Court Sets Date for Taylor AuctionDecember 4th, 2012 by DWM Magazine
The United States District Court in the Southern District of Ohio has approved an auction date for the assets of Taylor Building Products, as well as the bidding procedure and other items. The court also approved a Stalking Horse bid by Wausau Supply Co. The Stalking Horse bid is $2,708,000 plus the cost of inventory on hand, subject to certain adjustments. The Sales Procedure Order also approved the payment of a break-up fee to the Stalking Horse in the amount of $75,000 and Overbid Protection of $50,000.
In the event that at or prior to the bid deadline, the receiver receives one or more qualifying bids, other than from the Stalking Horse, the receiver shall conduct an auction with respect to the acquired assets. The auction will take place at 9 a.m. on December 18 at the offices of Strip, Hoppers, Leithart, McGrath and Terlecky Co. LPA, 575 S. Third St., Columbus, Ohio.
The prevailing bid will be subject to approval of the Court, and will take place on December 20.
According to court documents, the receiver is authorized to sell the following assets: owned real property, owned equipment, equipment leases, inventories, accounts receivable, intangibles, stocks, books and records, prepaid expenses and permits.