Mar 31, · The agreement also proposed timelines and procedures for the bidding process and potential bankruptcy auction. advertisement. Prior to the original March 12 hearing, several objections to the APA, timelines and procedures were raised by various parties. Co-ops include: Lone Star Milk Producers Inc., Agri-Mark Inc., Cayuga Marketing LLC. Contango Oil & Gas Co. announced Friday that it has purchased White Star Petroleum LLC's assets for $ million, after a wild auction process led to an impromptu courthouse bidding war. Apr 02, · Still, the deal is hardly universally applauded by farmers. A collection of dairy cooperatives filed an objection to the deal on March 9. The co-ops — Lone Star Milk Producers, Agri-Mark, Cayuga Marketing, the Cobblestone Milk Cooperative, the Maryland & Virginia Milk Producers Cooperative Association, and the Michigan Milk Producers Association — together represent 3, dairy farms.
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Otherwise, the court is scheduled to hold a hearing Monday to approve a sale to BridgeInvest. Despite the events in court, Lone Star bankruptcy lawyer Thomas Rice said after the hearing that the parties still were trying to finalize a deal. Whether they can pull it off remains to be seen.
Chicago Title would not issue the policy until 14 days after an order approving the sale was entered, Rice later said. Lone Star filed for bankruptcy protection in January, halting a foreclosure auction of the complex. Despite an April 6 deadline to submit bids, Moses Siller, a JLL executive vice president managing the transaction, testified he told prospective buyers to put in their offers by April 2.
He also said he did not initially provide potential buyers with information about the Friday deadline and bid procedures, and did not conduct an auction as outlined in court-approved procedures.