The last vestige of bankrupt IML Freight Inc., its former administrative offices at 2155 and 2175 S. 3270 West, will go on the auction block June 20, finally ending the history of a company that once employed more than 2,000 and had trucking operations stretching from New England to Southern California.
IML went into Chapter 11 bankruptcy in 1983, its 54th year in business, in the face of a national strike against the company called by the International Brotherhood of Teamsters.In 1984, the Chapter 11 was converted to a Chapter 7 filing and the long process of liquidating the company's assets to pay creditors began - and will end with the June 20 auction of the former headquarters offices.
IML's rolling stock was sold to a Midwest company and a variety of buyers were found for the company's 57 terminals across the country. The Salt Lake IML complex once comprised 40 acres, an 80-door terminal and a 27-bay maintenance and repair shop.
The offices to be auctioned next week sit on 5.1 acres of land, appraised at $47,500 per acre, and the two buildings total 37,170 square feet.
Dutson said the property will be shown by appointment and two hours prior to the 2 p.m. auction. The minimum bid that will be accepted will be $500,000 and bidders must show a cashier's check in the amount of $50,000 "as proof they can perform."
"Twenty-seven years ago this was a first-class situation," Dutson said of the properties.
The auction will be held on-site. Those interested in a free brochure should contact Utah-West Properties Inc. at 532-4500.