Abilene bank seeks trustee sale on two local businesses

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Lone Star Arena, home to the Cowboy Capital of the World PRCA Rodeo among dozens of other rodeo events each year, will soon be under new ownership. || TheFlashToday.com photo by MAIRA SANCHEZ

By AMANDA KIMBLE
TheFlashToday.com

ERATH COUNTY (January 12, 2017) – An Abilene bank seeks to place a valuable piece of property that has been at the center of public discussion on the auction block. Lone Star Arena could be sold February 7 on the steps of the Erath County Courthouse, according to documents on file in the county clerk’s office.

Three separate notices substitute trustee’s sale – naming an Abilene area attorney Thomas Choate as substitute trustee – were posted Monday. The documents references default loans obtained by Erath Iron & Metal Inc., from Coleman County State Bank in Abilene with original principal amounts that total several million dollars. The documents reference three pieces of property operating under the business names of Lone Star Arena and Erath Iron & Metal.

Erath Iron & Metal, the scrap metal recycling salvage yard located on US Highway 377 between Dublin and Stephenville, will be sold as will a piece of Dublin property located in the 200 block of West Elm Street also owned by the recycling facility.

Choate explained Thursday that Coleman County State Bank is the primary lien holder on the two Erath Iron & Metal scrap metal salvage and recycling properties. When asked if he expects an auction to take place February 7, he said nothing is certain when it comes to seeking foreclosure on a property.

Meanwhile, records indicate AgTexas Farm Credit Services holds the primary lien on Lone Star Arena and a smaller loan was obtained from Coleman County State Bank in the last six months.

At the time of this report, there were no records on file in the county clerk’s office referencing AgTexas and officials at the local branch declined commenting on the issue.

Lone Star Arena has been at the center of public discussion since a local business owner who was considering purchasing business sought assistance from Stephenville Economic Development Authority. While the entity’s board of directors considered offering financial support, it was determined the rodeo arena, which hosts a number of equine events throughout the year, is located outside of Stephenville’s extraterritorial jurisdiction.

The arena has since continued to host events and its success was just mentioned at Tuesday meeting, where a group of area stakeholder discussed the construction of public events center. The events center committee previously said the addition of an arena was not including in the planning phase because the intent was not to compete with the Lone Star Arena’s current owners or prospective buyers.

The arena was purchased by Brad and Nicole Boyd from former owners Paul and Marcie Sullivan in 2012.

 


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