Days before the auction of a failed Greenwood firm’s building and assets, multiple buyers have been asking questions and expressing interest in buying the company’s building, patents and laboratory equipment.
This week, the city of Greenwood reached an agreement with Heartland Community Bank to pay off what Elona Biotechnologies owed the bank. The city agreed to give the bank $475,000 if Elona’s patents and patent-related documents sell for enough money. In exchange, the bank agreed to allow the company’s assets to go to auction Friday.
Under the deal, the city would pay the bank only if the patents sell for an amount the city deems to be enough money. But that shouldn’t be an issue because the city expects the patents to sell for more than $1 million, said attorney Sam Hodson, who advises the city. If not, the city could decide not to give any money from the auction to the bank, he said.