Editor’s Note: This story corrects an earlier version on this story that was in error in reporting that Bob Woodruff and Jim Heavner were part of VIM Acquisitions, LLC.   It was formed solely by Mr. Holmes.

Multiple offers were put in to buy WCHL and Chapelboro out of Chapter 11 bankruptcy, on Thursday.

A court-appointed trustee will review the bids and make a recommendation to a judge on Friday, who is scheduled to approve the recommendation on Tuesday.

WCHL principal owner Jim Heavner said in an e-mail to staff that:

“My goal is clear: to have the best offer we can get from a buyer who will carry on WCHL’s community service and local programming.“

The following statement was released regarding the situation:

VilCom Interactive Media (VIM) has new ownership bidders, including a surprise bid on the eve of its being taken out of Chapter 11 by its current owners, which was planned for yesterday. VIM, part of VilCom, and the owner of WCHL and Chapelboro.com, is one of several entities that was caught up in the Chapter 11 filing of sister company University Directories (UD) last fall.

As part of the unwinding process, University Directories was successfully sold in April, but the litigation with Greg Lindberg, Eli Global and UDX, continues. The Print Shop, another part of the company, was acquired by VilCom partners Jim Heavner and Bob Woodruff last month.

Now, VIM, a sister company under the VilCom umbrella, is being sold. In this case, WCHL owners are both purchasers and sellers.

Several companies had indicated an interest in acquiring VIM. Out of that process, VIM Acquisitions, LLC, a new company was formed by Edward Holmes, a WCHL investor.  Homes had come to an agreement with its trustee, attorney Rett Saslow of Greensboro, for its purchase to keep ownership local and that was to have been submitted to the bankruptcy court.

But, an unanticipated offer came in at the end of the day from Leslie Rudd Living Trust. He was unknown to the sellers and the court. It was comparable to the VIM Acquisitions offer, in that it was better in some respects and not as good in others.

As a result, the bankruptcy administrators, supported by attorneys for UD, recommended each buyer would have 48 hours—until today— to put the bids into a common form, with $100,000 security deposit, and that a bidding contest among the qualified buyers will take place tomorrow in the offices of attorney John Northen, whom Heavner had chosen to represent UD in the bankruptcy filing.

The trustee will submit the winning bid to the judge, who should approve it Tuesday.

Related Stories
‹
Chapel Hill Police Arrest, Charge Resident After 'Inappropriate Touching' Incidents Near Meadowmont
UPDATE: The Chapel Hill Police Department shared a release saying officers arrested and charged Usiel Cabrera Gamboa of Chapel Hill on Thursday as a suspect in a series of “inappropriate touching” incidents. The 21-year-old Gamboa faces four counts of sexual battery and four counts of assault on a female. Police said their investigation into a […]
Fire at Chapel Hill Senior Living Facility Displaces 8 Residents
A structure fire damaged a Chapel Hill senior living facility Tuesday night and displaced several residents. According to a release from the town, the Chapel Hill Fire Department responded to a report of a fire at The Cedars of Chapel Hill at 6:03 p.m. When fire personnel arrived on the scene, 513 Cedar Berry Lane, […]
Viewpoints: An Office Building Chapel Hill Can't Refuse
An Office Building Chapel Hill Can’t Refuse A perspective from Geoff Green There’s much more to protecting the environment than making sure trees don’t get chopped down or subsidizing electric car chargers. We need to make sure we not only green our energy sources, but also live in a way that requires less energy. That’s […]
Chapel Hill Police: Multiple Car Break-ins at Meadowmont
The Meadowmont community experienced a series of car break-ins over the weekend. A Facebook post from a community page said the Chapel Hill Police Department is investigating. A series of police reports filed on Sunday, March 1, indicate at least three vehicles were broken into around Dogwood Acres Dive and Aquatic Drive in the Meadowmont […]
Chapel Hill Police Promote Safety Following Incident in Meadowmont
The Chapel Hill Police Department shared a message with the community Monday following an incident over the weekend in the Meadowmont neighborhood. A Facebook post from the department praised the actions of a Meadowmont resident following a scary situation the resident experienced on Saturday. Police sent a dispatch to the area following a 911 call […]
Car Break-Ins Hit Southern Village, Meadowmont
A string of 26 car break-ins late last month taking place in Chapel Hill’s Southern Village and the parking lot of the Meadowmont swim club has the Chapel Hill Police Department urging citizens to take extra precaution while parking their cars. Chapel Hill Police Chief Chris Blue stated that the majority of these break-ins happened […]
Two Residents Treated for Smoke Inhalation After Fire in Meadowmont
The Chapel Hill fire department responded to a residential kitchen fire at Meadowmont on Monday at 8:04 PM. Residents of the home successfully extinguished the fire, according to a release from the town, which was limited to the stove area, with an at home fire extinguisher as Chapel Hill Fire Department arrived at the scene. […]
Resolve To Experience Orange County In 2016!
There's a lot to do right here in Orange County, y'all.
NC Supreme Court Denies Appeal Over Fees at The Cedars
The North Carolina State Supreme Court has declined to review a Court of Appeals decision regarding membership and monthly overhead fees at The Cedars. The decision was announced late last week, after the unanimous state Court of Appeals ruling in June. Three appellate court judges had overturned a Wake County Special Superior Court ruling from […]
New Bidders Vie For WCHL
Editor’s Note: This story corrects an earlier version on this story that was in error in reporting that Bob Woodruff and Jim Heavner were part of VIM Acquisitions, LLC.   It was formed solely by Mr. Holmes. Multiple offers were put in to buy WCHL and Chapelboro out of Chapter 11 bankruptcy, on Thursday. A court-appointed trustee […]
›