Name Bankruptcy Auction: Minority (2.9%) Ownership of Cotton Gin
Auctioneer AuctionAdvisors
Type Online-Only Auction
Date(s) 10/2/2019 - 10/4/2019
Online Auction: Opens October 2nd @ 11 AM, Closes October 4th @ 3PM.
Preview Date/Time Contact Us
Checkout Date/Time Winning Bidder Will Be Contacted By Auctioneer
Location Online Auction
Trenton, NC 28585
Buyer Premium No Buyers Premium!
Online Only Auction: Wednesday October 2, 2019 through Friday October 4th. Bidding opens at 11:00 AM, closes at 3PM. See Summary Terms, Contract of Sale and Terms & Conditions of Sale as well as other Property Information and Auction Information posted on AuctionAdvisors’ website (See – The offering consists of 5,336 shares of stock, amounting to +/-2.9% of the total shares outstanding in the Jones County Cotton Gin, Inc. The shares will be transferred free and clear of any monetary liens or encumbrances. Jones County Cotton Gin, Inc. is a North Carolina corporation founded almost 30 years ago. Its office and physical operating facility are located near Trenton, North Carolina in Jones County. It is owned by a small group (approximately 35 in total) of local shareholders. For full financial details and organizational documents - see Financial Statements posted in the weblinks in the lot below. IN RE: Chapter 11 Bankruptcy Case No.: 17-05040-5 JNC, United States Bankruptcy Court Eastern District of North Carolina.
Auction Terms & Conditions YOU ARE BOUND BY THE PROVISIONS OF THESE TERMS AND CONDITIONS OF ONLINE AUCTION BIDDER PARTICIPATION (THESE “TERMS AND CONDITIONS”). THE SALE OF THE PROPERTY IS “AS IS” WITHOUT ANY PROMISE, REPRESENTATION OR WARRANTY OF ANY NATURE, EXPRESS OR IMPLIED, ORAL OR WRITTEN, OTHER THAN AS MAY BE EXPRESSLY CONTAINED IN THESE TERMS AND CONDITIONS. YOU ASSUME ALL RISKS OF ANY NATURE IN BIDDING ON AND BUYING THE PROPERTY. THIS SALE IS BEING CONDUCTED PURSUANT TO AN ORDER OF THE UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NORTH CAROLINA NEW BERN DIVISION (THE “COURT”) IN THE CHAPTER 11 CASE #17-05040-5-JNC IN RE HOBERT K. SANDERSON, JR., DENISE C. SANDERSON, DEBTORS, AND IS SUBJECT TO THE JURISIDICTION OF THAT COURT FOR ALL RELATED MATTERS. THE ENTERING INTO ANY CONTRACT OF SALE AND ANY SALE OF THE PROPERTY IS SUBJECT TO APPROVAL OF THE COURT. REGISTRATION: All online auction participants (“Bidder(s)”) are required to register by giving their full name, address, phone number and Drivers’ License and/or other valid form of ID, and to have read the Contract of Sale (the “Contract of Sale”) and these Terms and Conditions prior to bidding. All Bidders shall have also reviewed and/or had their attorney review all the information about the Property posted online, these Terms and Conditions and the Contract of Sale. The undersigned Bidder hereby acknowledges and agrees that it has done so. The undersigned is being allowed to participate at auction in reliance on the foregoing acknowledgements and agreements. All Bidders must agree to comply with the obligations set forth in these Terms and Conditions, indicated by executing these Terms & Conditions and submitting them to the Auctioneer representative prior to bidding at the auction. DEPOSIT/PAYMENT REQUIREMENTS: In the event you as a Bidder submit a bid that is the high bid at auction, you as Bidder (and after the Contract of Sale is executed, the “Buyer”) shall be required to promptly make a non-refundable deposit by cash or wire transfer of immediately available funds in an amount equal to (i) 25% the high bid at auction (the “Purchase Price”) no later than 12:00 PM ET on Monday, October 7th 2019 (the “First Deposit Due Date”); and (ii) 75% percent of the Purchase Price no later than 12:00 PM ET on Thursday, October 10 (the “Full Payment Due Date”). TIME IS OF THE ESSENCE WITH RESPECT TO BOTH DUE DATES. Bidder acknowledges and agrees that in the event of Buyer defaults in its obligations hereunder, such deposit (the “Deposit”) shall be non-refundable and shall be applied to partially cover damages. In the event of Seller defaults and is unable to deliver the Property, the Deposit shall be promptly refunded to Buyer. The Deposit will be held by AuctionAdvisors in a non-interest bearing escrow account (the holder of the Deposit, the “Escrow Agent”). If Bidder fails to tender the Deposit with the Escrow Agent by the applicable Due Date or Buyer otherwise defaults, Seller shall be entitled to an amount equal to the Deposit (in whole or partial settlement of its claims and among/together with other available remedies) in accordance with the remedies set forth in these Terms and Conditions and the Escrow Agent shall accordingly be duly authorized to release the Deposit from escrow to Seller. FREE &CLEAR; TAXES AND CHARGES; “AS-IS” SALE: At Closing Seller shall convey the Property free and clear of any monetary liens and/or monetary encumbrances. Conveyance shall be pursuant to the Bill of Sale, a form of which was posted on the Auction Advisors website. In addition, Property being transferred will be endorsed by Seller. Closing shall take place promptly after Escrow Agent receives 100% of the Purchase Price into escrow, provided such receipt is in accordance with these Terms & Conditions. At the Closing, any other expenses or charges due on the conveyance or payable in connection with the transfer (including without limitation, the payment of any transfer taxes) shall be paid in accordance with local custom or if no custom is established, by the Buyer. Except as expressly provided in these Terms and Conditions, the Property is being sold by Seller in “AS IS, WHERE IS” condition, without warranty, guaranty, or representation, oral or written of any nature, either express or implied, or arising by operation of law, including, but not limited to, the nature and/or condition of the Property and the suitability, merchantability, or fitness of the Property for any activity and/or use or other matter that may affect the Property, or any part thereof. NOTICE: All announcements made the day of sale take precedence over any prior written information, these Terms and Conditions, or any verbal information that may have previously been provided. All information contained on the AuctionAdvisors website or in any advertisements, in any oral communications, in any material provided to Bidder or Buyer by Auctioneer were obtained from sources believed to be accurate. However, no warranty or guarantee, expressed or implied, is intended or made. Neither AUCTIONADVISORS, LLC., nor its respective affiliates, agents or representatives (collectively, “Auctioneer”), nor the Seller make or have made any representation or warranty with respect to the accuracy, correctness, or completeness of the information provided to any Bidder or to any Buyer regarding the Property, the contents or meaning of such information, or the valuation of the Property. Each Bidder must independently investigate and confirm any information or assumptions on which such Bidder’s bid(s) are based. Any decision to purchase or not to purchase the Property is the sole and independent business decision of the Bidder. Neither Auctioneer nor Seller shall be liable for any errors or incorrect information, and Bidder hereby agrees that it waives all claims and has no recourse or cause of action of any nature against Auctioneer or Seller (or any of their respective agents) arising from any information provided to Bidder or Buyer OR relating in any way to the “As Is, Where Is” status of this sale. The Property is offered for sale to qualified purchasers without regard to race, color, religion, sex, sexual orientation, marital status or national origin. CANCELLATION OR WITHDRAWAL FROM SALE: Auctioneer has the right to reject any bid or raise which, in its opinion, is not commensurate with the value of the offering or otherwise determine the bidding increments. In the event of any dispute between Bidders, Auctioneer may determine the successful Bidder or re-offer and re-sell the Property in dispute. Should there be any dispute after the sale, Auctioneer’s record of final sale shall be conclusive. LIABILITY OF AUCTIONEER: Auctioneer is not the Seller of the Property. Auctioneer is an independent contractor that has been retained by the Seller to assist in the sale of the Property by auction. All claims of any nature that a Bidder or Buyer has, if any, are solely against the Seller, other than claims directly occurring as the result of the willful misconduct or gross negligence of Auctioneer. Bidder and Buyer agrees that Auctioneer and the Escrow Agent shall not be responsible or liable in any way and Bidder and Buyer hereby release Auctioneer and the Escrow Agent from and indemnify them against (to the greatest extent permitted by law) any and all claims of any nature relating to the Property, the condition of the Property, the Seller’s inability or refusal to comply with the provisions of any information, these Terms and Conditions, or the Contract of Sale and any other claims or damages that may be a result of Auctioneer’s engagement by Seller and the sale and marketing of the Property. In the event of any dispute with Auctioneer where Auctioneer is the substantially prevailing party as to such claim, then in that event Auctioneer shall be entitled to recover from the Bidder and/or the Buyer, the full amount of the attorneys’ fees Auctioneer incurs in connection with the claim. SELLER’S REMEDIES: If defaults under these Terms and Conditions, Bidder shall be responsible to Seller for the damages in the amount of 25% of Bidder’s highest bid at auction (as liquidated damages and not as a penalty), together with all attorneys’ fees, costs, and expenses incurred by Seller in collection efforts, as Seller’s sole remedy. Bidder agrees that for purposes of any damage calculation in the event Bidder fails to make any deposit payment, or if Bidder defaults in any manner under these Terms and Conditions, 25% of Bidder’s highest bid at auction is agreed upon by Seller and Bidder as liquidated damages due to the difficulty and inconvenience of ascertaining and measuring actual damages and the uncertainty thereof. . Further, if after the auction Buyer fails to complete a deposit payment or settlement as provided in these Terms and Conditions for any reason other than Seller’s default, or defaults in any manner under these Terms and Conditions, the Seller, in addition to retaining the Deposit (and any interest and cost of collection with respect thereto) may undertake any and all legal and equitable actions, including without limitation, a suit for specific performance or for damages. At no time after a default by Bidder or Buyer shall Seller be restricted from selling the Property in any manner it deems appropriate. Seller shall also be entitled to recover from Bidder all attorneys’ fees and cost of litigation (including expert fees) incurred in connection with any claim between Bidder or Buyer and Seller where Seller is the substantially prevailing party. Seller and Buyer agree that upon a default of Buyer, the damages that would be sustained by Seller will be uncertain and not readily ascertainable. In addition to any damages owed to Seller, any breach that prevents a closing from occurring shall result in your being liable to Auctioneer for an amount equal to 15% of the Purchase Price bid at auction plus all of Auctioneer’s out of pocket fees associated with the auction, as liquidated damages (such amount also being a fair and accurate measure of actual damages). BUYER’S REMEDIES: If Seller is in default under these Terms and Conditions for failure to comply with any one or more of the material terms or conditions of these Terms and Conditions or an executed Contract of Sale and such failure continues for more than thirty (30) business days after Seller’s receipt of written notice and opportunity to cure, Buyer’s sole remedy shall be limited to either: (i) terminate this Contract by written notice delivered to Seller on or before the Closing, in which event Buyer shall be entitled to the full return of the Deposit only; or (ii) waive such defaults and proceed to Closing if Seller is able and willing to Close. Buyer hereby knowingly waives any and all right to institute any action, claim or suit for damages against Seller with respect to any default by Seller under these Terms and Conditions. JURISDICTION: The respective rights and obligations of the parties with respect to these Terms and Conditions, the Contract of Sale, and the conduct of the auction shall be governed and interpreted by the laws of the State of North Carolina (without regard to principles of conflicts of laws). REPORTING OF FOREIGN INVESTMENT: Buyer agrees to comply with any and all reporting requirements applicable to the transaction which is the subject of this Contract of Sale which are set forth in any law, statute, ordinance, rule, regulation, order or determination of any governmental authority and further agrees upon request of Seller to furnish Seller with evidence of such compliance. MISCELLANEOUS These Terms and Conditions are hereby incorporated into the Contract of Sale. The person signing these Terms and Conditions and the Contract of Sale individually represents that, if he/she is acting on behalf of an entity, that he/she is fully and validly authorized to act on behalf of the entity and that the entity is financially capable of fulfilling the Terms and Conditions and the Contract of Sale. The Terms and Conditions and the Contract of Sale may be assigned to an affiliated entity at Closing; provided, however, until the Closing you shall remain responsible for the terms and conditions agreed to herein. Auctioneer is hereby explicitly named as a third-party beneficiary hereunder, subject to Seller’s rights under these Terms and Conditions. All notices required by the Contract of Sale or these Terms and Conditions shall be sent to the address specified for each party in the Contract of Sale and sent by certified U.S. mail, postage prepaid, return receipt requested or by a nationally recognized overnight delivery service. Any notice sent by U.S. mail, postage prepaid, return receipt requested shall be deemed received on the date of receipt or rejection, as evidenced by the return receipt card from the United States Postal Service. Any notice sent by nationally recognized overnight delivery service shall be deemed received on the date of actual delivery. --------------------------------------------- ------------------------------------------ Terms Of Use

Seller User Terms

Bidder User Terms
Your bid must adhere to the bid increment schedule.
Bid Amount Bid Increment
0.00 - 1.00 1,000.00 USD
1.01 - 9,999,999.99 1,000.00 USD
Currency USD
Buyer Premium No Buyers Premium!
Payment Terms
PAYMENT: The Successful Bidder MUST tender the total purchase price for the item no later than the 2nd business day after the conclusion of the auction to the Auctioneer's escrow account. Time is of the Essence. Such payment MUST be made by wire transfer, bank check, or credit card (credit card can only be used for invoices under $500). The failure to make a timely payment shall be deemed a material default under the terms of the auction. No items can be removed until entire invoice is paid in full. Auctioneer reserves the right to resell buyer's lots at the expense and risk of Buyer. Please keep in mind that a 10% BUYER'S PREMIUM will be added to your final invoice.
Winning bidder will be contacted by Auctioneer.