The Daily Southerner, Tarboro, NC

Local News

November 14, 2008

Farmtrac auction Monday (?)

Deadline for bids today

W. TERRY SMITH

Farmtrac North America may be sold Monday, possibly following an auction on the steps of the Edgecombe County Courthouse.

That is the ruling of Superior Court Judge Frank Brown earlier this month after an objection to a $10 million offer from LS Mtron of South Korea to buy the beleaguered Tarboro firm.

After Textron Financial Corp., the major lien holder to which Farmtrac owes undetermined millions of dollars, objected to the offer, Brown established a new schedule for bids that has a deadline at 5 p.m. today. If an additional bid is received, the auction is scheduled to begin at 9:30 a.m.

The successful bidder will immediately go to a confirmation hearing. If no additional bid is received, the LS Mtron bid will be presented to the court for confirmation.

Farmtrac has been in receivership since January when it laid off its 180 employees. Tarboro attorney Jim Marrow is the court-appointed receiver, authorized to sell Farmtrac’s real and personal property. Marrow presented LS Mtron offer to the court on Oct. 20 and had to wait 10 days for any other offers.

During that period, Montana Tractors of Arkansas made a bid for some of the company's assets, and Textron raised its objections.

The LS Mtron bid was for all tractors, parts and the purchase at the assembly plant at 111 Fairview St. off Main Street and the company store on West Northern Boulevard. That lead some observers to speculate the plant on Main Street would resume operations and put the 180 employees laid off Jan. 18 back to work.

LS Mtron Ltd. is formerly LS Cable, which reorganized earlier this year. LS Cable was one of the two suppliers of basic units for Farmtrac and is owed $11.6 million. Earlier this year, LS Cable purchased Superior Essex, which has a facility in Tarboro.

At the time of the appointment of the receiver, Farmtrac was insolvent and its property was encumbered with mortgage and other liens securing Textron Financial Corp.

According to court documents, the six-decade old tractor manufacturer has more than $55 million in total liabilities.

Since Farmtrac closed its doors and Marrow was appointed receiver, the tobacco barn division was sold to Richard C. Anderson of Leggett and Robert H. Pope of Rocky Mount for $650,000 and a salvage auction in April raised $340,000.

Marrow said most of the money from the barn sale went to Textron.

Jae-Yong Sim, a senior manager with LS Mtron, has been in town but unavailable for comment.

Farmtrac sold more than 3,300 tractors in 2005, 2006 and 2007.

Text Only
Local News
  • The first lap (with Relay story).jpg Edgecombe Relay for Life seeking business partners

    Fresh from raising $196,312 and ranking No. 4 nationally in per capita fundraising, Relay for Life Edgecombe County is seeking business and corporate sponsors to help in the fight against cancer.
    Corporate and business sponsorship packets, which detail the levels and benefits of sponsorship, are ready to be delivered, according to Jane Gurley Harper, corporate sponsor chair. Businesses can also help by forming a team to participate in Relay and raise money in that manner.

    February 9, 2012 1 Photo

  • Maggie Boyd.jpg Princeville commissioner, interim town manager involved in physical conflict


    PRINCEVILLE — The disconnect of water service at a commissioner's home led to a physical confrontation between the elected official and a town employee Wednesday at the town hall.
    According to Commissioner Gwen Knight, interim Town Manager Maggie Boyd gave instructions to a public works employee and a police officer to cut off Knight's water because the account was delinquent in the amount of $662.77.
    Knight said she went to the town hall to pay the bill as soon as she was told about her service being cut off.

    February 9, 2012 2 Photos

  • Victor Marrow new hedeshot.jpg Princeville terminates town manager Appoints museum curator to fill same position

    PRINCEVILLE — A contract dispute between the Princeville town manager and the town commissioners led to his termination at the close of business Monday.
    Victor Marrow was notified by Princevile Attorney Charles Watts that he had been fired.
    Marrow's contract expired Feb. 1, but the town extended it six days in hope of his signing a proposed new contract. Marrow was hired in February 2010 on a two-year contract. Nine months later, he resigned, only to rescind his resignation the following morning.
    Stipulations of the proposed new contract were untenable to Marrow and included the stipulation that it was to end on June 12, included a $5,000 pay cut, work in excess of 40 hours per week and write at least three grants per month, he said. 

    February 8, 2012 1 Photo

  • CRIME ROUNDUP

    The Tarboro Police Department responded to a call Friday and was told a victim had been stabbed. While conducting an investigation, officers were told by the victim that Perry Lee Bunn, 58, 304 Granville St., had stabbed him several times. The name of the victim was not released by police.
    Officers called EMS to respond to the scene to transport the victim to the hospital so he could treated for his injuries.

    February 8, 2012

  • Significant deficiencies in county audit

    Auditors told Edgecombe County Commissioners on Monday night that they found significant deficiencies while compiling the 2010-2011 annual audit of county finances. Still, the audit received an unqualified opinion.

    February 8, 2012

  • Teresa Bryant headshot.jpg Bryant declines to seek re-election

    Teresa DeLoatch Bryant announced she will not seek re-election to the District 2 seat she now holds on the Edgecombe County Public Schools Board. The announcement came 91 days before the May 8 Primary Election and nearly a year after the first-term plus one year board member announced her resignation for personal and career reasons. She later rescinded her decision.

    February 6, 2012 1 Photo

  • MimiHerman.jpg W.A. Patillo receives $5,000 poetry grant

    W.A. Pattillo School has been awarded $5,000 from the North Carolina Arts Council for Poetry in the Classroom with Mimi Herman.
    The funds will be used to provide a week of poetry writing experiences for seven fourth grade classes through the expertise and creativity of Herman. Students will gain self-confidence, and will view themselves as writers rather than merely consumers of literature. They will learn to use language effectively and creatively to communicate thoughts, feeling, and impressions.

    February 6, 2012 1 Photo

  • IMG_5889.JPG Pizza Bowl

    The biggest football game of the year brings the largest sale of the year for two area pizza restaurants.
    Tarboro branches of Pizza Inn and Dominos Pizza are gearing up for Super Bowl XLVI Sunday by increasing their regular employee lineup by as many as seven.
    Pizza Inn is running a special that they believe will keep them busy throughout the day. Last year they sold over 200 large pizzas on Super Bowl Sunday compared to 50 on an average Sunday.

    February 3, 2012 1 Photo

  • Edgecombe unemployment up in December

    TARBORO — Unemployment rates increased in 93 of North Carolina’s 100 counties in December. Rates decreased in four counties and remained the same in three.
    Edgecombe, which saw a slight improvement in November, fell back to its October 2011 level (15.7%). Of the 100 counties in North Carolina, Edgecombe and Dare are tied at third highest in unemployment. 

    February 3, 2012

  • Three ECPS campuses ahead of First Lady's nutritional guidelines

    When First Lady Michelle Obama and Agriculture Secretary Tom Vilsack announced new guidelines for the nutritional overhaul of school meals last week, they could have chosen three of Edgecombe County's public schools as their models.

    February 2, 2012