Folks looking to buy one slightly used, poorly built beef plant won't be able to drop in, kick the tires, and make a bid the day of sale... not without some fast driving. The auction of Aberdeen's Northern Beef Packers facility will take place Thursday, December 5, at 1:15 p.m. Central Standard Time... in Sioux Falls, 206 miles down the road.
Scott Waltman reports that the minimum opening bid is still $12.75 million. Bidders must evidently show they have at least 10% of that amount in hand before the day of the sale. Bankruptcy Judge Charles Nail will conduct the bidding at the federal courthouse on Phillips Avenue.
Bidders interested in knowing what they're getting can try calling CEO David Palmer at the plant in Aberdeen. I hear his car is still parked out front of NBP. He may not be eager to chat and give tours, but hey, he should do something to earn one of the few paychecks NBP is still writing.
If Palmer doesn't answer, bidders will have to settle for reviewing NBP's record of assets submitted by CEO Palmer to Judge Nail on August 2. The short list:
- Land and buildings: $59.9 million.
- Furniture, fixtures, and equipment: $16.5 million.
- Payments receivable: $1.9 million.
- Cash in the bank: $942K.
- Five vehicles (three vans, two pickups): $17,800.
Hey, there really are some tires to kick!
So make it a day in downtown in Sioux Falls! Browse the Cliffhangers Gallery. Keep your ears tuned for pre-bid chatter at Minerva's mighty salad bar over the lunch hour. Then stroll down the block and buy your true love an Aberdeen beef packing plant for Christmas for pennies on the dollar.