United Western debtor wins court approval of property sale procedures

By Caroline Salls

Pittsburgh, May 24 - United Western Bancorp, Inc. debtor Matrix Funding Corp. received court approval of the overbid and auction procedures for the proposed $1 million sale of its Coyote Creek real estate in Fort Lupton, Colo., to McCurter Land Co., LLC, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Colorado.

Matrix said its real property was obtained through foreclosure.

Competing bids are due by June 14 and must be for a minimum of $1.1 million.

The auction will be held on June 19. Bids at auction must be made in minimum increments of $100,000.

If McCurter is not the successful bidder, it will be entitled to receive a $30,000 break-up fee from Matrix Funding.

A hearing on any objections to the sale motion is scheduled for June 20.

The company said in the motion that the sale must close by the later of July 6 or 10 days after entry of the sale order.

United Western is the holding company for a Denver community-based bank. The company filed for bankruptcy on March 2 under Chapter 11 case number 12-13815.

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