Taylor Bean bid procedures for $8.76 million securities sale approved

By Lisa Kerner

Charlotte, N.C., April 20 - Taylor, Bean & Whitaker Mortgage Corp.'s procedures for the proposed $8.76 million sale of its mortgage-backed securities were approved, according to a Tuesday filing with the U.S. Bankruptcy Court for the Middle District of Florida.

The securities to be sold include residual and other interests in seven securitized trusts.

AG Mortgage Value Partners Master Fund LP is the stalking horse bidder.

If AG Mortgage is not the high bidder, Taylor Bean will pay it a $275,000 break-up fee.

Competing bids are due by noon ET on April 20 and must include a $100,000 cash deposit and exceed the stalking horse bid by the sum of the amount of the break-up fee and a $50,000 overbid amount.

Subsequent bids at the auction, which will be held on April 22, must exceed the previous bid by at least $50,000.

A sale hearing is scheduled for April 27.

Taylor Bean, an Ocala, Fla.-based mortgage banker, filed for bankruptcy on Aug. 24, 2009. Its Chapter 11 case number is 09-07047.

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