National CRS LLC Announces Successful Closing of Sale of Former Durango Paper Mill Tract to Jacoby Development, Inc.

ST. MARYS, Ga., July 13, 2021 /PRNewswire/ -- Michael Newsom, Managing Director of National CRS and Liquidating Trustee of the Durango Georgia Paper Company Bankruptcy Estate ("DGPC" or "the Bankruptcy"), reported that on June 30, 2021, the former DGPC mill property had been sold to Jacoby Development, Inc. ("JDI"). Over more than a decade of sales attempts, Mr. Newsom held strong to his vision that the mill property had many outstanding characteristics that made it a prime piece of real estate for an organization that shared his vision. Furthermore, he believed that right sale would give a fair return to the creditors of the Bankruptcy, and it would complement the future of the City of St. Marys. Mr. Newsom also overcame pressure to sell this property to low bidders, and he did not compromise because of false, negative rumors and publicity about the land. JDI, in the persons of Mr. James Jacoby and John Loudon, likewise did not bow to obstacles, and with the help of funding from the local Joint Development Authority, they secured the required capital.

Mr. Jacoby showed interest in the property two times previously during the storied sales process. The timing was just not right for either of those times, but unbeknownst to Mr. Newsom, Mr. Jacoby had kept a keen eye on the property. When Mr. Newsom reached out to him approximately two years prior to the closing of the deal, Mr. Jacoby launched an all-out effort to buy the mill site. Mr. Jacoby is known to be just the man with big plans that this property needs. His company, JDI, has had success in Georgia's Brownfield Program, and he is highly respected by the folks at the Georgia Department of Natural Resources.

This complex effort to sell the mill site needed a skillful and varied team to draw this process to a conclusion. At the top of the list is Ward Stone, a partner in the Georgia law firm Stone & Baxter. Mr. Stone flawlessly navigated the bankruptcy process and helped keep the Bankruptcy Estate alive and free from any legal problems. Gregg Marx, of Marx Enterprise, provided on site management of the site with daily inspections. Gregg was a former plant engineer at the mill, and his comprehensive knowledge of the site was key in winning over the JDI. Mr. Newsom greatly appreciates the unwavering support from St. Marys Mayor, John Morrissey. Without his backing, it is likely that such a successful sale would not have happened. Kudos also goes out to Dr. J. Brad Peebles of the environmental firm TetraTech for his guidance on environmental issues. Lastly, Mr. Newsom would like to thank the residents of the City of St. Marys for their hospitality. He voiced that after many years of visiting St. Marys, he feels like he is a member of the community.

Media Contact Michael L. Newsom, 727-515-8949, [email protected]

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