LEBANON, N.J., Dec. 7, 2011 /PRNewswire/ -- An auction of the assets of pre-manufactured and modular building company Kullman Building Corp. is scheduled to begin on Tuesday, December 13 under the direction of Alco Capital Group, Inc., Assignee for the Benefit of Creditors. The sale will be conducted at the company's site at 1 Kullman Corporate Campus Drive in Lebanon and online by auctioneer Tiger/Daley-Hodkin, which was retained by Alco Capital and confirmed by the Court.
The auction will include metalworking and fabrication, welding, woodworking, painting and spray booth equipment, as well as rolling stock, modular buildings, building materials, fixtures, and other assets. On-site previews will be held from 9:00 a.m. to 4:00 p.m., on Saturday, December 10; Monday, December 12, and on the day of sale. The auction will get under way at 10:00 a.m., next Tuesday.
Elaborating on the assets being auctioned, Jeff Tanenbaum, president of Tiger's Remarketing Services Division, said: "The sale offers a diverse mix of items catering to all types of buyers. Other modular building manufacturers may appreciate the Peddinghaus state-of-the-art thermal steel fabricator or Lincoln robotic welding system, while small businesses and the general public will have an opportunity to bid on hundreds of power tools, trucks, smaller machinery and Kullman's inventory of bathroom fixtures and building supplies. Throw in the company's selection of office furniture and computers, and this is definitely a 'something for everyone' type of auction."
Kullman Building Corp. traces its roots to 1927, when Sam Kullman started a modular-building business to create prefabricated diners. As the popularity of the roadside eateries waned, the company morphed into building products for new markets. More recently, Kullman produced prefabricated housing, dormitories, prisons, schools, banks, equipment enclosures, offices, and bathrooms.
Alco Capital was confirmed as Assignee by the Superior Court of New Jersey-Hunterdon County on October 21, 2011. The Court confirmed Tiger/Daley-Hodkin as auctioneer on December 6. Under an assignment for the benefit of creditors ("ABC"), the insolvent entity (the "Assignor") transfers legal and equitable title, as well as custody and control of its property, to a third party (the "Assignee") in trust. Proceeds of the asset dispositions are released by the Assignee to the Assignor's creditors in accord with priorities established by law.
The creditors and debtor in this case concluded that an ABC should be a quicker and less expensive option than a traditional bankruptcy, according to Alco Capital.
For more information on the Kullman auction or to bid online, visit: http://auctions.tigergroupllc.com/cgi-bin/mndetails.cgi?tigergrp25.
Tiger/Daley-Hodkin and its affiliates at Tiger Group provide advisory, restructuring, valuation, disposition and auction services within a broad range of retail, wholesale, and industrial sectors. With over 40 years of experience and substantial financial backing, Tiger offers a uniquely nimble combination of expertise, innovation and financial resources to drive results. Tiger's seasoned professionals help clients identify the underlying value of assets, monitor asset risk factors and, when needed, convert assets to capital in a variety of ways quickly and decisively. Tiger's collaborative and no-nonsense approach is the foundation for its many long-term 'partner' relationships and decades of uninterrupted success. Tiger maintains offices in Boston, Los Angeles, New York and Atlanta. To learn more about Tiger, please visit www.TigerGroupLLC.com.
SOURCE Alco Capital Group, Inc.