Preston Property Sold for $68 Million
There was no public auction Dec. 17 for the real estate of bankrupt Preston Trucking in Baltimore, which means that RLR Investments LLC of Wilmington, Ohio, will be the new owner of the properties, barring unforeseen circumstances.
Preston attorney Lawrence Katz said he expected to get approval from the court Dec. 20 and to close on the sale within 20 days later.
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On Oct. 27, RLR put in a bid of $68.4 million for the 41 parcels. Under the terms of the bankruptcy judge’s order, if no competing bids came in higher than its bulk bid by Dec. 13, there would be no public auction, which was the case.
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Preston, until its demise one of the nation’s largest unionized carriers, closed its doors suddenly July 27 after it was unable to get additional cash advances from its chief lender, Congress Financial Corp. in New York.
