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S.L. BANKRUPTCY PUTS 40 VEHICLES ON AUCTION BLOCK

SHARE S.L. BANKRUPTCY PUTS 40 VEHICLES ON AUCTION BLOCK

The sale list has all the makings of a script for an episode of "Lifestyles of the Rich and Famous":

A 1957 Ford Thunderbird convertible; a 1931 Dodge Coupe with jumpseat; a 1984 Porsche 930-SII; and not one, but two Mercedes Benz.The automobiles are among 40 vehicles to be auctioned at noon on Saturday, Dec. 5, as Sales and Auction Co. liquidates the assets of Clark Financial Corp. and owner S. Spence Clark, who has filed for Chapter 11 bankruptcy protection.

"The majority of the proceeds will end up with First Security Bank to cover the liens they have on many of the vehicles. Many of the vehicles are free and clear, and those proceeds go to the estate of Spence Clark to help pay creditors who are in a jam," said Gil Miller, accountant to bankruptcy trustee Alan V. Funk.

The auction will be conducted at Clark Executive Detail Inc., 2202 S. 1040 East. A small admission fee will be charged to "separate the spectators from the speculators," said Tom Erkelens, standing auctioneer for the U.S. Bankruptcy Court. The automobile collection is valued at $400,000 to $500,000, Erkelens said.

The collection includes vintage automobiles such as a 1940 Buick Limited and a 1965 Mustang convertible; a bevy of Cadillac convertibles manufactured in the 1970s and 1980s; and a Cadillac Seville owned by Nancy Reagan's father. Most of the automobiles have very low mileage.

The auction list also includes a 26-foot motorboat and a 20-foot motorboat, each with a trailer; a motor home; utility vehicles such as pickup trucks; and a Suburban used in the business.

"We didn't feel the automobiles were crucial to the reorganization. They're being sold as any asset that would be deemed unneccessary to the reorganization of this estate," Miller said.

Clark Financial Corp., the developer of the Sugar House Shopping Center, and S. Spence Clark filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Arizona in April. Chapter 11 bankruptcy enables a business or individual to reorganize and restructure debt obligations with creditors.

A federal bankruptcy judge ordered the case transferred to Utah in June following a hearing involving attorneys representing First Security, Zions First National Bank, West One Bank, the Utah attorney general's office, Salt Lake County and U.S. attorney's offices.

On Aug. 14, Funk was appointed to oversee the reorganization efforts.

Miller said the automobile sale is the first auction involving Clark's assets. There could "very possibly" be other sales, he said.

The company's holdings stretch from Florida to California and north to Washington state. The company has been in operation more than 25 years.