This weekend, I analyzed the Packard Plant situation and determined that, even if the winning bidder fell through at $6 million, the second bidder at $2 million was still a good prospect. The second bidder was a developer and knew what they were doing, even if the first bidder was crazy and would not deliver the money.
Then Sunday and Monday brought what seemed to be positive vibes, as the winning bidder indeed had a plan and investors and guaranteed they would be paying for the place soon. Modular homes, they said. We're going to build modular homes and ship them all over the world. We speculated that this would be happening.
Tuesday brought the bizarre to the situation. Big bizarre. The Detroit Free Press has the details here. And it turns out there are people from the modular home industry saying that it's better to make them close to where they are sold.
A virtually incoherent press statement from the good Dr. and her associates from Texas makes us wonder why we gave her any benefit of the doubt. And no money yet.
We're back to relying on the second bidder.
Update: Bidder Two is the one who couldn't get the money together in August after striking a deal for $1 million. He bid $2 million and promises he can raise it. Paging Bidder Three....
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