Consolidated Freightways Announces May 20th Sale of Detroit Distribution Facility.Business Editors DETROIT--(BUSINESS WIRE)--May 11, 2004 As part of the largest real estate sale in transportation history - 228 total properties with an appraised value An appraised value (USA) or mortgage valuation (Australia) pertains to the assessed value of real property in the opinion of a qualified appraiser or valuer. It is usually used as a pre-qualification & risk-based pricing factor related to the issuance of mortgage loans by a over $400 million - Consolidated Freightways Consolidated Freight was the 3rd biggest trucking company in the US. In the 1930s they started their own truck manufacturing operation, Freightliner, now part of DaimlerChrysler. announced that it is placing its Detroit distribution facility located at 9860 Eagle Ave., in Dearborn for sale to the highest bidder HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. , through a reserve auction process scheduled for May 20, 2004. A contiguous 4.62 acre property is also included in the sale. The Detroit property is a 96-door cross-dock distribution facility situated on 7.26 acres and has been closed to operations since September 3, 2002 when the 75-year-old company filed for bankruptcy protection. Since then CF has been liquidating the assets of the corporation under orders of the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . 238 CF employees formerly worked at the Detroit terminal. A starting price starting price n (COMM) → precio inicial starting price n → prix initial starting price start n (at auction of $895,000 has been established for the CF properties. Interested parties who would like to participate in the May bankruptcy auction should submit the form Request to be Designated a Qualified Bidder at Auction. That form can be found at www.cfterminals.com/Overbidder.html and must be submitted prior to the date of the auction. The indicated deposit must also be received, via wire or certified check A written order made by a depositor to a bank to pay a certain sum to the person designated—the payee—which is marked by the bank as "accepted" or "certified," thereby unconditionally promising that the bank will pay the order upon its , prior to the date of the auction. To date, 198 CF properties throughout the U.S. have been sold for over $335 million. Potential bidders should direct any questions about the property and the bidding procedures that cannot be answered at the company's web site www.cfterminals.com, to Transportation Property Company at 800-440-5155. |
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