Role: Exclusive Agent of Debtor
Seller: James and Billie Winslow (Debtors in Possession)
James Howard and Billie Reid Winslow (the “Debtors”) owned and operated a large farming operation and grain elevator in Pasquotank County, North Carolina. In August, 2010 the Winslow’s filed a Chapter 11 bankruptcy petition in the Eastern District of North Carolina US Bankruptcy Court. At the time of the filing, the Winslow’s owed approximately $33 million to a group of secured Creditors, that included AgCarolina Financial and Metropolitan Life.
Central to the Chapter 11 reorganization plan, was the Debtor’s intention to sell approximately 3,915 acres of farmland in order to repay a portion of their outstanding debt. The Debtors, with assistance from their legal counsel and Chief Restructuring Officer,interviewed a number of land auction companies and selected Murray Wise Associates to sell the property using our multi-parcel auction system.
In a highly focused five week marketing period, Murray Wise Associates was able to draw strong interest from a large group of local, national and international institutional investors, high net worth individuals and farmers. The auction generated highly competitive bidding, which resulted in a sales price substantially higher than expected by the Debtors, Creditors and the Bankruptcy Court.