Name J. B. Rawls Bankruptcy Mineral Interest Auction 6-21-2017
Auctioneer Lawler Auction Company
Type Online-Only Auction
Date(s) 6/21/2017
Wednesday, June 21, 2017 at 10:00AM CST (USA)
Preview Date/Time N/A
Checkout Date/Time A non-refundable deposit of $25,000 is due by 5pm on the day of the auction in the form of a cashier's check or bank wire payable to "Lawler Auction Company".
Location 7781 Highway 1 North
Shreveport, LA 71107
Buyer Premium NO BUYER'S PREMIUM FOR MINERAL AUCTION
Description
Lawler Auctions has been commissioned by U. S. Bankruptcy Trustee John Hodge to auction off certain mineral interest of James Berry Rawls (Chapter 7 Bankruptcy Case # 16-10719) located in Texas to the highest bidder subject to a starting bid established by the Trustee. This will be an online only internet auction that will begin to close on Wednesday, June 21, 2017 beginning at 10:00 AM.
The Trustee will conduct an internet auction on June 21, 2017 at 10:00 AM CST (USA). The Trustee's auctioneer, Lawler Auction Company, will conduct an online only auction fo rthe sale of the mineral interests currently owned by the Otto Duckworth Inter Vivos Trust where bidders will access the auction via the Auctioneer's webite at www.lawlerauction.com and clicking on "current auctions" from the home page. The internet-only auction will begin to close at 10am CST on June 21, 2017. In the event that there is a last minute bid placed, the system will automatically extend the bidding for approximately two minutes allowing other parties to increase their bid. Buyers may elect to submit a "Maximum Bid" and the system will automatically raise the bid accordingly if another bid is placed at or below that bidder's maximum bid. In the event of a tie bid, the system will designate the winner with regard to whichever person placed that bid first. The mineral interests will be the oil, gas, and other minerals (the "Property") in and under or that may be produced from the following described property situated in Panola County, Texas (the "Lands") fo rthe property described on Exhibit A as outlined in the auction catalog. The bidding will start at $500,000. The winning bidder must submit a non-refundable deposit in the form of a cashier's check or bank wire transfer in the amount of $25,000 to Lawler Auction Company, located at 7781 Highway 1 North, Shreveport, Louisiana. If the last and highest bidder fails to produce the depoit by 5:00 p.m., Central Standard Time on the day of the auction, the Auctioneer shall have the authority to sell the property to the second or subsequent bidder without further notice. The winning bidder shall have twenty (20) days to close on the Property. This will be an internet only auction. There will be no buyer's premium for this particular auction of mineral interests. The is auction does not include any real estate or real property. It is only the mineral interests as outlined above. The balance will be due at closing, not to exceed 20 days from the date of the auction (June 21, 2017). The Auctioneer and the Trustee make no representation as to the suitability of the mineral interests, and make no representation of what the future holds for the mineral interest. The past year's mineral revenue will be available from the Auctioneer upon request.
Your bid must adhere to the bid increment schedule.
Bid Amount Bid Increment
0.00 - 10.00 1.00 USD
10.01 - 25.00 2.50 USD
25.01 - 100.00 5.00 USD
100.01 - 300.00 10.00 USD
300.01 - 1,000.00 25.00 USD
1,000.01 - 2,000.00 50.00 USD
2,000.01 - 3,000.00 100.00 USD
3,000.01 - 10,000.00 250.00 USD
10,000.01 - 100,000.00 500.00 USD
100,000.01 - 9,999,999.99 5,000.00 USD
Currency USD
Buyer Premium NO BUYER'S PREMIUM FOR MINERAL AUCTION
Payment Terms
A non-refundable deposit of $25,000 is due by 5pm CST in the form of a cashier's check or bank wire on the day of the auction, payable to "Lawler Auction Company". The balance is due at closing, not to exceed twenty (20) days from auction date.