HOUSTON, Nov. 15, 2017 (GLOBE NEWSWIRE) -- CHENIERE LNG TERMINALS, LLC, a Delaware limited liability company ("Secured Party"), has rescheduled the date it will conduct a public foreclosure sale of all limited liability company interests in LIVE OAK LNG LLC, a Delaware limited liability company (the “Company”), owned by PARALLAX ENTERPRISES LLC, a Delaware limited liability company (“Debtor”), such interests hereafter the “Collateral.”
| The public sale, previously set to occur on October 30, 2017, will now be held at the following date, time and place: | ||
| NEW DAY AND DATE: | MONDAY, DECEMBER 18, 2017 | |
| Time: | 10:00 a.m., Central Standard Time | |
| Place: | NATHAN SOMMERS JACOBS, A Professional Corporation | |
| 2800 Post Oak Boulevard | ||
| 61st Floor | ||
| Houston, Texas 77056 | ||
Secured Party was granted a lien on the Collateral pursuant to that certain Secured Note dated April 23, 2015, executed by Debtor and payable to the order of Cheniere Midstream Holdings, Inc., a Delaware corporation, which Secured Note was assigned to Secured Party, and amended by written note amendments dated as of June 30, 2015, September 30, 2015, and November 4, 2015, to secure certain indebtedness to Secured Party. The Collateral will be sold in whole, as a single lot, on a strictly “AS IS, WHERE IS” basis, with all faults, and without recourse to Secured Party. Secured Party makes no representation or warranty, express or implied, as to the value of the Collateral or relating to title, or any other representation or warranty with respect to the Collateral or with respect to the Company, its business or assets (including any potential assets described below), or its liabilities, and Secured Party disclaims any such representations or warranties. The Collateral will be sold to the bidder with the highest bid for cash (in U.S. Dollars). Notwithstanding the above, Secured Party fully reserves the right to bid at the sale and to credit bid all or any part of the total amount of its secured claims in partial or full satisfaction of the purchase price. In the event that Secured Party is the highest bidder, via cash or credit bid, Secured Party reserves the right to take title to the Collateral in its own name or to direct title be taken in the name and for the account of a subsidiary or affiliate of Secured Party. Secured Party further reserves its right, on or prior to the date of sale, to modify, waive or amend any terms or conditions of the sale or impose any other terms or conditions on the sale, and, if Secured Party deems appropriate, to reject any bids and/or to adjourn, delay or terminate the sale.
The Company is a party in a lawsuit styled Parallax Energy LLC et al. v. Cheniere Energy Inc., et al., Cause No. 2017-49685, in the 61st Judicial District Court of Harris County, Texas (the “Proceeding”). Certain information regarding the alleged factual and legal bases for the Company’s presently asserted and potential additional claims and defenses in the Proceeding is set forth in the publicly available pleadings filed by parties to the Proceeding.
For inquiries, and for more information relating to the public sale announced herein or the Collateral, please contact liveoakinfo@cheniere.com.
Brad Jamison PLS, Inc. 713-600-0108
