Luca International Group’s request to sell California property denied

By Mark Reccek

Bethlehem, Pa., Sept. 8 – Luca International Group LLC’s request to sell a property in California for $3.2 million was denied, according to an order issued Tuesday with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, the property is at 3704 Monte Sereno Terrace, Fremont, Calif. A contract existed for current owner Bing Yang to sell the property for $3.2 million. Because a dispute arose as to whether the property was purchased with funds owned by the Luca debtors and several disputed encumbrances held by creditors of the bankruptcy estate, Yang agreed to convey the property to the company so it can be sold free and clear of the disputed encumbrances with the equity held in escrow subject to a determination of the ownership.

Luca International Group, a Houston-based explorer and producer of natural gas, petroleum and related hydrocarbons, filed for bankruptcy on Aug. 6. The Chapter 11 case number is 15-34221.

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