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BANKRUPTCY COURT ORDERED AUCTION
Selling by Order of the United States Bankruptcy Court
Auction of Fine and Vintage Electric Guitars
Friday,May 4, 2012 at 1:00 pm
LIVE AND INTERNET BIDDING
Leland Little Auction & Estate Office; 620 Cornerstone Court,Hillsborough, NC 27278
Thursday, May 3rd , 10:00am- 5:00pm & Friday, May 4th , 10:00am- 1:00pm
May 4, 2012 - Fine and Vintage Electric Guitars Date(s) Friday, May 4 Location 620 Cornerstone Ct.
Hillsborough, NC Buyer Premium 15% Description Description:
Leland Little Auction & Estate Sales, Ltd. of Hillsborough, NC and IronHorse Auction Company, Inc. of Rockingham, NC proudly announce the public auction of a musical instrument collection featuring many fine and vintage electric guitars. Selling by order of the United States Bankruptcy Court, Court Ordered Auction, Case # 09-50140, In the matter of Renegade Holdings, Inc., etal
TERMS AND CONDITIONS
Terms: No Reserves. All sales subject to the terms and conditions of sale, as herein stated. Payment is due at the end of the auction by Cash, Official Bank Check, Personal or Company Check with a Bank Letter of Guaranteed Payment, Visa, and Master Card. A 15% Buyer’s Premium will apply to on-site bidders. An 18% Internet Buyer’s Premium will apply to Internet bidders via www.LiveAuctioneers.com. No items will be released until satisfactory funds are received in Leland Little Auction & Estate Sales,Ltd. Escrow Account. Neither Leland Little Auction & Estate Sales, Ltd. nor Iron Horse Auction Co. Inc. hereinafter referred to as (auctioneers), nor the CHAPTER 11 TRUSTEE FOR THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA WINSTON-SALEM DIVISION, Case 09-50140 in the matter of Renegade Holdings, Inc., et al; hereinafter referred to as (the seller) will be responsible for the auction items after the end of the auction. These items are being sold "AS IS, WHERE IS" with all faults.
The following is a sample of a Bank Letter of Guarantee of Payment:
BANK GUARANTEE FORM
DATE: ________________ (BANK LETTERHEAD)
Our bank, (bank’s name), irrevocably will guarantee any checks written to Leland Little Auction & Estate Sales, Ltd. for the purchase of items at the Auction by (you or your company name) from account number (fill in number) up to the total amount of $______________.
(Bank Officer’s Name, Title and Phone)
Please note: AUCTIONEERS ARE SELLING THESE ITEMS BY A FEDERAL COURT ORDER. THIS MEANS IF YOU ARE A WINNING BIDDER AND DO NOT PAY ACCORDING TO THE TERMS AND CONDITIONS OF THE AUCTION, YOU ARE SUBJECT TO COURT ACTION BY THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA WINSTON-SALEM DIVISION.
Selling by order of the United States Bankruptcy Court - Court Ordered Auction - Case # 09-50140, In the matter of Renegade Holdings, Inc. et al.
Conditions: All property offered for sale is strictly "AS IS, WHERE IS". All sales are final and no refunds are given. These items have been used; they do have wear and tear and are not perfect. Please inspect all items and bid accordingly. It is the bidders responsibility to determine the exact condition/authenticity of each item. By bidding, you signify that you have either closely examined the items, have chosen not to examine them, or have hired an independent agent to examine the item(s) for you. No sale shall be invalidated by reason of any defect or inaccuracy in any of the lots by reason of their being incorrectly described in the listing or elsewhere and no liability shall be borne by the auctioneers or seller in respect of any such fault or errors.This listing has been prepared only as a guide, but the accuracy thereof cannot be guaranteed or warranted by the auctioneers or the seller.
Item ownership is conveyed immediately following the fall of the auctioneer’s hammer. Purchases become the responsibility of, and shall be, and remain at the risk of the purchaser immediately upon acceptance of his/her bid. It shall be the responsibility of the purchaser to insure his/her purchases immediately.
In the event of a tie bid or other dispute between buyers, the auctioneer at its sole discretion may reopen the bidding to determine the highest bidder. The auctioneer’s decision is final and absolute.The record of sale shall be maintained by the auctioneer or his designated party and will be taken as final in the event of any dispute. The auctioneer reserves the right to refuse service to any person. No sale/purchase shall be invalidated due to a buyer not winning additional lots.
Bidders acknowledge that any and all cause of action that may arise as a result of this Contract shall be interpreted inaccordance with the laws of the THE UNITED STATES OF AMERICA and any action brought thereon must be in the UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF NORTH CAROLINA, WINSTON-SALEM DIVISION.
Online bidders shall be subject to the same terms and conditions as onsite bidders plus additional terms as noted. Bidders who bid online understand and acknowledge that they may not be able to inspect an item as well as if they examined it in person. It is the bidder’s responsibility to determine condition, age, genuineness, value or any other determinative factor. The auctioneers will not be responsible for any error or omissions in the description of the merchandise. Bidder agrees that everything is sold "AS IS" and that they may not return any item purchased.
Online bidders understand that due to the fact that we are selling these items for the UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA WINSTON-SALEM DIVISION, if you are a Winning Bidder and you fail to pay, you are subject to COURT ACTION.
Online bidders understand that in the event of problems resulting from online or webcast auction software malfunctions,internet connection disruptions or other technological related malfunctions the auctioneers nor the sellers will be held liable for internet bids that are not sent, received, or executed. Online bidders understand and agree that these are all issues that are beyond the auctioneers control and will hold the auctioneers and seller harmless.
In the event that there is a malfunction, the onsite auction will continue while the bidding application is down. If or when the online portion is re-established, the lots that were offered and sold while during the downtime of the online bidding platform will have been offered and sold to the onsite bidders. The items that were offered and sold during the downtime will not be offered to the online bidders regardless of the pre-bid or max pre-bid amount that had been placed by an online bidder.
ABSENTEE & TELEPHONE BIDS
Arrangements for absentee or phone bidding can be made by completing and submitting the Absentee Bid Form by 5:00 P.M.Thursday, May 3. This form can be obtained on the websites listed or by fax:(919) 644-1245. No additional phone bids can be accepted on the day of the auction including additions when speaking with a staff person on the phone during the auction. Phone reservation contact numbers cannot be changed after 5:00P.M, Thursday, May 3. All bids must be secured with a credit card number. All absentee bids will be executed in a fair, competitive and confidential manner.While every effort is made to execute and honor absentee and phone bids, the auctioneers are not responsible for failure to execute a bid and are not liable for any losses incurred as a result of failure to execute absentee bids or failed phone reservations. All bids are time stamped. In case of identical bids, the first bid received will take precedence. Where appropriate, written bids will be rounded down to the nearest amount consistent with the auctioneers bidding increments.
NOTE: It is the bidder’s responsibility to accurately record Lot Number and Bid Amount or Telephone Number on any Absentee or On-Line form. The auctioneers assume no responsibility or liability in the event a bidder fails to do so.
PACKING & SHIPPING INSTRUCTIONS
The auctioneers do not ship. Packing and shipping is the responsibility of the buyer. Shipping may be arranged with the assistance of the auctioneers by contact prior to or immediately following the date of the auction. Shipping arrangements and costs are the buyer’s sole responsibility.
LOADING & REMOVAL
Removal and loading purchased items is the responsibility of the buyer. No item may be removed from the sale site unless settlement is made in full to the satisfaction of auctioneers. No item will be released without proper ID and proof of paid receipt either by buyer or buyer’s shipping agent. Items not picked-up within 30 days post-sale will be forfeited.
$0 - 1000 = 50
$1001 - 3000 = 100
$3001 - 5000 = 200
$5001 - 10000 = 250
$10001 - 20000 = 500
$20001 and above = 1000 or auctioneers discretion
The auction will run approximately 70-80 lots per hour.
Attendees are here at their own risk. Neither the auctioneer nor the seller will be responsible for any accidents, damage,bodily injury, fire or any other loss whatsoever. All risk of loss is with the buyer and the auction attendee’s.
Iron Horse Auction Company, Inc.
PO Box 1267-Rockingham, NC 28380
800-997-2248 – NCAL 3936
Leland Little Auction & Estate Sales, Ltd.
620 Cornerstone Court
919-644-1243– NCFL 7452
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