Bankruptcy Ordered Auction

Tranzon's Market Making system at work:

The Assignment

CASE NO. 02-11771 - Chapter 7 filing with 9 mixed use properties in Killington, VT region. The properties included retail and office space, service related facilities, i.e., U.S. Postal Service, dormitory style housing for seasonal employees in a campus setting, and land suitable for development.

"The Tranzon Auction Properties’ team kept all interested parties appropriately informed throughout the process. The sales results clearly reflect the comprehensive, professional effort of the auction company.”

- Dana Wedge, S.V.P., TD Bank

Process

Assisted the Chapter 7 Trustee by stabilizing the properties with property management and tenant contact. Working with counsel for the Trustee, detailed property information packages were prepared for distribution to prospective purchasers. A national multi-media marketing campaign was executed over a 5 week period.

“Tranzon Auction Properties prepared all necessary marketing and documentation for this complex project in a professional and timely manner. Their response to unique Vermont municipal and state related questions and requests was immediate and thorough.” John R. Canney III, Chapter 7 Trustee

Results

With over 200 inquiries from California to Maine, the auction was conducted on May 26th at the base of Killington Mountain and Ski Resort. With 37 qualified registered bidders, the nine properties sold for an aggregate sale price of $9.5 million, which, according to news accounts, was the largest bankruptcy auction in Vermont history. After payment of the secured debt, over $1 million was available for unsecured creditors.

Tranzon Auction Properties
866-503-1212

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