DENVER—Government records show that an auction last month of loans from the failed New Frontier Bank generated $157 million on a portfolio once valued at more than $500 million.
The bank in Greeley failed in April, stranding many agriculture loans.
The Denver Post reports that one package of notes valued at $5 million sold for $122,778—or 2 percent of its values.
About three-quarters of the notes sold were at least 60 days past due.
Cattle Consultants LLC purchased a $15 million loan package for $5 million. Records with the secretary of state’s office show the partnership is managed by Colorado Rockies team owner Dick Monfort.
The Post reports that a Greeley bank paid the most for loans, at $14.8 million for a portfolio.
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Information from: The Denver Post,
