SEC v. T-Bar Resources LLC (Sale of Real Property)

2008 WL 4790987 (N.D.Tex., Oct 28, 2008)

In this case the receiver failed to comply with the requirement for 3 appraisals in the “private sale” of real property under 28 U.S.C. § 2001(b) because there were not sufficient assets in the estate to conduct the appraisals and thus the court denied the motion to approve the private sale of real property. The court ordered the receiver to comply with 28 U.S.C. § 2001(b) and obtain the appraisals and renotice the sale. It is hard to see how the receiver can comply with the appraisal requirement under the circumstances of this case. Perhaps the most interesting part of this case is that neither the receiver nor the court considered 28 U.S. C. § 2001(a), which governs the sale of real estate by “public sale” and which does not require any appraisals.

– Phillip S. Stenger