ABL Advisor | May 20, 2022
The American Bankruptcy Institute’s (ABI’s) Asset Sales Committee announced that Keen-Summit has won the “Asset Sale of the Year” award for its sale of the 6,400-acre Big Horn ranch in the Chapter 11 proceeding of Lighthouse Resources Inc. et. al. U.S.B.C. D.DE Case #20-13056 JTD. The ABI committee selected Lighthouse Resources as the top asset sale out of a deep pool of nominees because it was, according to the ABI, integral to the innovative and successful use of a cost-effective bankruptcy process to obtain confirmation of a chapter 11 plan. “Not only was the sale itself integral to the process, it was also complicated by an expedited timeline, a need for creative marketing, and the disparate nature of the real property itself,” said the ABI.
“This was an unusually complex and time pressured project and we’re thrilled to receive the ABI’s recognition,” says Harold Bordwin, Principal and Co-President at Keen-Summit Capital Partners. “When we were engaged, we had six weeks to get to a sale. In the midst of that process, this turned out to be a much more complex project than anyone anticipated. We ended up dealing with issues related to water rights, reclamation bonds, separation of surface estate from mineral estate, ROFRs, an active third-party mining permit, subsidence issues, public rights of way, and an underground coal seam fire.
“Our marketing generated more than 100 signed NDAs and 18 qualified bidders. We are very honored to win this award from the American Bankruptcy Institute, and proud of the teamwork that went into this venture,” added Matthew Bordwin, Principal and Co-President at Keen-Summit Capital Partners.
The project involved the sale of 6,400+/- acres, 6 miles north of Sheridan, Wyoming; an additional city lots in Sheridan and Hanna, Wyoming; and an additional 219+/- acres in Hanna.