Metropolitan Mortgage seeks court OK for Dillingham property bid procedures

By Caroline Salls

Pittsburgh, July 14 - Metropolitan Mortgage & Securities Co., Inc. requested court approval of bidding procedures for its proposed sale of membership interests in properties that are part of Dillingham, LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Washington.

The companies include:

*Mokuleia Estates, with a minimum bid of $1.05 million;

*Mokuleia Shores, with a minimum bid of $16 million;

*Kaena North lots one through four, each with a minimum bid of $4.33 million;

*Ocean Shores Eastern and Western lots, each with a minimum bid of $1.25 million; and

*Coastal View, with a $1 million minimum bid.

A deposit of 3% of the purchase price must be submitted for each bid.

Closings on each sale will occur within 15 days of Metropolitan's acceptance of the best, but not necessarily the highest, bid, according to the filing.

The Dillingham properties are among Metropolitan's most substantial remaining assets, according to the filing, and are being sold as part of the company's strategy to liquidate assets for distribution to creditors.

The deadline for bids is Aug. 11.

Spokane, Wash.-based Metropolitan filed for bankruptcy on Feb. 4, 2004. Its Chapter 11 case number is 04-00757.

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