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Special Report – Security Partners LLC Central Station to be auctioned 
May 4, 2021
Auction is scheduled for May 7, 2021.  Security Partners LLC operates a wholesale central station at 3 locations in Pennsylvania, Las Vegas and San Antonio.  Its lender, owed some $14 million dollars pulled the plug and filed for “receivership” in PA state court.  The receiver is now selling the central stations at auction.  If you haven’t submitted your bid already you’re probably out of luck, and the bidding.  According to papers filed in the court proceeding the
          “Receiver commenced a comprehensive effort to solicit interest from prospective purchasers for the Purchased Assets and to lay the groundwork for the competitive bidding process contemplated in the Sale Motion and Sale Procedures. The Receiver created an electronic “data room” containing information that is appropriate to assist prospective purchasers in formulating an offer and developed, and continues to develop, a list of prospective purchasers for the Purchased Assets. The Receiver sent out “teasers” to hundreds of prospective purchasers from its database, including security monitoring industry players as well as consultants and brokers familiar with the industry. As a result of these extensive efforts, the Receiver received expressions of interest from several potential purchasers, and entered into serious discussions with multiple prospective purchaser”.
          First I heard of this was other day when someone sent it to me.  It will be interesting to see who buys this opportunity and see what they pay for it.  Minimum bid is $5 million dollars, presumably a bargain if the buyer can hang onto the dealers.  A central station operation that needs other locations may also benefit. 
          The notice of the auction had the below provisions.  I have no idea if the auction is going to take place, if the receiver already has a buyer lined up or if the auction will bust.  What I am fairly confident guessing is that the lender is going to take a bath, and probably deserves it.
“Parties desiring to participate in the bidding process for the Purchased Assets (each a “Potential Bidder”) and to receive access to due diligence (the “Diligence Materials”), must submit to the Receiver an executed confidentiality and non-disclosure agreement in a form to be provided by the Receiver, which shall be assignable to the Successful Bidder at Closing (the “Form NDA”). All requests for the Form NDA and for Diligence Materials must be directed to Dalto Consulting, Inc., c/o Ken Dalto, Eric Slone and Don Britt, 32400 Telegraph Road, Ste. 102, Bingham Farms, MI 48025, (248) 723-4090,;;
Bid Deadline: Each Bid must be submitted in writing to the following parties: (i) the Receiver, c/o Ken Dalto, Eric Slone, and Don Britt, Dalto Consulting, Inc., 32400 Telegraph Road, Ste. 102, Bingham Farms, MI 48025,, and; (ii) Receiver’s counsel, c/o Gary P. Biehn, Esq. & Amy E. Vulpio, Esq., White and Williams LLP, 1650 Market Street, Philadelphia, PA 19103, Case ID: 191000252 Control No.: 21021279 5 26511599v.5 and; (iii) Lender’s counsel, c/o Gretchen M. Santamour, Esq., Stradley Ronon Stevens & Young, LLP, 2005 Market Street, Suite 2600, Philadelphia, PA 19103-7018. so as to be actually received no later than April 1, 2021 at 5:00 p.m. Prevailing Eastern Time (the “Bid Deadline”).
Time and Location The Auction, if held, shall be conducted telephonically or by videoconference on April 7, 2021 at 11:00 a.m. (prevailing Eastern Time), or at such later time as may be determined in the Receiver’s discretion, and may be continued from time to time at the Receiver’s discretion. The Receiver shall provide all Qualified Bidders with written instructions for participating in the Auction no later than one business day prior to the Auction. Eligible Participation Only parties that the Receiver determines in accordance with these Sale Procedures are Qualified Bidders may participate in the Auction.”

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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301