GloucesterTimes.com, Gloucester, MA

March 25, 2013

Charter school asset sale set for online tomorrow morning

By Marjorie Nesin
Staff Writer

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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.

If two buyers propose buying quantities of the same item, preference will go to the person wishing to buy the highest quantity of that item. Or, if two buyers send comparable offers, the trustees will choose the offer that arrived first via email.

All bidding for the "whole school inventory" will run Tuesday only from 8 to 9 a.m., while "lot" bidding will continiue to 3 p.m.m, according to the website. Trustees will email buyers by 9 p.m. Tuesday to let them know if their bids were accepted. Then, purchasers must pay by electronic fund transfer or by Cashier's Check within 24 hours of the sale.

All items left over from the Tuesday sale will be up for bid again Thursday, under a different sale format. Trustees will accept offers on the passed-over assets between 9 a.m. and 3 p.m. Thursday by email and in person.

Trustees will calculate the best offer by multiplying the bidder's desired quantity of an item by the price offered. Trustees will mark items ahead of time with undisclosed reserved minimum prices.

Again, trustees will notify buyers on the day of the sale if their bids were accepted. Trustees noted that all items will be sold as they are, with no warranties or recourse.

All buyers will be required to pick up their items within 72 hours of the sale, excluding "special circumstances," according to the trustees' rules.

The trustees will vote on where to donate the unsold items, but said in the sale instructions that unsold items will be donated first to other public schools, then to nonprofit organizations.

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Marjorie Nesin can be reached at 978-283-7000, x3451, or at mnesin@gloucestertimes.com.