Beach Community Bancshares, Inc. filed a motion in the US Bankruptcy Court for the sale of all of the shares of Beach Community Bank on April 9, 2018. The debtor seeks the Court’s approval for the sale of all of the shares of Beach Community Bank to David F. Bolger 2018 Irrevocable Stock Trust, the stalking horse bidder, for a purchase price of $0.85 million in cash pursuant to the asset purchase agreement. The debtor’s assets include all the shares of Beach Community Bank a wholly owned subsidiary of the debtor. The bidding procedure hearing scheduled within 7 days of petition date. To qualify as a qualified bidder, interested parties should submit their bids by 5 days before sale hearing along with a deposit in the amount of $0.35 million. The initial minimum overbid should be at least $0.1 million and the Break Fee and the Bidding Increment. The debtor has scheduled an auction on 3 days before sale hearing. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to a break-up fee of $0.25 million and expense reimbursement of $0.01 million in case of termination of the asset purchase agreement. The sale hearing is scheduled within 30 days of bidding procedures hearing. Brennan Ryan and Peter J. Haley of Nelson Mullins Riley & Scarborough, LLP acted as legal advisor for debtor and Mark J. Menting of Sullivan & Cromwell LLP acted as legal advisor for purchaser.