Brooke $2.45 million office building sale approved

By Caroline Salls

Pittsburgh, March 31 - Brooke Corp.'s Chapter 11 trustee obtained court approval of the $2.45 million sale of Brooke's 14,000-sq. foot office building in Overland Park, Kan., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Kansas.

The buyer is Sunway Hotel Group, Inc.

According to the sale motion, Fidelity Bank holds a first mortgage on the property, and Brooke owes Fidelity $1.94 million of principal plus $20,921 in interest. Fidelity also asserts it is entitled to post-petition interest at the default rate, late fees, attorney's fees and a prepayment penalty.

However, Fidelity has agreed to release its claims for a payment of $2.1 million upon closing on the sale.

Based in Overland Park, Kan., Brooke is a holding company for insurance and banking services distribution companies. The company filed for bankruptcy on Oct. 28, and its Chapter 11 case number is 08-22786.

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