UPDATE: Price firm seeks new owner through bankruptcy

Sep. 17, 2013 @ 05:18 PM

UPDATED 4:05 P.M.

 

Ed Price & Associates Inc., one of the city’s major real estate firms run by longtime civic leader and local school board member Ed Price, has filed for bankruptcy but should find new life under different ownership as early as next week.
A new company associated with Price’s extended family has submitted a plan to purchase the assets of the real estate firm and reorganize it, with Price still involved in a management role.
A bankruptcy court hearing is set for next week for D&K Warren H.P. Properties to purchase the assets, with the business name of the firm remaining Ed Price & Associates, said James Talcott, an attorney representing Price. The hearing is scheduled for 9:30 a.m. Sept. 25 in the U.S. Bankruptcy Court for the Middle District of North Carolina in Greensboro.
The goal of the sale is to maintain all real estate business arrangements through Ed Price & Associates and keep all employees and sales agents in place, Talcott told The High Point Enterprise.
The bankruptcy filing was prompted in part because of fallout from the impact of the Great Recession that caused the real estate turndown, Talcott said. Price declined to comment Tuesday to The High Point Enterprise, referring comment to his attorney.
D&K Warren H.P. Properties is owned by Donald Warren, the uncle of Price’s wife, and Kenneth Warren, Donald Warren’s son, Talcott said.
“We anticipate that the court will approve the sale, which includes the name Ed Price & Associates,” Talcott said. “Ed will not have an ownership interest in this company, but Ed is a valuable asset to the company and High Point. So he will be managing the company, but he’ll have help. It will be a much healthier company going forward.”
The new company will maintain all real estate office locations and retain its more than 66 sales agents, Talcott said. The new owners also “will take over and continue with servicing all of the listings and all of the closings” between real estate buyers and sellers, Talcott said.
The bankruptcy petition lists estimated total liabilities of $1.19 million, with estimated total assets of $151,860. The commercial and residential real estate firm names 45 creditors owed money, according to the petition filed last week.
The petition lists creditors holding secured claims, who take priority in receiving reimbursement, as owed $199,967. Creditors holding unsecured claims are owed $993,663. Among the largest creditors are William B. Millis of High Point, owed a total of $464,105; Bank of North Carolina, $100,434; and NewBridge Bank, $61,609, according to the petition.
Ed Price & Associates was set up more than 10 years ago by Price, who grew up in High Point and has played an active role in an array of nonprofit and charitable causes.
Price was a leading advocate for the Miracle Field ball field established several years ago as a place where handicapped children can play baseball. He’s led or been involved tirelessly in fundraisers over the decades to benefit a cross-section of causes in the community, from educational initiatives for schoolchildren to efforts to provide meals and other aid to the less fortunate.
Price is serving his first term on the Guilford County Board of Education, having been elected in 2010. His term expires next year.

pjohnson@hpe.com | 888-3528

 

Ed Price & Associates Inc., one of the city’s major real estate firms run by longtime civic leader and local school board member Ed Price, has filed for bankruptcy.
The bankruptcy petition lists estimated liabilities of between $1 million and $10 million, with estimated assets of between $100,000 and $500,000. The commercial and residential real estate firm lists up to 49 creditors, according to the petition filed last week with the U.S. Bankruptcy Court for the Middle District of North Carolina.
Price declined to comment Tuesday to The High Point Enterprise, referring comment to his attorney. The Enterprise was attempting to reach his attorney in Greensboro.

Ed Price & Associates was set up more than 10 years ago by Price, who grew up in High Point and has played an active role in an array of nonprofit and charitable causes. The firm has grown into one of the larger real estate businesses in the High Point area.

Price was a leading advocate for the Miracle Field ball field set up several years ago as a place where handicapped children could play baseball.
Price is serving his first term on the Guilford County Board of Education, having been elected in 2010. His term expires next year.

pjohnson@hpe.com | 888-3528