The auctioneers hired by the estate for Truland Group, the Reston-based electrical contractor that filed for bankruptcy last month, have begun selling off the company’s 300 trucks, trailers and vans in an effort to recover money for creditors — including former Truland employees who were not paid for their final days of work.
Auction Markets and Blackbird Asset Services, which are selling the assets of the estate, opened the bidding process online Saturday for the first batch of 37 vehicles, which includes Chevrolet G3500 vans, Silverado and Colorado trucks, and Ford trucks and vans, most of which are 2005 models or newer. The starting prices range from $200 for a 1992 pull-behind trailer to $3,500 for a 2007 Chevrolet Silverado Classic extended cab. Bidding for the first round of vehicles will close Sept. 5 and more auctions for the remaining vehicles are planned in the coming weeks.
The money recovered from the sale of the vehicles will eventually go toward repaying creditors, including Truland employees who were not paid for their last work periods, said Jason Gold, the attorney representing the trustee for the Truland estate.
Stephen Karbelk, president of Auction Markets, said his company is still trying to track down many of the vehicles because they were assigned to various Truland offices and employees before the company went bankrupt. He said he hopes former Truland employees will contact him if they have a Truland vehicle in their possession.
“With the employees now terminated, there was no provision for turning these vehicles in, so we have to locate them and prepare them for auction,” he said. “We’ll be selling vehicles in groups as we recover them and are able to get them ready for sale.”
Karbelk and David Fiegel of Blackbird Asset Services are charging $150 an hour for their work, according to court documents.
Prior to filing for Chapter 7 bankruptcy on July 23, Truland was the 10th-largest electrical contractor in the United States with about 1,000 employees. It was working on more than 250 unfinished construction projects, including many high-profile developments in the Washington area such as the Marriott Marquis, CityCenter and the medical and science and engineering buildings at George Washington University.
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