In the St. Gregory’s University’s (SGU) bankruptcy case a couple auctions are being planned in July — one for personal property and another for mineral rights — and the campus itself is now posted for sale online.

In the St. Gregory’s University’s (SGU) bankruptcy case a couple auctions are being planned in July — one for personal property and another for mineral rights — and the campus itself is now posted for sale online.

In April the court hired Dakil Auctioneers, Inc., of Oklahoma City, to handle the liquidation of SGU’s assets.

Louis Dakil said 9 a.m. July 12 is the date for the an auction of personal property — physical items such as computers, furniture, etc.; the auction will be held at his facility, at 200 NW 114th Street, Oklahoma City.

“The items can be inspected the day before, on St. Gregory’s campus from 8 a.m. until 5 p.m.,” he said, “and also the morning of the auction in Oklahoma City.”

Dakil said photos and an auction catalog will likely be posted on his website in the next week or two.

On auction day, bidders can either come to the site or bid from elsewhere.

“Those interested (can come to the facility or) will be able to bid online at dakil.com,” he said.

Another auction is set to follow, tentatively July 17-19, for liquidation of the mineral assets of the university, he said.

“The gas rights will be auctioned over those three days,” he said.

St. Gregory’s campus itself is now posted online for sale. Though there is no price listed, the real estate listing, at dakil.com, describes the property as approximately 71 acres, and includes the main building, the student union, the athletic building, performing arts theater, two dormitories, and baseball and softball fields, as well as parking lots and sidewalks on the site.

Background

United States Trustee John Mashburn has been sorting out what assets SGU has in order to find the most feasible way to pay off its many creditors. In the court filing, the listed total value of SGU is $28,500,000 — according to an appraisal done just more than a year ago.

The assets of the estate, in addition to the campus include certain mineral interests valued at $4,600,000, the court filing reads. Approximately $193,000 related to unpaid tuition obligations also was listed among assets, as well as furniture, fixtures, etc. The filing reports the principal asset is SGU’s campus — consisting of 86 acres and several buildings.

Mashburn noted the ownership interest of the library’s rare books collection, “believed to have significant, but as yet undetermined value,” is to be resolved between SGU and The Benedictine Fathers of Sacred Heart Mission, Inc., (a.k.a. St. Gregory’s Abbey).

In the court filing Mashburn said — in his efforts to market the campus — he has personally conferred with representatives of three potential purchasers, and is engaged in ongoing discussions.

Since Citizen Potawatomi Nation (CPN) has a claimed vested interest in the campus, and in order to avoid spending SGU funds, Mashburn entered into a Limited License Agreement with CPN to provide preservation services — maintenance and security for the campus.

Catch up on previous articles about SGU’s closure at news-star.com and continue to watch for updates.



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