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Wed February 29, 2012
Industrial Auction Firm Highest Bidder for Isaacson Steel
At an auction today/Wednesday in Manchester an Ohio company made the highest bid for the bankrupt Isaacson Steel. NHPR’s Chris Jensen reports.
Last year Isaacson filed for bankruptcy leaving the future of about 150 North-Country workers in doubt.
Earlier this year a Whitefield firm bought a small portion of the business, an action expected to save about 20 jobs. But the larger portion was auctioned off.
William Gannon. represents Isaacson.
“The high bidder for the assets was a company named Myron Bowling. And the highest offer was two million, four hundred thousand dollars.”
Ohio-based Myron Bowling Auctioneers specializes in selling off industrial equipment.
Mr. Bowling couldn’t be reached for comment and it wasn’t clear if there is any chance Isaacson will continue to operate.
Gannon said two other companies were affiliated with the deal.
One is Counsel R.B. Capital of White Plains, New York. It bought the closed Gorham paper mill and later sold it to Patriarch Partners which reopened it.
The other is Hilco Industrial, an industrial auction firm.
A Texas firm, Investment Recovery Services, offered $2 million.
The sale must still be approved by a bankruptcy judge.
For NHPR News this is Chris Jensen