• 2007 April 26 07:55

    Queen’s Seaport Development, Inc. receives $41 mln bid from Real Estate Developer

    Santa Monica-based developer, O&S Holdings, LLC, has executed a purchase agreement with Howard Ehrenberg, partner at the Los Angeles-based law firm of SulmeyerKupetz (www.sulmeyerlaw.com) and the appointed Trustee of Queen's Seaport Development Inc. (QSDI) bankruptcy by the Office of the United States Trustee, to acquire the company that oversees the 66-year lease of the Queen Mary and its surrounding 40 acres of mix-use waterfront property for $41 million.
    By being first, O&S has assumed the roles as the “stalking-horse” bidder, which means that any other parties interested in participating in the QSDI auction would need to overbid O&S Holdings’ current bid by at least $2.5 million.
    “One of our goals when putting the Queen’s Seaport Development Inc. up for bid to qualified buyers was to receive bids which would enable repayment of the debt to the creditors,” said Mr. Ehrenberg. “The $41 million stalking-horse bid from O&S Holdings not only ensures that repayment will be made but also demonstrates that developers recognize the value of the mix-use property surrounding the Queen Mary.” Mr. Ehrenberg has worked closely with Long Beach city’s Steven T. Gubner, Esq. of Ezra Brutzkus Gubner LLP to identify only qualified bidders.
    O&S Holdings’ Managing Member Gary Safady believes that “the Queen Mary attraction and surrounding real estate present an unrivaled draw for Southern California tourism, with value yet to be actualized from any prior operators of these assets.”
    Founded by Paul Orfalea, the founder of Kinko’s Copies, and his cousin Gary Safady in 1992, O&S Holdings specializes in mixed use commercial developments and currently has more than 9 million square feet in various stages of development across the country.
    O&S Holdings signed an unconditional offer with a non-refundable deposit, which will be held in an interest bearing account.
    Queen's Seaport Development Inc. filed for bankruptcy protection in March 2005 when the city of Long Beach claimed that Queen’s Seaport Development, Inc. had taken rental credits it wasn’t entitled to take and owed the city millions in back rent.
    Mr. Ehrenberg was appointed Trustee in April of 2006 and has since been overseeing the finances and operations of the company.
    Mr. Ehrenberg, a partner at SulmeyerKupetz, is a member of the Chapter 7 Bankruptcy Panel of Trustees, appointed by the Office of the United States Trustee, and a state court receiver. He is certified as a Business Bankruptcy Law Specialist by the American Bankruptcy Board of Certification and member of the Los Angeles Bankruptcy Forum, the Financial Lawyers Conference, American Bankruptcy Institute and Council of Certified Bankruptcy Specialists. He is also a member of the Executive Board of the Commercial Law and Bankruptcy Section of the Los Angeles County Bar Association and a former commissioner in the City of Burbank, California.
    O&S Holdings, LLC was formed in 1992 by Gary Safady and his cousin Paul Orfalea, the founder of Kinko’s Copies. O&S Holdings and its affiliates own more than 80 properties in the United States, including the 550,000 sq. ft. Louisiana Boardwalk in Bossier City, LA, and is currently developing the 2 million sq. ft. Bridge Street Town Centre in Huntsville, Alabama, the 1 million ft. Bridge Street Town Center in McKinney, Texas and the 5 million sq. ft. Bridge Street Town Center Chicagoland in Illinois. In addition, O&S Holdings is the franchisee of the Westin Huntsville, the Westin Heavenly Spa, the Westin McKinney and the developer of Monaco Pictures.
    SulmeyerKupetz is a Los Angeles-based law firm that specializes in bankruptcy, business reorganizations, litigation and commercial collections. Established in 1952, SulmeyerKupetz has vast experience representing a variety of clients in all aspects of insolvency proceedings, including out-of-court debt restructurings, negotiation and implementation of complex Chapter 11 plans, debtor-in-possession financing, acquisitions and asset sales for distressed businesses, and bankruptcy litigation. The firm represents both secured and unsecured creditors, lessors, creditors' committees, debtors, governmental entities, trustees and receivers. The firm also serves as local counsel on cases being managed outside of California. For more information, please access the company's Web site -- www.sulmeyerlaw.com.

2024 May 31

18:06 Fratelli Cosulich Group celebrates the new vessel "Marta Cosulich"
17:36 Eight investment schemes submit an EoI for the acquisition of a majority stake in the share capital of the Lavrio Port Authority
17:12 Fairchem Pathfinder completes its inaugural LNG bunkering operation in Singapore
16:41 Fortescue plans to order five very large ammonia carriers
16:25 Antong acquires Sinotrans Container Lines and China Merchants RoRo Transportation from China Merchants Energy Shipping Company
15:42 SWS and X-Press Feeders sign contract for four 11,000 TEU methanol-fueled boxships
15:23 Avenir LNG launches ship-to- ship LNG bunker supply in the port of Lubeck
14:42 PSA Singapore and PIL successfully trial a low-carbon end-to-end shipment
14:12 China's container throughput at its ports rose 9 percent year on year in Jan-Apr 2024
13:44 Swedbank sets climate target for shipping portfolio
12:49 Ship traffic to resume in Turkey's Bosphorus Strait after brief suspension
12:23 Global schedule reliability drops back to January 2024 levels
11:59 ABS and HD Hyundai Heavy Industries sign JDP to advance 3D printing
10:48 AD Ports Group and Economic Development Board of Madagascar sign MoU
10:27 Metrans expands terminal area in Dunajská Streda
09:58 DNV validates Norsepower’s new EEDI/EEXI calculation method

2024 May 30

18:06 RINA unveils Strategic Plan to reach 2 billion euros by 2030
17:21 Seaspan Shipyards unveils digital model of Canada’s heavy Polar Icebreaker
17:10 “K” Line announces delivery of a Capesize Bulk Carrier fueled by LNG "CAPE HAYATE" for JFE Steel Corporation
16:40 KOMIPO and Vitol extend long term LNG supply contract
16:02 HD HHI to build naval MRO service base in Philippines
15:58 Danaos adds four more vessels to its order book
15:25 Saudi Aramco to reportedly sell $10 billion to $20 billion worth of shares in new offering
14:43 Subsea7 awarded ‘super-major’ contract offshore Brazil
14:13 TECO 2030’s fuel cell runs at 100% power capacity in test bed
13:42 Platform ship Marechal Duque de Caxias arrives in Brazil on its way to the pre-salt layer
13:17 First shore power for seagoing vessels arrives at Antwerp Euroterminal
12:44 EU sets higher tariffs on Russian and Belarusian grain products
12:21 Sea-Intelligence: Brexit leads to 24% ETS North Atlantic savings
12:08 MABUX: Bunker Outlook, Week 22, 2024
11:51 Cargotec starts the sales process of MacGregor
11:24 NYK and CMLNG jointly establish a ship-management company for LNG carriers "OPearl"
09:56 LR and REGENT partner on certification for all-electric seaglider

2024 May 29

18:00 Kongsberg Discovery completes an underwater demonstration of an autonomous underwater vehicle for the US Navy
17:07 CMA CGM Symi receives LNG from North America’s largest LNG bunker barge
16:47 ABS-classed SOV ECO EDISON launched
16:21 Brittany Ferries, Wartsila and Incat partner on zero-emissions ferry project
15:37 Huisman to deliver deepwater Knuckle Boom Crane for Coastal International Marine
15:13 Wintershall Dea installs template on Dvalin North field
14:55 Hyundai Glovis orders six dual-fuel LNG car carriers in China
14:22 IMO Member States call for an immediate end to ongoing attacks on ships and seafarers transiting through the Red Sea and Gulf of Aden
13:42 USCG Guidance on the use of power-limiting devices to ensure safe navigation
13:22 U.S. biodiesel imports have doubled since 2022 due to low prices in Europe
12:41 MAN Cryo to design hydrogen supply for net-zero Norwegian ferries
12:21 Wartsila Lifecycle Agreement to ensure operational reliability for two Japanese ferries
11:35 Alfa Laval introduces PureBallast 3 Ultra ballast water management system
11:10 Van Oord wins contract for Nordseecluster offshore wind project
10:40 Greek shipowners could face €1bn EU ETS costs
10:02 The Panama Canal expects up to 32 ships to cross daily as of June 1st
09:48 Marine fuel cells better suited for auxiliary power than propulsion – MMMCZCS

2024 May 28

18:02 Boluda Towage acquires British company SMS Towage
17:16 TE H2 and VERBUND sign MoU with the Republic of Tunisia to study the implementation of a large green hydrogen project
16:42 China’s bonded bunker fuel imports fell in April – JLC
16:15 European Commission approves up to €1.4 billion of State aid by seven Member States for the fourth Important Project of Common European Interest in the hydrogen value chain
15:52 Finnlines inaugurated its new line in Malmö
15:26 Yangzijiang Shipbuilding’s order book rises to record US$16.1 billion
14:52 Cochin Shipyard bags new order for construction of new generation hybrid wind farm Service Operation Vessels
14:18 HD Hyundai Heavy aims to top 5 tln won in naval vessel sales by 2035
13:41 RINA hits 800 million euros in 2023 revenue
13:21 COOEC appoints ABL for Safaniya jacket installations
12:41 The Canada Infrastructure Bank investment to improve flow of Canadian exports through Port of Prince Rupert
12:21 Cyprus cancels the contract for the reconstruction of the port and marina of Larnaca
11:42 Vår Energi signs an agreement with the OGMP to improve the accuracy and transparency of methane emissions reporting
11:10 AD Ports, Transmar and Orascom Construction sign MoU for the development of a green methanol facility in Egypt
10:41 Astilleros Armon launches the first of twelve new hybrid high-speed ferries designed by Incat Crowther for Italian ferry operator Liberty Lines
10:04 HELCOM adopts new measures to mitigate ammonia emissions from agriculture
09:58 HAV Group receives an order from Fjord1 to design vessel automation and autonomous navigation systems for four ferries

2024 May 27

18:02 QatarEnergy announces FID in the second development phase for Brazil’s Sépia field
17:30 NYK begins first long-term biofuel test run on large crude oil tanker
17:16 Ondas Holdings' Airobotics and HHLA Sky partner to offer drone services