(513) 307-3077
July 20, 2014
On January 30, 2014, Peter M. Lahni, Jr., was apponted receiver of the 182,582 square foot Meadow Park Plaza Strip Center at 1627 Rombach Road, in Wilmington, OH (Clinton County) The receiver entertained offers on the property starting at $1,000,000 cash, growing to $1,200,000, then to $1,500,000 and then into a sales contract with LT Development of Clinton County in the amount of $1,755,000. Proof of funds was received within 15 minutes of signing the contract. The Clinton County Court of Common Pleas scheduled a hearing to approve the contract on May 19, 2014. An additional contract was received prior to the hearing. The Magistrate was not going to make a decision at the hearing. The receiver than recommended that an "Auction" should be held. The Magistrate was in agreement. The auction was held on June 13, 2014 in the offices of Graydon Head & Ritchey, the receiver cried the auction. There were 4 participants that had deposited a non-refundable deposit of $250,000 for the successful bidder. The bids started at $1,782,000, the next bid was $1,800,000, each subsequent bid had to be in multiples of $25,000. The bidding lasted 15 minutes with a final bid of $2,100,000 which was $400,000 over the plaintiff's original hurdle. The transaction closed on June 30, 2014 at 4:30 p.m. All of the administrative expenses and distribution to the plaintiff will be completed by July 31, 2014.
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