Consolidated Freightways Announces May 21 Sale of Sacramento and Stockton Distribution Facilities.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--May 5, 2003 As part of the largest real estate sale in transportation history -- 220 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 Sacramento and Stockton distribution facilities individually 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 an open auction process scheduled for May 21, 2003. The Sacramento distribution center is a 164-door cross-dock facility located at 918 Del Paso Road and is situated on 77.10 acres. Three hundred and sixty-one CF employees formerly worked at the Sacramento terminal. A contract price of $13,500,000 has been established for the property. The Stockton property is a 23-door cross-dock terminal located at 7611 South Airport Way. It is situated on 6.15 acres and 52 CF employees formerly worked there. A contract price of $1,275,000 has been established for Stockton terminal. Both facilities have been closed to operations since September 3, 2002 when the 74-year-old company filed for bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most 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. . Interested parties who would like to participate in the May 21 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, 68 CF properties throughout the U.S. have been sold for $176 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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