The sale of the Federal Club, a distressed country club and several dozen home lots in Hanover Country, will proceed with the biggest debtor as the stalking horse bid.
The bankruptcy court today approved the Bank of Essex’s $3.5 million bid and approved some of the bidding procedures.
In a hearing today, a lawyer for the debtors (who are the current operators) said that the bidding procedures would allow suitors to bid on the whole shebang or distinct parts of the property, such as the course itself or some of the lots.
The sale of the Federal Club, a distressed country club and several dozen home lots in Hanover Country, will proceed with the biggest debtor as the stalking horse bid.
The bankruptcy court today approved the Bank of Essex’s $3.5 million bid and approved some of the bidding procedures.
In a hearing today, a lawyer for the debtors (who are the current operators) said that the bidding procedures would allow suitors to bid on the whole shebang or distinct parts of the property, such as the course itself or some of the lots.
U.S. and Britain. Have the same problem. Tons of debt piling up on massive debt. Enough to take us all down. At least Britain has a option to change the folks who spent you into oblivion and try a new audience. In the U.S. were lumped with the massive misdirect spending and debt. We can start to make some modification in 2010, but can’t do something about the actual issue until 2012!