The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Whitestone Uptown Tower, LLC on April 10, 2024. The Court approved the asset purchase agreement between the debtor and Dogwood Capital Management, LLC, for the sale of substantially all its assets for a purchase price of $26 million in cash. To qualify as a qualified bidder, interested parties should submit their bids by May 17, 2024.

If the debtor receives any qualified bids then it would hold an auction for its assets on June 3, 2024. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.20 million and expense reimbursement of $0.05 million in case of termination of the asset purchase agreement.

The sale hearing is scheduled for June 6, 2024.