ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, September 26, 1996 TAG: 9609260081
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
SOURCE: MEGAN SCHNABEL
The recent absolute auction of Roanoke musical instrument retailer Leed's Inc. yielded more than $300,000, prompting the auctioneer to call it a success.
Jim Woltz of Woltz & Associates Inc., who conducted the bankruptcy liquidation sale in Roanoke on Sept. 14 and 19, said Wednesday that nearly 2,000 items - from mouthpieces to baby grand pianos - were sold. A grand piano fetched the highest price: $12,500. Some items brought in more than their retail value, he said.
The sale drew more than 900 registered bidders, he said, a record for his company.
Leed's, with stores in Roanoke, Lynchburg and Martinsville, filed for Chapter 7 bankruptcy in June. Assets were listed at $1.3 million and liabilities at $2.2 million. Crestar Bank, the secured lender, has filed claims totaling more than $900,000. Other creditors include music teachers who weren't paid for lessons and parents who made down payments on students' band instruments.
LENGTH: Short : 29 linesby CNB