Court Enters Order Granting Motion for Sale of Property

On or about February 14, 2014, following a public sale hearing, the Court entered an Order granting the Debtor’s Motion for sale of its former operating facility to KMS Property Acquisition Co. for the sum of $800,000.  After payment of real estate taxes, broker’s fees, US Trustee’s fees, and related closing costs, the entire remainder of the sale proceeds are likely to be paid to the Debtor’s primary secured lender, First Commonwealth Bank.  As a result, there presently appear to be no funds available from this sale for the benefit of the Bankruptcy Estate.  Closing is set to occur on or before March 31, 2014, with a report of sale to be filed shortly after closing.