distressed2017
Junior Member
What is the name of your state (only U.S. law)? NJ
Hi all,
Hopefully this question is appropriate for this forum...
I've been looking to buy machinery/equipment from Chp 7 and 11 Bankruptcy cases for my family business. I've been following some specific bankruptcy cases and looking through the Schedule A/Bs. Whenever I see equipment that I'm interested in, I have been reaching out to Trustees to see if they are interested in selling them to me.
It seems like A LOT of the trustees automatically hire an auctioneer the moment they get assigned to a case. Most of the responses I get tell me to contact the Auctioneer. I'm wondering, is there a specific reason why Trustees like to go to auctioneers? From what I can see, there are various drawbacks from using auctioneers - they charge expenses for marketing, logistics, etc. Plus they also charge a hefty buyer's premium which ultimately ends up in a lower bid from buyers. Auctioneers also seem to take a very long time to actually arrange the sale.
I fully intend on offering Trustees a reasonable price for the equipment that I'm interested in, and I'm capable of paying cash immediately. Am I just not approaching Trustees right? Any thoughts appreciated!
thanks!
Claire
Hi all,
Hopefully this question is appropriate for this forum...
I've been looking to buy machinery/equipment from Chp 7 and 11 Bankruptcy cases for my family business. I've been following some specific bankruptcy cases and looking through the Schedule A/Bs. Whenever I see equipment that I'm interested in, I have been reaching out to Trustees to see if they are interested in selling them to me.
It seems like A LOT of the trustees automatically hire an auctioneer the moment they get assigned to a case. Most of the responses I get tell me to contact the Auctioneer. I'm wondering, is there a specific reason why Trustees like to go to auctioneers? From what I can see, there are various drawbacks from using auctioneers - they charge expenses for marketing, logistics, etc. Plus they also charge a hefty buyer's premium which ultimately ends up in a lower bid from buyers. Auctioneers also seem to take a very long time to actually arrange the sale.
I fully intend on offering Trustees a reasonable price for the equipment that I'm interested in, and I'm capable of paying cash immediately. Am I just not approaching Trustees right? Any thoughts appreciated!
thanks!
Claire