RAIT Funding, LLC filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on September 9, 2019. The debtor seeks the Court’s approval for the sale of substantially all its assets to CF RFP Holdings LLC, the stalking horse bidder, for a purchase price of $174.4 million, pursuant to the asset purchase agreement, dated August 30, 2019. To qualify as a qualified bidder, interested parties should submit their bids by November 18, 2019 along with good-faith deposit not less than 5% of the bid price. The initial minimum overbid should be at least $1 million more than the initial purchase price plus the break-up fee and the expense reimbursement. The debtor has scheduled an auction on November 21, 2019. At the auction, the subsequent bids would be in increments of $1 million. The stalking horse bidder would be entitled to a break-up fee of $5.23 million and expense reimbursement not to exceed $1.74 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for November 25, 2019.