The sale of the three remaining entities of Archbold Elevator has been approved.
Gerald Kowalski, a Toledo attorney acting as receiver for the Elevator and its related businesses, said James Barber, Fulton County Common Pleas Court judge, signed an order authorizing the sale, Monday, Nov. 28.
The three properties are the last of the “Archbold Entities” involved in the receivership of Archbold Elevator.
Troubles for the elevator and its owner, William Fricke, began when the Ohio Department of Agriculture suspended the elevator grain handling license on April 11.
The following day, Farmers & Merchants State Bank filed a $4.9 million lawsuit against Archbold Elevator, Fricke and other associated businesses. The lawsuit forced the company into receivership.
The three remaining entities to be sold were all in the businesses of raising and selling pigs.
Fricke attempted to buy back the three entities using non-traditional financing through a Detroit firm, but after a hearing, Barber disqualifi ed his bids.
Henry Pig, a sow operation that raised pigs from birth to the point they were weaned from the sow. The sale included animals, property and other assets at 1678 Co. Rd. K, rural Napoleon, in Henry County.
There were two original bids: Mark and Stephanie Sattler, who have a rural Defi ance address, and Fricke, whose bid was disqualified.
Since the bid was originally submitted, a limited liability corporation, Flatrock Pork, LLC, was formed to purchase Henry Pig.
Mark J. Sattler, rural Defiance, was named the statutory agent for Flatrock Pork.
The purchase price was $465,000.
O-MI-O, another sow operation with animals, property and other assets at 17311 Co. Rd. 21-50, Fayette, in Williams County.
There were three original bidders: Richard Lange of Republic Mills; Michael E. Mull, a veterinarian; and Fricke.
After negotiations, Centaur Associates, LLC, was the highest bidder for O-MIO. The statutory agent for Centaur is Rex H. Huffman, Rossford.
A second LLC, MMDS Investments, LLC, was formed and purchased O-MI-O. Huffman is also the statutory agent for MMDS.
The purchase price was $325,000.
Kainos Nursery, which raised pigs from the time they were weaned from the sow to market weight.
The sale included real estate, equipment, and machinery located at 12979 Co. Rd. 16, Wauseon, in Fulton County.
There were two original bidders: Kalmbach Feeds and Fricke. With the Fricke bid disqualified, Kalmbach purchased Kainos for $125,000. Prices
In the court documents, Kowalski said, “The receiver believes that these sales are in the best interest of the receivership.
“The receiver believes the proposed prices, although low, are commercially reasonable under the circumstances and are not inconsistent with the analysis performed by Veid & Veid (a certified public accounting firm) on May 16.”