Paul E. Saperstein Co. Inc. held a sale on May 4 on behalf of the United States Bankruptcy Court and the appointed trustee, John Desmond, Framingham, Mass. Equipment inspections were held on May 2 and 3 in Leominster, Mass., and Yarmouth, Mass. The auction itself, live and online, was held on May 4 at the Taunton Inn, Taunton, Mass.
According to Michael Saperstein, executive vice president, “the sale was conducted in this fashion due to how many large pieces of equipment were located within each yard. Neither of the yards was big enough to accommodate all of the assets and the towing costs to get it all into one location would have far exceeded the costs of renting the room and holding the sale in a location that was roughly in between the two yards.
“We had two days of inspection so potential bidders would have the chance to visit both yards,” he continued. “It was held at a hotel so on-site bidders who had traveled would have a place to stay and not have to do additional traveling to get to the actual sale. There were more than 275 people on-site, from California, Canada, Pennsylvania, Florida, Texas, New York, New Jersey and all over New England. In addition, there were 160 online bidders from Canada, one from Hawaii, and others from Seattle, California, Texas, Florida, Wisconsin, Pennsylvania, Chicago and all over the Tri-States and New England.”
This was not the first time the company held an offsite auction due to some logistical or restriction issues and Saperstein said that under the right circumstances he would conduct sales this way in the future.
“Monetarily the sale was absolutely successful, generating well over $2.5 million dollars. We had nothing but positive feedback both from our client and those who attended the sale in person and online. Things went very smoothly with the auction itself as did the removal of all the items,” Saperstein concluded.
Today's top stories