One of my Refinery contacts had this version with a lot more details on the Auction assets :
September 3, 2008
CSP Daily News FLASH
SOMERSET ORDERED TO SELL REFINERY, 12 STATIONS
SOMERSET, Ky. — A U.S. Bankruptcy Court has ordered the sale at
“absolute auction” of the assets of PHS Group Inc. and its
subsidiaries, including The Somerset Refinery Inc. and Somerset
Oil Inc., Somerset, Ky. The sale includes 12 gas stations
located throughout eastern Kentucky and a 5,500 barrel-per-day
The Chapter 11 Trustee, William D. Bishop, upon order of the
court, has employed Tranzon Asset Advisors, a national
real-estate auction firm, to market the assets. The auction team
and stakeholders formulated a multiple lot or parcel offering
for the assets of Somerset Oil.
Lot 1 consists of the refinery. Lots 2 and 3 are the company
offices and warehouse. Lot 4 is the full right, title and
interest in a pipeline easement. Lot 5 is all the company’s
rolling stock that includes more than 100 vehicles. Lot 6 is the
current inventory from Somerset Oil, which was a significant
Pennzoil distributor, as well as refined oil stocks currently at
a warehouse facility on the refinery grounds.
Lot 7 consists of the 12 retail sites. The stations are being
offered in two distinct auction formats. First, they can be
bought separately or as a block by submitting sealed bids to
Tranzon. If acceptable bids are not received for each station,
they will be sold at a live outcry auction at each site the week
following the refinery auction.
Watch for details in tomorrow’s CSP Daily News.