The Corning Publishing Co. will be sold in a lender-ordered auction Tuesday, Jan. 30, according to Blackmon Auctions of Little Rock, which will be taking bids online.
The printing company at 810 N. Missouri Ave. in Corning faced foreclosure last year after defaulting on a multimillion-dollar 2016 loan, according to Arkansas Capital Corp., the Little Rock nonprofit that made the loan. The loan, which was guaranteed by the U.S. Small Business Administration, was modified six times.
It was guaranteed by collateral including its building and presses. Arkansas Capital Corp. said in court filings that it estimated the value of Corning Publishing’s personal property at $5.7 million.
Blackmon Auctions’ website advertising the auction said that bids would be taken starting at 9 a.m. Tuesday. Items up for bid include “Web Printing Presses, Binders, Saddle Switchers, Stackers, Trimmers, Press Automation, Waste Removal, Baler, Strappers, Forklifts, Pallet Jacks, Compressors,” and office equipment.
Founded by the late J.V. Rockwell in 1962, Corning Publishing succeeded for years printing and distributing newspapers, comics, catalogs and magazines. But the internet age has been disastrous for printers.
John Parke, the Democrat Printing & Lithographing CEO who shut down its Little Rock operations late last year, selling one of its presses to EP Graphics of Berne, Indiana, put it this way: “Unfortunately, the printing business is hard,” he said. “We’ve gone from 50,000 printers in this country to what, 19,000 or so? It’s just the nature of things.”
The borrowers on the Arkansas Capital Corp. loan were listed as Corning Publishing and J.V. Rockwell Publishing Inc. Thelma J. Rockwell, president and secretary of Corning Publishing, signed the loan document.
Blackmon Auctions urged potential buyers of the Corning property to inspect it the day before the auction, Jan. 29, from 9 a.m. to 4 p.m. The property is being sold “as is, where is,” Blackmon’s notice said.
For years, Arkansas Business Publishing Group of Little Rock used Corning Publishing to print Arkansas Business and some of its supplements. But that relationship ended with Arkansas Business’ July 3 issue last year.
Sign up for Daily E-news
