SALEM - The closed Miller-Holzwarth Inc. business and all its assets will be sold at a one-lot auction set for 1:30 p.m. June 6 in the Medina County Courthouse, with the minimum bid price set at $500,000.
"We have a lot of very interested parties," Lisa M. Barbacci said by phone Saturday.
A Medina attorney, Barbacci was appointed as the receiver of the Salem property in a court case filed in Medina County Common Pleas Court by Norcatec LLC, one of the company's creditors.
Norcatec won a $1.56 million judgment against Miller-Holzwarth Inc. shortly after the longtime business closed last summer and Barbacci's job is to sell the assets to cover the debt that remains.
When contacted, she said some of the debt had been paid, but she wasn't sure of the amount still owed to the creditor.
The business supplied the U.S. military and was known for producing armored combat vehicle components, including periscopes, for more than 35 years before employees were told at the end of their shift on July 30 that they were done.
Barbacci spoke highly of the employees and their skill level, noting that information about the workforce will be provided to prospective bidders. She was impressed by their expertise and said they will be a real asset to the purchaser.
"They're very devoted to the company," she said.
According to a court notice regarding the sale, anyone interested in qualifying as a bidder must sign an ITAR (International Traffic in Arms Regulations) non-disclosure agreement and confidentiality agreement and make a bid deposit of $75,000 in a letter of credit, bond or certified funds payable and deliverable to the receiver at least five days prior to the date of the auction. A journal entry set the deposit deadline as 5 p.m. May 31.
The property to be sold includes the main plant on West Pershing Street in Salem, the machinery, equipment, inventory, intellectual property including the trade name, trademarks, contract rights and other proprietary information and other personal property used in the business, the notice of auction said.
The auction will be conducted by Medina County Common Pleas Court Judge James Kimbler in his courtroom located at the courthouse in Medina.
Requests regarding the auction sale and bid information packet should be directed to Barbacci at 330-722-4488 or by email at email@example.com.
A hearing on the confirmation of the auction sale will be held at 1:30 p.m. June 13. Upon entry of an order confirming the sale, the successful bidder must pay the balance of the bid purchase price to the receiver, c/o Akron Title & Abstract Company, Ltd., 333 S. Main St., Suite 304, Akron, Ohio 44308, within 10 days.
Barbacci said more than 50 people have contacted her and expressed an interest in the business, with many expressing a serious interest. She said what happens to the business after the purchase will be up to the buyer.
She said she's also had contact with Salem city officials, including Mayor John Berlin and some members of city council, who have all been very supportive and helpful.