出售范围内。如买方接受船舶，则视为买方已接受除外物品清单。\n\n6. PSA第1条第八句特此修改如下：\n\n如根据本PSA出售船舶涉及以旧换新折让，则以旧换新的条件应受所附《以旧换新船舶附录》管辖。\n\n7. PSA第2条特此修改如下：\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 [ ---- ]，2023年，买方应将保证金支付至卖方的出售经纪人账户，如下文确认，作为购置价款的保证金，并应根据本PSA的条款予以托管。在保证金已划入卖方的出售经纪人托管账户之前，卖方可以拒绝允许买方进行该船舶的试航、勘验及其他检验。\n\n8. 本PSA第3节特此修改如下：\n\n买方同意按“现状、现地”基础购买该船舶，即卖方和经纪人均不作出任何明示或默示的保证，亦不就该船舶的状况、其对任何特定用途的适用性或适销性作出任何陈述，且上述一切均予以免责。为免疑义，买方不得以任何理由拒绝该船舶；买方签署本PSA，即同意按“现状、现地”基础接受该船舶。买方购买该船舶的义务，以买方自行决定对该船舶试航和勘验结果感到满意为条件，但买方可选择不对该船舶进行检验。如进行检验：(a) 买方将选择勘验师；(b) 勘验师而非经纪人将是唯一应对勘验中的任何错误或遗漏负责的一方，尽管经纪人可能已向买方提供信息并协助买方聘请勘验师；(c) 卖方应使该船舶可供使用，买方应在切实可行的最短时间内完成试航和勘验；(d) 卖方应支付试航的一切运行费用并承担与试航相关的风险，买方应支付勘验的一切费用，包括相关费用，例如吊运、干船坞和分包商费用；(e) 买方及其勘验师将全权负责确定勘验和试航的范围，以评估该船舶是否符合买方的要求；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的该船舶拒绝或接受通知。无论买方是否已检验该船舶，如其未及时发出书面接受通知，则视为买方已拒绝该船舶。买方接受该船舶后，在交割前，卖方不得以任何方式使用该船舶，\n\n案号 22-50073，文件 2375，提交日期 11/27/23，录入日期 11/27/23 14:48:34，第 48 页，共 62 页\n\n交割（定义见第4段）除将该船舶移至交付地点外。若买方拒绝或被视为拒绝该船舶，在代表买方产生的一切费用均已支付后，(i) 出售经纪人应向买方返还保证金；(ii) 本PSA将终止；以及 (iii) 双方当事人和经纪人将免于承担本协议项下的任何进一步责任。经纪人不负责纠正试航和勘验期间发现的任何缺陷或不足的费用。\n\n9. 本PSA第4节第六句特此修改如下：\n\n于交割时，买方应向卖方支付余额（受第6段约束），保证金应予释放给卖方，但须扣除紧随其后一句所述的款项，和/或由出售经纪人通过电汇转交卖方。卖方应付给 (i) 经纪人的佣金、仓储费、保险费、维修费和/或其他项目的任何款项（须经 Bankruptcy Court（破产法院）批准），或 (ii) 任何其他产权负担持有人的任何款项，应由出售经纪人在向卖方支付资金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保证金持有人按照本协议条款从保证金中向经纪人支付佣金，并在向卖方释放保证金前支付给经纪人。为免疑义，破产法院批准将该船舶出售给买方的命令应规定，该船舶是在不存在任何产权负担的情况下出售，任何产权负担将附着于出售所得款项。\n\n10. 本PSA第5节第二句特此修改如下：\n\n如挂牌经纪人和出售经纪人为同一家经纪公司，双方当事人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已知的、实质影响该船舶价值或可取性的事实；但前提是，在担任该等职务时，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该船舶；并且 (b) 经纪人就该船舶出售对买方不负任何义务，或者未经买方同意，不得向卖方披露买方愿意支付高于报价的价格。\n\n11. 本PSA第6节第二句特此修改如下：\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该船舶的命令（该命令应规定该船舶在不存在任何产权负担的情况下出售给买方）；(c) 卖方作出的保证和赔偿，保证卖方在本第6段中的陈述和保证；(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和赔偿，保证卖方在本第6段中的陈述和保证；以及 (e) 向买方转让完善且可出售所有权所需的任何其他文件副本。\n\n12. 本PSA第7节第二句和第三句特此修改如下：\n\n如该船舶在买方接受后受损，且必要维修费用低于购置价款的百分之五 (5%) 并可在30日以内完成，则由卖方选择：(a) 卖方必须在交割前按照良好的船舶作业惯例，将损坏修复至紧接损坏发生前该船舶的标准，买方可检验该维修；在该情况下，(b) 买方必须支付余额并接收经修复的该船舶；以及 (c) 交割日期将按维修期间的长度予以延长。如该船舶在买方接受后受损程度更大，或卖方未行使前述句中的选择权，任何一方均可终止本PSA，其后果与买方拒绝该船舶相同。\n\n13. 本PSA第8节特此修改如下：\n\n尽管本协议有任何相反规定，如保证金未于到期时支付，或因买方不履行义务而未完成交割，包括但不限于未于交割日期前支付余额或签署完成购买所需的一切文件：(i) 保证金应由卖方和经纪人留存（如保证金未支付，则买方应向卖方和经纪人支付同等金额），作为约定的违约赔偿金，作为签署本PSA的对价，并作为双方当事人之间一切索赔的完全和解；(ii) 出售经纪人应向买方返还其从买方收到的任何其他资金；以及 (iii) 双方当事人将免除本PSA项下的一切义务；但前提是，如破产法院已批准本PSA后，因买方不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 $5,500 的金额；如其后与不同买方完成该船舶出售，该金额应计入并减少挂牌经纪人可能赚取的任何佣金（按照其与卖方的聘用函）。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；经纪人应按假如该出售因卖方原因完成时佣金本应分配的相同比例进行分配。如截至交割日期，因卖方不履行义务而未完成交割（为免疑义，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，应于买方提出要求时返还给买方，或买方有权请求实际履行。卖方同意，鉴于该船舶的独特性、证明损失的困难，以及以其他方式获得充分救济的不便或不可能，实际履行是合理的。如截至交割日期，因卖方不履行义务而未完成交割，在卖方违约时，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；但破产法院拒绝批准本PSA不构成卖方不履行义务。如破产法院未批准本PSA，则本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有任何相反规定，如因任何原因未完成交割（包括 (a) 因买方不履行其在本PSA项下的义务，(b) 破产法院未批准本PSA，或 (c) 买方依照本PSA拒绝该船舶），卖方有权选择按成本向买方购买勘验报告；如卖方行使该选择权，买方应在收到该勘验报告成本付款后立即向卖方提供完整的勘验报告。\n\n14. 本PSA第9节第一句特此修改如下：\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，买方应于交割时向受托人/出售经纪人支付应缴税款。\n\n15. 下列句子特此加入本PSA第11节第一句之后：\n\n买方声明并保证，其拥有足以于交割时支付购置价款的现金和/或融资。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 或按 Ho Wan Kwok 的指示行事。\n\n16. 本PSA第14节特此修改如下：\n\n双方当事人确认：(a) 在资金已划入卖方的出售经纪人账户前，卖方的出售经纪人不对保证金负责；(b) 资金一经划入，卖方的出售经纪人应托管保证金，且任一经纪人从任何一方收到的任何其他资金均应为该方以信托方式持有；(c) 卖方的出售经纪人应按照本PSA，在向卖方释放或支付保证金或余额前保留应付给经纪人的佣金；以及 (d) 在涉及经纪人持有的任何资金的任何争议中，买方和卖方将赔偿经纪人与该争议以任何方式相关的律师费和成本，包括任何上诉中产生的费用（该义务以托管资金上的留置权作为担保）及与佣金索赔相关的费用，但在破产法院作出的终局且不可上诉判决中被认定有故意不当行为或重大过失的经纪人除外。\n\n17. 本PSA第16节第二句和第三句特此修改如下：\n\n如任何经纪人因涉及本PSA的任何诉讼而成为当事人，该经纪人就所有审前、审判及上诉阶段所发生的合理费用和律师费，应由被认定违反本PSA的一方或多方予以补偿，除非该经纪人在破产法院作出的终局且不得上诉的判决中被认定存在故意不当行为或重大过失。如本协议各方之间因本PSA标的事项发生任何争议，胜诉方（包括经纪人）应有权就所有审前、审判及上诉程序获得合理开支、律师费和费用的补偿，除非该胜诉方在破产法院作出的终局且不得上诉的判决中被认定存在故意不当行为或重大过失。\n\n18. 现将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中的任何成员，或由买方及／或其直系亲属中的任何成员拥有或控制的任何实体。除此之外，任何一方均不得未经另一方同意而转让本PSA，且该同意不得被无理拒绝。\n\n19. 现将PSA第4页签字栏中的“Selling Broker Deposit Confirmation (Subject to clearance of funds)”修改为：“Seller Deposit Confirmation (Subject to clearance of funds)”。\n\n卖方签署：\n\n姓名：Luc A. Despins（卢克·A·德斯平斯），作为Ho Wan Kwok（郭文贵）破产财产的第11章受托人 日期：\n\n买方\n\n签署：\n\n姓名：Patrick Cloppenburg（帕特里克·克洛彭堡）\n\n职务：\n\n日期：22.11.2023\n\n经纪船舶买卖协议第二补充协议，于November 22, 2023由(i) Luc A. Despins（卢克·A·德斯平斯），作为Ho Wan Kwok（郭文贵）破产财产的第11章受托人，及(ii) Patrick Cloppenburg（帕特里克·克洛彭堡）签署（“第二补充协议”）\n\n本协议中使用但未定义的首字母大写术语，具有就Lady May II（“五月女士 II”号）于November 22, 2023签署的经纪船舶买卖协议（“PSA”）及于同日签署的其补充协议（“第一补充协议”）中所赋予的含义。\n\n1. 买方同意，卖方可在交割前对该船舶进行越冬整备，并将该船舶置于位于Rhode Island州Newport的Safe Harbor Newport Shipyard（“Newport Shipyard”）进行冬季存放。\n\n2. 买方同意于交割时向卖方支付：(a) 在Newport Shipyard剩余冬季存放期间按比例计算的存放费用部分（即自交割日开始至April 15, 2024），以及(b) 对该船舶进行越冬整备的费用（该等越冬整备费用以$3,000为上限）。为免生疑，卖方不负责该船舶置于Newport Shipyard进行冬季存放后任何交割后的转让或迁移费用。\n\n3. 各方同意，在破产法院批准PSA（经第一补充协议及本第二补充协议修订）后尽快进行交割。\n\n卖方\n\n姓名：Luc A. Despins（卢克·A·德斯平斯），作为Ho Wan Kwok（郭文贵）破产财产的第11章受托人\n\n日期：\n\n买方\n\n签署：\n\n姓名：Patrick Cloppenburg（帕特里克·克洛彭堡）\n\n职务：\n\nCase 22-50073 Doc 2375 Filed 11/27/23 Entered 11/27/23 14:48:34 Page 54 of 62\n\n附件C\n\nJohnson Declaration（约翰逊声明）\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院）\n\n关于： 第11章\n\nHO WAN KWOK（郭文贵）等人，1 Case No. 22-50073 (JAM)\n\n债务人。 （合并管理）\n\nDIRK JOHNSON（德克·约翰逊）根据28 U.S.C. § 1746作出如下声明：\n\n本人，Dirk Johnson（德克·约翰逊），特此根据28 U.S.C. § 1746，在伪证罪处罚的约束下声明如下：\n\n1. 本人是Edmiston and Company Limited（爱德米斯顿有限公司）（“Edmiston”）的游艇经纪人，办公地点为：(a) 2 Marina Plaza, Newport, Rhode Island, 02840，及(b) Burleigh Manor, Peel Road, Douglas, Isle of Man, IM1 5EP。\n\n2. 本人受雇于Edmiston，并提交本声明，以支持受托人根据《破产法》第105条及第363条、破产规则2002、6004(c)及9014，以及地方法规6004-1及6004-2提出的动议，即请求作出命令：(i) 授权并批准在不存在留置权、债权、权益及负担的情况下出售\n\n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，以及众多其他别名）（税务识别号码后四位：9595）、Genever Holdings LLC（杰尼弗控股有限责任公司）（税务识别号码后四位：8202）及Genever Holdings Corporation（杰尼弗控股公司）。受托人、Genever Holdings LLC及Genever Holdings Corporation的邮寄地址为Paul Hastings LLP（普衡律师事务所），200 Park Avenue, New York, NY 10166，c/o Luc A. Despins（卢克·A·德斯平斯），作为Ho Wan Kwok破产财产的受托人（仅为通知和通信之目的）。\n\nLady May II，不存在留置权、债权、权益及负担；(ii) 授权并批准买卖协议；以及(iii) 给予相关救济（“动议”）；该动议在Ho Wan Kwok（郭文贵）（“债务人”）的第11章案件中提出，请求作出一项命令，以批准并授权将Lady May II出售给Patrick Cloppenburg（帕特里克·克洛彭堡）（“买方”）。\n\n3. 本人自1991年起一直是在Rhode Island州Newport执业的游艇经纪人，并已受雇于Edmiston达3年。本人在经纪行业约有15年经验。Edmiston是一家专门从事游艇销售的经纪公司。Edmiston目前担任美国及全球众多游艇的经纪人。此外，在过去约24个月内，Edmiston已出售70多艘游艇，超过每位经纪人交易数量行业平均水平的两倍。\n\n4. On April 18, 2023，Edmiston受受托人聘用，负责营销和出售Lady May（“五月女士”号）及Lady May II，该项聘用经本院日期为April 27, 2023的命令批准。On June 27, 2023，本院批准受托人以$23,150,000的购买价出售Lady May。Lady May的出售于June 30, 2023完成交割。\n\n5. 本人知悉下述事实；如被传唤作证，本人能够并将就此作出胜任的证言。\n\nLady May II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 II出售给出价最高者。Edmiston已在其自身的潜在买方网络以及整个行业内物色潜在买方，并已在线上和印刷媒体中刊登Lady May II广告。这些营销工作最初集中于美国境外居民；在Lady May II于July 30, 2023正式进口至美国后，Edmiston扩大其工作范围，亦纳入美国居民。\n\n2. 本协议中使用但未作其他定义的首字母大写术语，具有动议中赋予其的含义。\n\n7. 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 II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，并发布在Edmiston的网站和社交媒体上；\n\n（2）Edmiston开展了直接客户电子邮件营销活动，在其每月邮寄更新中重点推介Lady May II（该更新发送给约10,000名客户及其他潜在感兴趣人士）；\n\n（3）Edmiston利用广泛的数字广告，在其网站及社交媒体账户上营销Lady May II，包括Instagram、Facebook、LinkedIn和YouTube；以及\n\n（4）Lady May II进口至Rhode Island州Newport后不久，Edmiston就在其网站和社交媒体上发布了有关Lady May II的进一步公告。\n\n8. 为使Lady May与Edmiston的行业经纪人网络建立联系，Edmiston就新游艇挂牌、销售更新、位置更新、降价及游艇活动发送了单艘及多艘游艇的电子邮件宣传资料。此外，自Edmiston受聘以来，Lady May II已在六次商务电子邮件群发中被重点推介，每次均发送给游艇行业约1,875名经纪人。此外，自2023年8月中下旬开始，Lady May II亦在Yatco.com和Yachtworld.com上挂牌；该等网站为线上企业对企业（B2B）搜索平台，集中提供游艇行业的经纪信息，类似于房地产销售中的MLS（多重挂牌服务）。\n\n9. （包括安排海试），希望其会购买该附属艇，并将Lady May II与Lady May（现称Excellence V）重新合并，但其拒绝购买Lady May II。\n\n10. 此外，Edmiston安排Lady May II参加了自September 14, 2023至Sunday, September 17, 2023举行的Newport Brokerage船展；该船展将Lady May II展示在一个优质泊位中（以提高可见度），同时展示约60艘其他待售高品质游艇。在该四天活动期间，Lady May II约有三十次参观，六方表示可能继续对Lady May II感兴趣。\n\n11. 通过在整个London Heliport投放的Edmiston品牌宣传材料（即带有Edmiston品牌的营销材料）中重点展示Lady May，以宣传Lady May。同样，Lady May亦在投放于East Hamptons和Cabo St. Lucas私人航空航站楼的Edmiston品牌宣传材料中被重点展示。Edmiston还与欧洲领先的私人飞机机场Farnborough合作，为经由该机场的宾客提供完全沉浸式体验；Edmiston利用该平台进一步宣传Lady May。\n\n12. 除上述所有事项外，本人联系了众多其他经纪人和潜在买方，并接到他们有关Lady May II的来电。\n\n竞标程序\n\n13. 为促成竞争性竞标程序，包括在曾非正式表示对Lady May II感兴趣的人士之间进行竞争，受托人决定采取与出售Lady May时所采用的类似竞标程序。具体而言，受托人（通过Edmiston）通知感兴趣的各方（及其他各方），提交最优及最终出价的截止时间为Wednesday, October 4, 2023, at 5:00 p.m. (ET)。选择该截止日期是为保持与感兴趣各方之间的最大势头。自September 26, 2023起，Edmiston向此前曾表示对Lady May II感兴趣的各方以及其他各方发送电子邮件，通知其October 4, 2023的出价截止日期。在该电子邮件中，亦告知感兴趣的竞标人：(a) 鉴于受托人已收到数名潜在买方对Lady May II表示的兴趣，Edmiston邀请所有感兴趣各方在October 4, 2023出价截止日期前提交其最优及最终要约；及(b) 任何该等出价均须符合下列要求：\n\n· 受托人仅考虑购买价格超过 \\$550,000 的出价；\n\n· 要约必须以受托人的购买协议范本为基础；\n\n· 如潜在买方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，如有该等修改，将在确定最高和/或最佳要约时予以评估）；\n\n· 中标出价必须规定支付购买价格的 25% 作为定金，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· 如中标竞买人未能按照购买协议的条款完成对 Lady May II 的购买交割，25% 的定金将被没收（但如检验发现影响 Lady May II 或其机械设备或系统运行完整性的缺陷，或使 Lady May II 不适航，则买方有权拒绝接受 Lady May II）；\n\n· 购买协议必须于 October 9, 2023 前签署；\n\n· 必须于 October 18, 2023 前接受或拒绝 Lady May II（依据检验结果）；\n\n· 如中标竞买人未能以购买协议中规定的价格完成购买交割，受托人可自行选择按成本向买方购买检验报告；3\n\n· 交割将在可行情况下尽快于 November 17, 2023 当日或之前进行；\n\n3 受托人纳入本条款，旨在避免在与中标竞买人的交易未能完成交割（无论出于何种原因）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，受托人将向该其他买方提供检验结果，而无需该买方再行进行检验。\n\n· 所有出价均须经破产法院审查和批准；以及\n\n· 所有出价必须直接发送给受托人。\n\n14. 此外，于 September 28, 2023，Edmiston（埃德米斯顿）向超过 1,875 名其他经纪人发送电子邮件，告知其提交最终最佳出价的截止日期，以及该等出价须符合若干条件，包括最低出价为 \\$550,000。与向意向方发送的电子邮件一样，该电子邮件群发告知经纪人，由于截至当日已收到多个要约，受托人将 October 4, 2023 定为提交最终最佳出价的截止日期。此外，Edmiston 还更新了 Yatco.com 和 Yachtworld.com 上 Lady May II 的挂牌信息，以告知意向方出价截止日期及最低出价要求。\n\n15. 遗憾的是，Lady May II 未获得显著的额外关注。截至 October 4, 2023 下午 5:00（ET），仅收到潜在买方的一（1）份正式出价。该出价不属于合格出价，因为拟议购买价格远低于最低出价要求。\n\n16. 收到该出价后，受托人与潜在买方及其他意向方进行了进一步讨论。在讨论期间，买方表示其有意以 \\$350,000 购买 Lady May II。最终，经进一步谈判，买方同意将 Lady May II 的购买价格提高至 \\$375,000 million，并且同意按“现状、现地”基础购买 Lady May II。\n\n17. 我相信，买方的出价 (a) 为最高且最佳出价（包括因为买方无需对受托人拟定的购买协议范本作出任何修改，惟销售交割须于 December 31, 2023 前完成除外），(b) 规定按“现状、现地”基础出售，以及 (c) 是公平交易谈判程序的产物。此外，基于我与买方的互动，我相信买方在整个竞价和谈判过程中均系善意行事。\n\n18. 最后，我相信，买方根据 PSA 提出的购买价格是 Lady May II 可获得的最佳价格，而实施正式竞价程序及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。因此，我相信，根据 PSA 进行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. 鉴于拟出售财产的性质及潜在买方群体，我相信，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止买方出价和/或提出其最佳要约。潜在买方很可能不会参与会使其面临支付过高价格风险的程序（如其在拍卖中被选定为中标竞买人），而即使其参与该等程序，也很可能会折减其出价以反映该风险。此外，尽管迄今进行了广泛营销，目前仅有一名潜在买方（即买方），因此拍卖的效用值得质疑。\n\n20. 此外，拍卖程序不太可能吸引 Edmiston（通过其广泛的客户网络及与其他经纪人的联系）所能吸引的各方之外的任何额外关注。\n\n[本页其余部分特意留空。]\n\n根据 28 U.S.C. § 1746，本人谨在伪证罪处罚下声明，上述内容真实且准确。\n\n日期：November 27, 2023\n\nDirk Johnson（德克·约翰逊） 经纪人 Edmiston and Company Limited（埃德米斯顿有限公司）","key_entities":["Je","Kwok","Ho Wan Kwok","Despins","Guo","Paul Hastings","CIPA","Miles Guo"],"ecf_references":[],"word_count":22558,"status":"published","published_at":"2023-11-22 00:00:00","created_at":"2023-11-22","updated_at":"2026-08-23 22:12:42"}