The chance to own a piece of a prominent local real estate development company has arrived.
But interested parties will have to outbid Rich Johnson and Rodney Poole, two top executives of the Wilton Companies hoping to strengthen their hold on the firm.
The public has until Dec. 5 to outbid the twosome for shares of the Wilton Companies. About 3.5 percent of the company is at stake.
A federal bankruptcy judge in Richmond last week approved a stalking horse auction process that let an entity run by Johnson and Poole set the initial bid at almost $900,000 for 1,400 of Hank Wilton’s shares in the Wilton Companies.
The auction is a result of Hank Wilton’s personal bankruptcy, which when filed in late 2010 revealed that he had guaranteed tens of millions of dollars in loans on residential real estate projects using shares of the Wilton Companies as collateral.
To help attract bidders and drive up the auction price, the trustee is offering a finder’s fee of $25,000 to anyone who helps bring in a bid above Johnson and Pool’s.