Jones and Guerrero Co. Inc. is proposing to buy a piece of property it currently leases from Ada’s Inc.
George M. Butler attorney and partner in the law firm Butler Telford & Butler and Ada’s Inc. Chapter 11 trustee filed a motion with the District Court of Guam to sell real property to J and G.
Court documents state “Ada’s Inc. is the fee simple owner of Lot 1002 Hagatna + 165.24 square meters which is currently leased to Jones and Guerrero Co. Inc. until Jan. 31 2064 for $354.31 per month.”
The documents also said Ada’s Inc. was in the process of liquidating all its real property assets in contemplation of a dismissal of its Chapter 11 bankruptcy reorganization. “Ada’s Inc. has offered the Hagatna Fractional Lot to J and G as the logical purchasers (Attachment A). J and G has offered to purchase the property for $42 000 or $254.18 per square meter (Attachment B). Chapter 11 Trustee has accepted the offer of J and G (Attachment C) ” documents state.
The court documents indicate that Jones and Guerrero would be the logical purchaser because other investors would not acquire such a small property with a 60-year lease attached. MBJ