Final auction dates set for the sale of East Coast Brokers and Packers assets

MULBERRY, Fla., July 1, 2013 /PRNewswire/ -- The farms, packing houses, labor camps and other Florida and Virginia properties owned by East Coast Brokers and Packers and the Madonia family will be sold in a series of live and online auctions in August, upon court approval.

The decision to hold the auctions follows the recent appointment of Gerard A. McHale, Jr., as Chapter 11 Trustee by the United States Bankruptcy Court, Middle District of Florida, Tampa Division.

"The recent appointment of the trustee clears the way for the liquidation of the considerable assets through a series of auctions," said Ken Nofziger, president of Murray Wise Associates LLC, which will conduct the auctions in cooperation with Crosby & Associates.

"We solicited sealed bids recently, noting at the time that the sealed bid process would be followed by a court-approved and supervised auction. The sealed bids are currently being evaluated by the trustee and may be used as openers for the upcoming auctions upon submission and approval by the trustee and bankruptcy court," said Nofziger.

McHale said auctions are being organized by property type and location, consistent with the sealed bid offerings. "Our mission is to maximize the value of these properties in a timely way and to achieve the highest value possible for the creditors. Given the large number of diverse assets, this is a major challenge, but one that can be accomplished with hard work and the approval of the court," said McHale. 

The trustee intends to file a motion promptly with the bankruptcy court to establish bid procedures with the following auction dates and times:

• Thursday, Aug. 15, 10 a.m. -- Approximately 7,367 acres of Florida farm and development land in Martin, HIllsborough, Polk and Manatee counties; two packing houses; a former Bible college, and several labor camps.
• Thursday, Aug. 15, 10 a.m. -- 31 properties totaling approximately 3,228 acres; produce packing houses; labor camps, and several homes in Accomack and Northampton counties in Virginia.  (Note: The two Aug. 8 auctions will run simultaneously.)
• Wednesday, Aug. 21, 9 a.m. - Agricultural equipment, Stuart, Fla.
• Thursday, Aug. 22, 4 p.m.  -- The elegant Red Rose Hotel in Plant City, Fla., along Interstate 4, along with a home in Lakeland, home sites on Walden Lake in Plant City, and other Florida assets.
• Friday, Aug. 23, 9 a.m. -- Agricultural equipment, Mulberry, Fla.
• Tuesday, Aug. 27, 10 a.m. -- Home surrounded by water on Marsh Island just outside Chincoteague.
• Tuesday, Aug. 27, 5 p.m. -- Cape Charles, Va.-area properties, including two luxury homes in Bay Creek, plantation-style home, colonial style house just south of Painter, home just west of Oyster.
• Tuesday, Aug. 27 - Ending online bid date for land on Lake Erie, 277,000-square-foot cold storage facility in Ranson, W.Va., and a former cold storage facility and packing house in Winchester, Va.
• Aug. 28 and 29 -- A series of live and online farm equipment auctions of Virginia-based equipment.
• TBA --  Luxury condominiums in Naples and Stuart, Fla.

Murray Wise Associates LLC, headquartered in Champaign, Ill., with additional offices in Florida and Iowa, is a leading national agricultural real estate marketing and financial advisory firm.   

Crosby and Associates, Inc., based in Winter Haven, Fla., with offices in Tavares, Fla., and Hawkinsville, Ga., is a noted provider of agriculture real estate brokerage and management services.

For more information:
Carl Carter, 205-823-3273

SOURCE Murray Wise Associates