Bankruptcy Trustee Of Estate Of Mru Holdings, Inc. To Sell Equity Interests In Subsidiaries

March 5, 2010 - PRLog -- UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
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In re:                           
                           Chapter 7
MRU HOLDINGS, INC.               
                           Case No. 09-10530 (AJG)
            Debtor      
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BANKRUPTCY TRUSTEE OF ESTATE OF MRU HOLDINGS, INC. TO SELL EQUITY INTERESTS IN SUBSIDIARIES

Date:  March 5, 2010

   Ian J. Gazes, the Chapter 7 Trustee (the “Trustee”) of the Estate of MRU Holdings, Inc. (the “Debtor”), in bankruptcy case number 09-10530 (AJG) pending in the United States Bankruptcy Court for the Southern District of New York has noticed the sale of the Debtor’s right title and interest in the following assets (the “Assets”):  (1) all of the Debtor’s right, title and interest in its 100% stock ownership of MRU Funding SPV, Inc.; (2) all of the Debtor’s right, title and interest in its 100% membership interest in MRU ABS LLC; (3) all of the Debtor’s right, title and interest in its 100% stock ownership of MRU Originations, Inc.;(4) all of the Debtor’s right, title and interest in its 100% stock ownership of iempower, inc.; (5) all of the Debtor’s right, title and interest in its 100% stock ownership of MRU Universal Guaranty Agency, Inc., and (6) all of the Debtor’s right, title and interest in its 100% membership interest in MRU Lending Holdco, LLC.

   The sale will take place on March 30, 2010 at 11:00 a.m. at the offices of the Trustee, Gazes LLC, 32 Avenue of the Americas, 27th floor, New York, New York  10013.  The sale will be an auction and is open to the public.

   The following is a description of the Assets.  The first Asset (the “MRU Funding SPV Asset”) is all of the Debtor’s right, title and interest in its 100% stock ownership of MRU Funding SPV, Inc., a wholly owned subsidiary of the Debtor.  MRU Funding SPV, Inc. is a Special Purpose Vehicle which held a pool of student loans.  Such loans were foreclosed upon by Merrill Lynch Bank USA on or about June 3, 2009 pursuant to a Notice of Strict Foreclosure.  The MRU Funding SPV Asset does not include any loans other than those that were foreclosed upon by Merrill Lynch.  The initial bid for the MRU Funding SPV Asset is $50,000.

   The second Asset (the “MRU ABS Asset”) is all of the Debtor’s right, title and interest in its 100% membership interest in MRU ABS LLC.  MRU ABS LLC is a wholly-owned subsidiary of the Debtor and is the 100% owner of the residual interest in the MRU Student Loan Trust 2007-A.  The MRU Student Loan Trust 2007-A is a pool of student loans that is subject to the rights of the holders of the notes underlying the loans.  Due to the pledging as collateral of the residual interest to noteholders which are in arrears, the Debtor’s interest is of diminished value.  The initial bid for the MRU ABS Asset is $25,000.

   The third Asset (the “MRU Originations Asset”) is all of the Debtor’s right, title and interest in its 100% stock ownership of MRU Originations, Inc., a wholly owned subsidiary of the Debtor.  According to the books and records of the Debtor, MRU Originations, Inc. has no assets.  The initial bid for the MRU Originations Asset is $5,000.

   The fourth Asset (the “iempower Asset”) is all of the Debtor’s right, title and interest in its 100% stock ownership of iempower, inc., a wholly owned subsidiary of the Debtor.  According to the books and records of the Debtor, iempower, inc. has no assets.  The initial bid for the iempower Asset is $5,000.

   The fifth Asset (the “MRU Universal Guaranty Asset”) is all of the Debtor’s right, title and interest in its 100% stock ownership of MRU Universal Guaranty Agency, Inc., a wholly owned subsidiary of the Debtor.  According to the books and records of the Debtor, MRU Universal Guaranty Agency, Inc. has no assets.  The initial bid for the MRU Universal Guaranty Asset is $5,000.

   The sixth Asset (the “MRU Lending Holdco Asset”) is all of the Debtor’s right, title and interest in its 100% membership interest of MRU Lending Holdco, LLC.  MRU Lending Holdco, LLC owns as its sole asset MRU Lending, Inc., which upon information and belief holds various state lending licenses.  Other than the state lending licenses, MRU Lending, Inc. has no assets.  The initial bid for the MRU Lending Holdco Asset is $5,000.

   A complete copy of the sale motion and exhibits may be accessed by contacting the Trustee’s office or by reviewing same on the Court’s electronic docket at www.nysb.uscourts.gov or by examining the documents at the Clerk’s office, 5th floor during the Court’s business hours at the United States Bankruptcy Court for the Southern District of New York, One Bowling Green, New York, New York  10004.  Any questions regarding the sale may be directed to Peter Harutunian, Gazes LLC, 32 Avenue of the Americas, 27th Floor, New York, New York  10013, (212) 765-9000 (phone).