Daily News: June 5, 2014

Auction Set for Assets of Carbon Processing Facility

By order of the U.S. Bankruptcy Court, Tiger Group’s Remarketing Services Division and Aaron Equipment Company will be conducting a live webcast auction at 10:30 a.m. on June 17 for the assets of an activated carbon processing facility and a biomass power plant formerly owned by Big Island Carbon and its affiliates.

Assets being sold include process, plant support, laboratory/testing, maintenance/shop, and electrical equipment; several pre-engineered metal buildings; and office furniture and equipment. The sale is being conducted under the direction of bankruptcy trustee Charles A. Stanziale of McCarter & English.

Previews will be held at the site, 61-3277 Maluokalani St., Waimea (Kamuela), from June 14-16, from 9 a.m. to 4 p.m. The auction will take place live and via webcast from the Waikoloa Beach Marriott on June 17 starting at 10:30 am. The webcast will take place through bidspotter.com, where a photo catalog of the auction lots can be found.

“With its diverse range of assets, this auction represents a unique opportunity for companies involved in a wide range of processing and energy operations, or in the activated carbon industry, and virtually any industrial operation,” said Jeff Tanenbaum, President of Tiger Remarketing Services. “Most of the equipment was installed new between 2009 and 2011 and has extremely low usage.”

The Big Island plant was built to crush, size and char locally-grown macadamia nut shells, and then activate the charred products in a ‘green,’ non-chemical manner. The on-site biomass power plant is equipped to support the facility with energy generated from pyrolysis oil synthesized by the process. More than $40 million was invested in the facility, developed by Denham Capital Management, but funding was cut off before the plant could begin full production. The company filed for Chapter 7 bankruptcy on November 5, 2012 in the Delaware Bankruptcy Court (case number 1:12-bk-13023).

According to former management, the facility initially produced and tested a high grade of activated carbon. During that preliminary phase, the company also identified the steps and costs necessary to ready the operation for full production, said Tanenbaum.

Stanziale added: “The previous investment in the plant and the cutting edge technology makes this a great opportunity for a turnkey buyer, the opportunity for which will be available up until the auction date.”

For a full description of the offering and details on how to schedule a site visit and bid, go to: www.SoldTiger.com.