A Newcap sign outside of its Green Bay office. PC: Fox 11 Online
(WTAQ-WLUK) — Another auction in the court-authorized liquidation of Newcap, Inc.’s assets is underway.
Titletown Auction Company will host two separate online auctions for Newcap’s Oconto facility, located at 1201 Main Street.
The first online auction will feature the contents of the warehouse and is online now and open for bidding. The auction includes a wide variety of tools, building supplies, HVAC equipment, a forklift, a 2016 Subaru Forester, freezers, and other equipment and operational assets.
The warehouse auction will begin closing on Tuesday, Aug. 25, at 6 p.m., with one lot closing every 20 seconds thereafter. Customer pickup will take place the following day, Wednesday, Aug. 26, at the Oconto location.
A second auction will feature the contents of Newcap’s office and clinic at the same Oconto facility. That auction will open for online bidding following the conclusion of the warehouse auction and is scheduled to close on Tuesday, Sept. 15. Additional details and the complete catalog for the office and clinic auction will be posted when bidding opens.
Bidding is open to the public and takes place exclusively online through Titletown Auction Company’s website. Every lot opens with a $2 starting bid and will sell to the highest bidder regardless of price, with no reserve.
A 15% buyer’s fee and applicable 5.5% Wisconsin sales tax will be added to all purchases.
Newcap owns 25 properties, which will be handled separately from these office and equipment sales.
The first auction of items netted $42,650 on 570 items from the Shawano location earlier this summer.
Other auctions were held for Marinette and Crandon locations.
An auction for items at the Green Bay location is expected in September.
The nonprofit closed its doors at the end of March amid accusations of misusing taxpayer money and filed for bankruptcy in April. Titletown Auction Company will liquidate Newcap’s non-real estate assets.
Court documents show Newcap owes money to 209 parties, totaling $4.03 million. Newcap estimates it has $5.9 million in assets, with $4.89 million of that tied up in 25 properties, according to a 137-page filing in federal court. An attorney representing Newcap in the bankruptcy previously said there should be enough money to pay everyone who is owed after the agency’s assets are liquidated.
Additional Newcap locations are expected to be sold in the coming months. Current anticipated timelines include Crandon in July, Marinette in August, and Oconto and Green Bay in September. However, all future auction dates remain subject to change based on court proceedings, scheduling requirements, or other related factors.
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