BFA Liquidation Trust to Sell AZ Land at Absolute Public Auction
On Thursday, January 17, the BFA Liquidation Trust will sell its remaining real estate parcels located in the State of Arizona at absolute public auction – to the highest and final bidders. At one time the Baptist Foundation of Arizona controlled a portfolio of over $500 million in holdings. In 1999, the Arizona Corporation Commission’s Securities Division found evidence that the foundation’s officers used fraudulent transactions in the last decade to conceal real estate losses. Also cited were poor investment decisions, deceptive accounting and a high overhead. That resulted in bad information about the condition of the BFA when talking to potential investors. As a part of the ensuing bankruptcy case, the BFA Liquidation Trust was created to convert the assets and allow for the settlement to the investors. Clifton R. Jessup, Jr. has been serving as the Liquidating Trustee working in conjunction with the Trust. Southwest Real Estate Auctioneers of Phoenix, AZ has been retained by the BFA Liquidation Trust to conduct the auction event at which their properties and a few other select parcels located throughout Maricopa County will be sold at the Phoenix Sheraton Crescent Hotel. For more information, contact Southwest Real Estate Auctioneers at 1-800-895-9064 or visit their website at www.swreauctioneers.com.
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