GloucesterTimes.com, Gloucester, MA

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March 25, 2013

Charter school asset sale set for online tomorrow morning

Trustees of Gloucester's defunct charter school have announced that they will run their anticipated two-day electronic sale of assets tomorrow morning.

The trustees have posted listings detailing all of the Gloucester Community Arts Charter School's remaining assets on their website, with a "Buy it now" price for each item, and the amount the school paid for each item.

The sale is set to begin at 8 a.m. tomorrow, after trustees waited nearly a month for state approval of the sale method. Buyers should send their purchase requests to sale@gcacharterschool.org.

The sale spans over two days, with the initial sale attempting to sell off a whole inventory of items, or in absence of that type of offer, large quantities of each asset. On the second sale day, Thursday, trustees will attempt to sell off everything that remains after tomorrow's fixed price sale.

Trustees, who posted the sale date and rules over the weekend, will also require each buyer to fill out a "non-conflict of interest" form, on which they must disclose their relationships, if any, with the trustees.

Tomorrow morning, the trustees will give preference first to an offer to buy the "whole inventory" of assets at 60 percent of the school's cost or better. Buyers will bid from 8 a.m. to 9 a.m., according to the sale instructions posted on the charter school's website.

Meanwhile, also beginning at 8 a.m., trustees will accept offers for buyers to purchase a quantity of a single type of item; or example a buyer wishing to purchase 20 desktop computers would bid in the "lot purchase" and the trustees would give those bid preference over other bids in lieu of a whole inventory buyer. Lot purchases are fixed at 50 to 70 percent of the school's cost, depending on the item.

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