Preston Property to Be Auctioned
Bankrupt Preston Trucking Co. is scheduled to sell off its real estate at a public auction in Baltimore on Dec. 17, either to a company that has made a bulk bid for all the parcels or to individual bidders.
The sale of Preston’s real estate comes as the company deals with fallout from its closing earlier this year, including lawsuits filed by union and nonunion workers and sales of other assets.
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RLR Investments of Wilmington, Ohio, has made a bid of $68.4 million for all of Preston’s property. If other bids on some or all of the company’s 41 parcels of real estate do not match or exceed RLR’s Oct. 27 bid by Dec. 13 there will be no auction, Preston attorney Lawrence Katz said.
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An attorney representing the Teamsters union presented Preston with a $58 million claim in November on behalf of laid-off Preston Teamsters workers for violation of the Worker Adjustment and Retraining Notification Act.
