Additional properties owned by Ada’s Inc. have been placed on the market to uphold debts of the estate in the nearly two-year-long Chapter 11 reorganization bankruptcy case.
In a recent development court documents filed in the U.S. District Court of Guam indicated that a fee-simple undeveloped residential 24 500-square-meter lot part of Ada’s compound in Tamuning sold for the asking price of $833 000. The buyer was listed in court records as Pedro P. Ada Jr. chairman of Ada’s Trust & Investment Inc.
Two additional properties have been added according to Patricia L. “Pat” Feore real estate agent with Re/Max Diamond Realty. George Butler partner and attorney at Butler Telford Butler and court-ordered Chapter 11 Trustee for Ada’s Inc. retained Feore as the real estate agent for the properties.
Listed on April 20 was a property described as a fee-simple 2 276-square-meter R-1 zoned level parcel of land located directly across from St. Lourdes Church on Josen Diego Street in the village of Yigo. The land which has paved access has an asking price of $43 000. This property sale is not subject to court approval the Re/Max listing stated.
However listed on April 20 was an additional parcel in Yigo located next to the property on Josen Diego Street That fee-simple property was zoned C for commercial development and is 4 186 square meters with paved access and also described as level. The property is subject to bankruptcy court approval and the realtor listing stated that it was “bankruptcy estate property that must be sold.”
In another development of properties to be sold by the Ada’s Inc. estate there has been a reduction of the original asking price for the 5 000-square-foot commercial lot where the Victory Chapel is located behind the Dededo Pay-Less along West Liguan Avenue. The property has been reduced to $225 000 from the original $260 000 asking price. This is also a fee-simple ownership subject to the approval of the U.S. District Court of Guam Bankruptcy Court.
A special note in the remarks section of the listing stated the sale is subject to an existing lease to ConRos Inc. Approximately 24 years remain on the lease which was subleased to Victory Chapel. The chapel currently pays $1 610.51 per month in rent under a lease of 10% escalation every five years with the next increase due June 1 2008.
Also listed for sale is the 20 000-square-foot Dededo Pay-Less building and its 5 000-square-meter lot for the list price of $1.9 million.
There are approximately 48 creditors in the case and as of March 31 $1.62 million had been disbursed — mainly for legal fees and payments to Ada’s Inc. employees through the estate debtor trustee.
A final court date for disbursement of funds has not been set pending sale of the properties. MBJ
