DAMIS and SIMAD Propose $6.8M Camp Kiwi Sale
October 9, 2026 update: DAMIS and SIMAD proposed a Camp Kiwi sale to LKQE Associates LLC for $6.8 million in cash, plus cure amounts and assumed liabilities. The filing expressly conditions the coordinated sale process on court approval of the debtors’ joint motion.
The transaction combines camp operations held by a SIMAD debtor with land and an adjoining residence held by DAMIS debtors. Their joint motion seeks to apply SIMAD’s bidding framework to the DAMIS assets solely for this sale. Separately, DAMIS designated Barone Ventures LLC as the stalking-horse bidder for 12 Cambridge Drive in Connecticut at $3 million, using its existing property sale procedures.
Sources (13)
- proposed a Camp Kiwi sale to LKQE Associates LLC for $6.8 million in cash, plus cure amounts and assumed liabilitiesCourt filing (opens in a new tab)
- joint motion seeks to apply SIMAD’s bidding framework to the DAMIS assets solely for this saleCourt filing (opens in a new tab)
- designated Barone Ventures LLC as the stalking-horse bidder for 12 Cambridge Drive in Connecticut at $3 millionCourt filing (opens in a new tab)
- DAMIS Holdings LLC and affiliatesCourt filing (opens in a new tab)
- sale noticeCourt filing (opens in a new tab)
- approved DAMIS’s property sale proceduresCourt filing (opens in a new tab)
- October 5 TriState Capital Bank interim orderCourt filing (opens in a new tab)
- October 2 Bank of New Hampshire final orderCourt filing (opens in a new tab)
- September 25 interim authorization for up to $651,000Court filing (opens in a new tab)
- September 8 filingCourt filing (opens in a new tab)
- North Avenue Capital’s September 8 supplemental objectionCourt filing (opens in a new tab)
- Case number: 3:26-bk-16439 - DAMIS Holdings LLC - New Jersey Bankruptcy ...bkalerts.com · June 4, 2026 (opens in a new tab)
- MAPPED: Dozens Of Properties Hit The Market As Prosecutors Circle Shabselses' Bankrupt Empirebisnow.com · August 28, 2026 (opens in a new tab)
Case record
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| Debtor(s) | DAMIS Holdings LLC and affiliates |
| Court | U.S. Bankruptcy Court for the District of New Jersey |
| Case Number | 26-16439 |
| Petition Date | June 4, 2026 |
| Judge | Christine M. Gravelle |
Camp Kiwi’s Price and the Two Estates
The October 9 joint motion identifies three entities in the proposed acquisition: Kiwi Operatingco LLC, a SIMAD debtor that operates Kiwi Country Day Camp; Kiwi Landco LLC, a DAMIS debtor that owns the camp land; and DASMAS Landco LLC, a DAMIS debtor that owns the adjoining residence used by the camp manager. The proposed purchase covers those combined assets, rather than only the DAMIS real estate.
The stalking-horse notice describes the consideration as $6.8 million in cash, plus cure amounts and the assumption of specified liabilities. It also requests a $204,000 break-up fee and expense reimbursement of up to $68,000. These are proposed bid protections, not reported payments.
The debtors say they deferred the Kiwi assets from SIMAD’s July 28 auction while addressing issues involving assets in two separately administered estates. Their October 9 motion seeks a coordinated process under SIMAD’s existing bidding framework. The notice states that the debtors consulted their respective unsecured creditors’ committees on the selection and negotiation of the stalking-horse agreement.
SIMAD’s bidding procedures had been approved in the SIMAD cases only. The October 9 notice expressly makes their use for the DAMIS portion of the Kiwi assets subject to approval of the joint motion. This request is distinct from DAMIS’s broader September 8 property sale procedures order. The notice explains that approval condition.
The $3 Million Cambridge Bid
DAMIS’s October 9 designation notice names Barone Ventures as the proposed buyer of the property at 12 Cambridge Drive in Connecticut and related assets. The notice states a $3 million purchase price and seeks a $60,000 break-up fee and $30,000 expense reimbursement. Any additional qualified bid must exceed $3.2 million.
The accompanying sale notice sets the following deadlines. An auction would occur only if DAMIS receives at least one additional qualified bid alongside the stalking-horse bid. The proposed sale remains subject to court approval.
| Scheduled milestone | Date and time, Eastern |
|---|---|
| Bid deadline | November 9, 2026, at 5 p.m. |
| Auction, if required | November 12, 2026, at 10 a.m. |
DAMIS’s Property Sale Framework
The court approved DAMIS’s property sale procedures on September 8, 2026. The order establishes procedures for stalking-horse designations, bid protections, auctions, notices, and hearings to consider individual sales. Approval of those procedures does not itself approve a particular property transaction.
Bisnow reported on August 28 that DAMIS had engaged A&G Real Estate Partners to oversee the sale of approximately 50 properties spanning office, industrial, multifamily, retail and resort assets. The Cambridge notices describe one property-specific process within DAMIS’s sale framework.
Financing Authorizations
The October 5 TriState Capital Bank interim order authorizes the borrowers identified in its DIP term sheet to obtain up to $2,141,400 in interim protective advances. The order describes a facility with an aggregate principal cap of $3.5 million. The interim authorization does not establish that the borrowers drew those funds.
The October 2 Bank of New Hampshire final order authorizes a facility capped at $2.2 million for the DAMIS debtor borrowers identified in its term sheet. It provides for $1.549 million in additional advances following the September 25 interim authorization for up to $651,000. These amounts describe borrowing authority rather than amounts actually drawn.
Property Budget Disputes
In a September 8 filing, Northern Bank & Trust challenged a proposed $256,200 shared-services allocation for the debtors associated with 90 Pleasant Valley Street in Methuen, Massachusetts. The lender alleged that the proposed budget omitted payments or escrows needed for an October real estate tax installment. Northern Bank said it supported spending needed to operate and preserve the property but opposed funding shared services while the property’s taxes remained unpaid or accrued penalties.
North Avenue Capital’s September 8 supplemental objection disputed shared-services spending for 1401 US Highway 49B Real Estate LLC. NAC argued that the property’s single tenant paid property-level expenses and performed maintenance under a triple-net lease, limiting the debtor’s administrative needs. It also said that an additional $230,000 request, combined with $124,000 previously authorized on an interim basis, would total $354,000 and exceed the original $338,300 request.
These objections describe lender positions when filed, rather than court findings resolving the budgets. The available excerpts do not establish how those disputes were resolved.
This article was researched and written with AI assistance, using court filings, public records, and news sources. AI-generated content can contain errors. Verify all information against primary sources before relying on it. This is not legal or financial advice. See the disclaimer.