John O. Desmond, the chapter 7 trustee filed a motion in the US Bankruptcy Court for the sale of Ameritrans Capital Corp.'s 6% interest in SoHa Terrace, LLC on September 15, 2017. The Trustee seeks the Court’s approval for the sale of debtors 6% interest in SoHa Terrace, LLC to RGS Holdings LLC, for a purchase price of $0.85 million. The purchase price consists of $0.78 million for the asset and $0.07 million allocated for the trustee’s legal fees. Under the terms of the sale, the first party to submit a cash counteroffer with no contingencies will be entitled to a 5% overbid protection and a 2.5% break-up fee. The counteroffer shall consist of a purchase price of at least $0.86 million accompanied with a deposit of 5% of the total purchase price. The trustee seeks a sale closing date on or before October 20, 2017.