Question
(redacted)
September 22, 1999
VIA FACSIMILE
Mr. Mike Verne
Federal Trade Commission
Pre-merger Notification Division
Re: Asset purchase of residential contractor/homebuilder
Dear Mr. Verne:
As per our conversation today, I am writing to request a written opinion confirming that the notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act (the Act) do not apply to a purchase of all or substantially all of the assets f a residential contractor/homebuilder.
Our client is currently negotiation the purchase of all or substantially all of the assets of a residential contractor/homebuilder. The assets consist largely of raw land and platted and subdivided lots, as well as an assignment of an office lease, the contractors rights as seller under executory contracts to build and sell homes, work in progress, and other contracts and some miscellaneous equipment and other tangible and intangible personal property. According to information available to us, the total assets of our client, the purchase, exceed $100 million, while the assets of the seller exceed $10 million. The assets being acquired by our client exceed $15 million dollars, the bulk of which represents the fair market value of the undeveloped real property.
Thank you for your assistance in this matter.
Sincerely,
(redacted)
cc: (redacted)