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A businessman from Randolph County and an investment group from Upshur County could be poised to square off Wednesday for the purchase of the shuttered Alderson Broaddus University campus, WVNews.com reported. The investment company, DACK Investments of Buckhannon, first agreed to pay $4.9 for the property, only to see that topped late last week, just before the deadline, with a $5 million offer by Elkins businessman Craig G. Phillips. The 170-campus overlooks the City of Philippi and includes several buildings, plus an artificial turf football stadium. An auction for the property now will be held Wednesday morning at U.S. Bankruptcy Court in Clarksburg. Unless bidding skyrockets far above where it is now, the return for creditors will remain pennies on the dollar as the U.S. Department of Agriculture alone holds a note of over $30 million. The small Baptist university filed for chapter 7 bankruptcy in August, a month after announcing that it planned to stop operating. The filing allowed the university to liquidate its assets. The university estimated it had between $1 million and $10 million in total assets, liabilities of between $10 million and $50 million and owed money to between 100 and 199 creditors.

A Hamptons, N.Y., estate that once listed for $150 million before falling into bankruptcy was sold at auction Wednesday for $88.5 million, NBCNewYork.com reported. The four-acre estate in Southampton, New York, known as La Dune, was sold by Concierge Auctions at a starting bid of $66 million. The property was sold in two parts — one house sold for $40.5 million and the other for $38.5 million. The buyer premium brings the total sale to $88.5 million. The property, once the most expensive listing the Hamptons and famed for an appearance in the Woody Allen film "Interiors," had been on and off the market since 2016. It was most recently listed in 2022 at $150 million. Last year, the two properties on the compound were put into chapter 11 bankruptcy after a foreclosure judgement. The previous owner, Louise Blouin, purchased the property in the 1990s for $13.5 million. She spent millions building a second mansion on the property in 2001, adding to the existing mansion, which was built in the 1890s.

Diamond Sports Group, the largest regional sports broadcaster, has reached a restructuring agreement with creditors in bankruptcy, with Amazon agreeing to invest in its streaming business, WSJ Pro Bankruptcy reported. Under the agreement, Amazon would provide Diamond’s local channels through Prime Video, which will become Diamond’s primary partner where viewers can purchase direct-to-consumer access to stream games of more than 40 major sports teams across the U.S., Diamond said Wednesday. Viewers will be able to stream Major League Baseball, National Basketball Association and National Hockey League games through Prime Video. Diamond also reached a restructuring agreement supported by most of its largest creditor groups. A group of creditors have agreed to provide Diamond with a $450 million loan to finance the remaining bankruptcy proceedings and pay down debt, according to the company. Hein Park Capital Management and PGIM are among Diamond bondholders who agreed to backstop the new loan. All Diamond bondholders will have the opportunity to invest in the new loan. The agreement represents a sharp reversal of the fortunes of both Diamond and its debt investors. Diamond Sports was close to liquidating its business earlier as talks with the sports leagues hit a snag. Its creditors were divided on whether to try to revive the company. And it was mired in a legal dispute with parent company Sinclair Broadcast Group. Under the restructuring plan, the investors have also agreed to swap their debt into equity. They, along with other bondholders and Amazon, will become owners of the reorganized company.

A U.S. bankruptcy judge on Friday approved Yellow Corp's $82.9 million sale of 23 leased shipping centers to six other trucking companies, one month after the majority of the company's real estate assets sold for $1.88 billion, Reuters reported. U.S. Bankruptcy Judge Craig Goldblatt in Wilmington, Del., approved the sale in a written order on Friday, after Yellow filed court papers indicating that no one had raised any objections to the sale. Rival trucking company Estes Express Lines was the largest buyer in Yellow's latest asset sale, picking up five leased properties for a price of $35.3 million, according to court documents. Estes previously purchased 24 properties from Yellow for $248 million, and it had offered $1.525 billion in an unsuccessful effort to buy all of Yellow's real estate. Yellow chose to break up its business rather than keeping the company intact for potential buyers. With most of its real estate assets already sold, the company is focused on a separate sale of its vehicle fleet.

The Annapolis founders of Tessemae’s salad dressing and condiments plan to move on if a pending sale of the company out of bankruptcy goes through this month, but the popular brand is expected to remain on the shelves of dozens of national and regional retailers under new ownership, the Baltimore Sun reported. Tessemae’s filed for chapter 11 reorganization last February to restructure debts and stop what it called costly and distracting litigation by a former lender. Panos Brands, a New Jersey owner of specialty food brands, has agreed to buy Tessemae’s for $4.5 million in a pending deal that requires approval of the U.S Bankruptcy Court in Baltimore. The new owners are expected to continue the full line of dressings and condiments at existing retailers, such as Whole Foods, Walmart, Kroger and Harris Teeter, said Greg Vetter, Tessemae’s CEO.

Rite Aid is selling its Elixir pharmacy benefit management (PBM) company to another PBM, MedImpact Healthcare Systems for $575 million, the drugstore chain said yesterday, Forbes.com reported. Rite Aid, which filed for bankruptcy protection in October, said the U.S. Bankruptcy Court for the District of New Jersey approved the sale of the drugstore chain’s Elixir Solutions Business, which Rite Aid executives once described as the company’s “crown jewel.” MedImpact was the apparent winning bidder in an auction for Elixir, according to earlier reports. It’s the latest effort by Rite Aid to restructure the drugstore chain, which has already closed about 200 stores since its filing for chapter 11 protection with potentially more retail locations to close in coming weeks and months. The deal could move MedImpact into the nation’s top five PBMs, according to market share. In 2022, MedImpact was the sixth-largest PBM in the U.S. with 4% market share, according to Drug Channels.