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~, <br />. •;~ <br />RECEIVED <br />UEC 1 g egg <br /> <br /> <br />UNITED STATES BANKRUPTCY COURT <br />FOR THE DISTRICT OF COLORADO <br />o ~ ~~~ ~~~~~~~~~~~~~ ~~~ <br />~~~U V~!D <br />DES , , <br />r ,n~f <br />• ,~ <br />.troF'i~eo~r,re <br />G...:~"'frt"P2~?era~o a (3ooio9Y ) NA7im: ~n.':_...cevea <br />) <br />JIMMIE DEAN BRALEY, SR., ) CHAPTER 7 <br />SSN: CASE NO. 95-12008 RJB <br />Debtor. ) <br />OBJECTION OF THE CREDTI'OR, DARLENE J. FEHR, TO THE <br />TRUSTEE'S MOTION FOR APPROVAL TO SELL PROPERTY FREE <br />AND CLEAR OF CERTAIN LIENS, CLAIMS, ENCUMBRANCES, <br />AND OTHER INTERESTS PURSUANT TO SECTIONS 363(b) and <br />(f), AND REQUEST FOR HEARING ON THE TRUSTEE'S MOTION <br />The creditor, Darlene J. Fehr, through her undersigned counsel, submits the following <br />objection to the Trustee's Motion for Approval to Sell Property Free and Clear of Certain Liens, <br />Claims, Encumbrances, and other Interests Pursuant to Sections 363 (b) and (f) (the "Motion"). <br />1. Ms. Fehr is the largest single creditor of this estate, with an allowed claim of <br />$834,876.00. She has expended large sums in the prosecution of her claim both in the state <br />courts and in this Court. In fact, in a preliminary hearing on discovery matters prior to the <br />actual trial on her proof of claim, Judge Matheson of this Court found that the pendency of Ms. <br />Fehr's state court action was the primary reason for the filing of the Debtor's Chapter 11 <br />proceeding. It is thus imperative that, if at all possible, Ms. Fehr obtain enough from the <br />liquidation of the estate to pay for her costs in prosecuting the claim and to provide some small <br />measure of actual compensation. <br />2. The Trustee proposes selling essentially all of the remaining assets of the estate <br />for a bid amount of $367,SOO.CO. The Purchasers have also agreed to accept responsibility for <br />payment and discharge of a reclama[ion bond, currently in the amount of $47,500. <br />3. The "ultimate purpose" in any sale of property in a Chapter 7 liquidation is "to <br />obtain the highest aggregate bid." King, Cullier on Banktuotcy, Section 363.03. With all due <br />respec[ to the trustee and counsel for their efforts, Ms. Fehr contends that $367,500 is not the <br />highest aggregate bid possible for this property, and that if the land were to be marketed with <br />even minimally appropriate methods, a much higher return is likely. <br />4. Jetty Medina, A.S.A., was retained to appraise this property for the trustee, after <br />approval by the Court. In an appraisal dated September 13, 1996, Mr. Medina valued <br />approximately 70.73 acres of the property together with the residence located thereon at <br />