The back-story behind the rescheduling of East Coast Brokers and Packers auctions

There has been a great deal of interest in the upcoming auction of the farms, packing facilities, equipment and other assets owned by East Brokers Brokers and Packers and the Madonia family. As noted in the press release elsewhere on our site, the Chapter 11 Trustee has now filed papers with the United States Bankruptcy Court, Middle District of Florida, Tampa Division, requesting approvals of auction dates.

We expect a court decision on these within a few days, but meanwhile, I wanted to let you know why these dates have changed. Essentially, it comes down to this: we’re selling a very large group of assets, in multiple states, in a bankruptcy case that involves dozens of stakeholders — including not only the property owners, but creditors, the Trustee and the court. Because of the scope of the task, there will be three auction companies involved for the real estate and another for the equipment. And of course we have to comply with all laws and license requirements at the federal, state and local levels. On top of all that, we have to address such mundane matters as auction facilities and scheduling of auction personnel.

Meanwhile, those interested in buying these assets naturally have a need to make their plans, so we’ve sought to balance the need for information with the necessary uncertainty that comes with so many variables.
We’re working on brochures and web updates to ensure that prospective bidders have the best possible information.

Auctions are planned for the following dates, subject to court approval:

  • Thursday, Aug. 15, 10 a.m. — Approximately 7,377 acres of Florida farm and development land in Martin, Hillsborough, Polk and Manatee counties; two packing houses; a former Bible college, and several labor camps.
  • Friday, Aug. 16, 3 p.m.  — The elegant Red Rose Hotel in Plant City, Fla., along Interstate 4, along with a home in Lakeland, home sites on Walden Lake in Plant City, and other Florida assets.
  • Monday, Aug. 19, 3 p.m. — Cape Charles, Va.-area properties, including two luxury homes in Bay Creek, plantation-style home, colonial style house just south of Painter, and home just west of Oyster.  Also set for auction is a home surrounded by water on Marsh Island just outside Chincoteague.
  • Tuesday, Aug. 20, 1 p.m. — 31 properties (primarily farmland) totaling approximately 3,228 acres; produce packing houses; labor camps, and several homes in Virginia, primarily in Accomack and Northampton counties.
  • Wednesday, Aug. 28, 9 a.m. – Live and online auction of agricultural equipment, Mulberry, Fla.
  • Sept. 3-4, 9 a.m. – Live and online auction of agricultural equipment, Virginia.