A receiver has been appointed to take control of American Paper Corp.’s mill in Memphis, Tenn. The mill has been closed since late May.
The receiver, Michael Goldstein, is an attorney with the Memphis law firm of Hanover Walsh Jalenak & Blair.
Attorneys for Bank of America, which has a $32 million mortgage on the tissue mill, argued that a receiver needed to be put in charge of the property to protect it.
The bank, which is in the process of foreclosing on the property, said the building has been abandoned by American Paper, the roof leaks, which could damage equipment and inventory, and the property is without insurance.
Michael McLaren, a Memphis attorney representing American Paper, who had protested the appointment of a receiver, said that Goldstein would likely take charge of the property by the end of the week. (Tenn.) Commercial Appeal
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