First Magnus sets bid procedures for $1.6 million Tucson property sale

By Caroline Salls

Pittsburgh, Nov. 7 - First Magnus Financial Corp. requested court approval of the bid procedures for the proposed $1.6 million sale of its Tucson, Ariz., property, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Arizona.

Rynoke, LLC is the stalking horse bidder.

Competing bids must be for at least $25,000 more than Rynoke's bid.

All bids must include a $50,000 refundable deposit.

The company is also seeking court approval to hire Larry Lewis of Town West Realty and to pay him a 6% commission following the sale.

If the final purchase price is more than $1.6 million, the broker's commission will be capped at $96,000.

First Magnus, a Tucson, Ariz., mortgage loan originator, filed for bankruptcy on Aug. 21. Its Chapter 11 case number is 07-10578.

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