By Seattle Times business staff A bankruptcy auction for MTR Western, the luxury motor-coach company owned by Frederick Darren Berg, has...
By Seattle Times business staff
A bankruptcy auction for MTR Western, the luxury motor-coach company owned by Frederick Darren Berg, has been scheduled for Jan. 12.
Judge Karen Overstreet ordered the auction after hearing from the court-appointed trustee’s attorney that the procedure could accommodate bidders who are interested in the vehicles but not the company.
Attorney George Treperinas, representing trustee Diana Carey, said at a court hearing Wednesday that in addition to the already-announced offer from Seattle-based GTO, he’d received two other “expressions of interest” in acquiring MTR Western as a going concern.
- Teen, one of 14 siblings, finally gets to be a kid
- Seattle sushi fans, rejoice: Shiro's new place is open
- UW fires women’s crew coach Bob Ernst
- Students say WWU’s response to racist threats not enough
- Seahawks’ Marshawn Lynch has surgery, could be back December
Most Read Stories
Carey has said MTR is the biggest asset in the bankruptcy estate of Berg, who’s been charged by federal prosecutors with running a Ponzi scheme that cost investors more than $100 million.
Selling the company as a whole could preserve about 200 jobs, Carey has said.
GTO, owned by local hospitality entrepreneur Howard S. Wright III, on Wednesday filed a revised bid offering the bankruptcy estate $5.5 million, up from the previously proposed $4.25 million with potential performance-based payments of $1 million.
That “stalking horse” offer will be the starting point for bids in the January auction.