Luca International wins approval of $3 million Fremont property sale

By Caroline Salls

Pittsburgh, Dec. 7 – Luca International Group LLC received court approval to sell a $3 million Fremont, Calif., property to Nhe Thi Le and Ha Vinh Ly under a residential purchase agreement, according to an order filed Dec. 7 with the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, former company manager Bing Yang transferred the property to Luca.

After paying closing costs, recording fees, taxes, brokers’ fees, homeowners’ association fees and the first and second mortgages on the property, the company said it is requesting that the equity from the sale of the property be held in escrow subject to a determination of ownership.

Luca said after the mortgage payments, an estimated $1.27 million will be in equity, less the amount of the fees, closing costs and taxes, to be held in escrow.

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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