a) The Debtor accepted an offer for its “retail assets” by Armstrong Garden Centers, Inc. (“Armstrong”) at a price of $5,184,000 (the “Armstrong Sale”). According to the price allocation, $2,000,000 was paid for Charlotte real property, $800,000.00 for the “Pike Nursery”, and personal property that is not in inventory at the retail locations, and $2,384,000 for inventory assets. PNC holds a first priority lien on $3,184,000 of assets. Based on information and belief, the estimated book value for the inventory pike nursery retail locations is $2860,000, and the value the “Pike Nursery” name and other non-inventory assets are substantially more than $800,000.
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Geo. accepted the Debtor’s offer. Schofield Co., Inc. (“Schofield”) purchased all assets at Store 28 as well as the “hardscape inventory”, at Stores 52-55 for $1,200,000 (the “Schofield Sale”) PNC holds a first lien on all assets sold in the nursery decor Schofield Sale. Based on information and belief, the Schofield Sale’s inventory value is $1,535,684.
(c) The Debtor accepted a $1,000,000 bid from Skinner pike nursery Inc. (“Skinner”) to purchase all assets at Stores 44-46. This price is subjected to certain holdbacks pending resolutions of lease issues and cure claims (the “Skinner Sale”) PNC holds a first lien on any assets that are being sold during the Skinner Sale. Based on information and belief, the Skinner Sale’s inventory value is $1,358,323.
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Stuart Grubb, an Atlanta home builder, and my friend went to disassemble a playset in someone’s yard. We then reassembled it in our yard. The boys pike nursery was convinced that the play set should be discarded and some back yard could be reclaimed. I began to make raised garden beds out of the lumber. The play set can be seen in the background.
Although it took me a few tries to find the perfect combination, I finally came up with a prototype. This is the picture of my first attempt. It wasn’t perfect so it was broken down and I started again.
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This is how it looked after I redone the side boards. I sanded the entire surface, sealed it with MINWAX Spar Urethane and covered the wood with black landscaping material. After they were complete, I filled them with garden soil and took a nursery blackout look at the final result. Lowes and Pike Nursery were able to provide all the vegetables and fruits I needed for my garden.
