Business Briefs: Allen Casey barge sale tied to relocation

Business Briefs: Allen Casey barge sale tied to relocation

May 21st, 2014 by Staff Reports in Business Around the Region

A former restaurant barge, purchased by Allen Casey and docked at his property on the North Shore of the Tennessee River for several years, is seen from the Olgiati Bridge.

Photo by John Rawlston/Times Free Press.

Allen Casey barge sale tied to relocation

A court order is expected to be signed by a U.S. Bankruptcy Court judge that will open a seven-day window for the sale of a rundown barge that Chattanooga businessman Allen Casey had wanted to turn into a restaurant, an attorney said Tuesday.

David Fulton, who represents Casey company River City Resort, said the minimum bid is $50,000, and there's a provision the buyer provide a date by which the barge must be removed from its downtown Chattanooga waterfront location. Fulton said bids should be delivered to him at 701 Market St., Suite 1000. His email is djf@sfglegal.com.

The barge became a target for criticism after Casey never built the proposed eatery. Casey filed for bankruptcy on the eve of the start of a civil trial related to a suit in which several investors claimed they were defrauded.

Dixie Group completes sale of stock

The Dixie Group on Tuesday completed its previously announced sale of 2.5 million shares of stock, yielding more than $26 million for the Chattanooga-based carpet maker to help pay for its recent $17.5 million purchase of Atlas Carpets.

Dixie said net proceeds will reduce the balance under the company's revolving credit facility. But since the stock offering was announced on March 12, the company's stock has plunged by 34 percent to close Tuesday at $10.55 per share, its lowest price since last October.