ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Wednesday, November 20, 1996 TAG: 9611200049
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
Judge OKs sale of Best's assets
RICHMOND - A bankruptcy judge approved the sale of Best Products Co.'s assets for $423 million Tuesday after the second bidding war in less than a month drove the price up $13 million.
The sale will not generate enough to pay creditors in full. Best, which is going out of business, owes $533 million.
An investment group known by the acronym JBAN outbid Gordon Bros. Partners Inc. for the right to sell the catalog showroom retailer's property, fixtures and merchandise. The companies that form JBAN are Jubilee Limited Partnership III, Bernstein Financial Group, Alco Capital Group Inc. and the Nassi Group. JBAN said late last month it would not try to operate the stores, one of which is in Roanoke.
A Best spokesman said liquidation sales will begin late this week or early next week. Liquidation sales are under way at some Best stores.
-Associated Press
Holiday gas prices highest since 1990
NEW YORK - The nationwide average gasoline price is 15.4 cents per gallon higher than last Thanksgiving and 1.8 cents above last month's average, the American Automobile Association said Tuesday.
The auto club said the average price of self-serve regular unleaded gasoline is $1.277 per gallon, the highest Thanksgiving price recorded by AAA since 1990.
Self-serve regular unleaded was costliest in the West at $1.366 per gallon and cheapest in the Southeast at $1.204.
- Associated Press
LENGTH: Short : 39 linesby CNB