A Newcap sign outside of its Green Bay office. PC: Fox 11 Online
SHAWANO, WI (WTAQ-WLUK) – The first auction of items owned by the now-closed non-profit Newcap netted $42,650 on 570 items according to the auction company. Two more auctions will launch later this month.
Newcap closed its doors at the end of March amid accusations of misusing taxpayer money. It filed for bankruptcy in April. The court-sanctioned auctions of non-real estate items are designed to end operations and pay some of the $4 million it owes to 209 parties.
The first auction was of items from the Shawano location. Bidding ended earlier this week.
Titletown Auctions says online bidding for items from the offices in Marinette and Crandon are expected to start next week.
Newcap also owns 25 properties, which will be handled separately from these office and equipment sales.
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