http://www.bonnercountydailybee.com/art ... news02.txtOffers roll in for CEDU schools
Posted: Saturday, Apr 30, 2005 - 11:23:43 am PDT
BY LUCY DUKES
and ELIZABETH CIEPIELA
Hagadone News Network
BONNERS FERRY -- The offers are rolling in, and they're looking good to CEDU trustee George Miller.
He said Friday he hopes to accept some of them within the next 10 days. But it would take at least 30 days to finalize the closing.
As of now, he has had a substantial offer on a former CEDU school in California from a man who has said he's going to submit offers to the Idaho and Vermont locations.
"I don't have something that I'm going to sign on the dotted line for Idaho today, but I have some very interesting ones," Miller said, speaking of offers.
Interested bidders have said they want to bring the teachers back and reopen the schools in Idaho.
"They like the faculty there and they want to bring the faculty back," Miller said.
But, he cautioned, he continues to consider offers from all interested parties.
"Idaho has the highest interest."
Currently, Miller is soliciting "term sheets," or offers which contain information like the purchase price and the conditions needed for closing.
Once he has evaluated the offers, he will come up with a purchase agreement. The purchase agreements set procedures for an auction, the date, and how it must be advertised. The court must accept the agreement, he said.
Before the auction, those who would like to bid must give a deposit and show they are capable of making the purchase. These auctions are sometimes done by telephone, but usually in person, Miller said.
After the auction, the winning bids must be approved by the court. The entire procedure takes 30 days.
