Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Harrisburg Holds 'Wild West' Auction to Reduce Debt
Author: Joel R. Glucksman
Date: August 8, 2013
Key Contacts
Back
Harrisburg, Pennsylvania, has been struggling for years to unload its heavy municipal debt and repair its broken economy. The city attempted to file for bankruptcy protection in 2011, but the court dismissed its request, leaving the debt-saddled state capital with few avenues for alleviating its financial woes. Now, the city is trying a new creative strategy in order to reduce debt costs and avoid the tedious bankruptcy road: an auction.
The city announced its plans to hold a “Wild West” bankruptcy auction, during which it plans to sell thousands of its historic artifacts, replicas, and even gift shop memorabilia to raise money and pay its creditors. The inventory ranges from hundreds of antique guns, furniture from saloons and brothels, Native American clothing, weapons from the Revolutionary War, and other coveted assets. Top inventory items also include Buffalo Bill’s pipe, an arrest warrant for Jesse James, a letter written by Billy the Kid, and Annie Oakley’s jewel box.
Former mayor Stephen Reed, who served from 1981 to 2009, spent years amassing the historical artifacts in the hopes of opening museums across the state and attracting tourists. When his plan failed, the items ended up sitting idle in a facility for years.
Proceeds from the auction will go toward the city’s $300 million debt balance, which it accrued after a sour investment it made nearly 10 years ago, CNN Money reports. Harrisburg purchased twin incinerators in the hopes that it could earn fee revenue from picking up trash in neighboring municipalities. After the deal failed, however, the city was left struggling to repay creditors.
Auctioneer Joanne Grant recently told Pennsylvania newspaper Morning Call that nearly 7,000 individuals have already signed up on the city’s website to bid for the assets. Thousands more are expected to arrive at warehouses to bid in person.
- Practices: Corporate Transactions & Business, Bankruptcy & Creditors' Rights
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Buying Commercial Property in New Jersey: Legal Guide for Small Businesses
Small businesses considering buying commercial property in New Jersey must evaluate a range of legal, financial, and operational factors. While ownership can offer long-term value and control, it also introduces significant risks if not properly structured. This guide outlines key considerations to help New Jersey business owners make informed decisions, minimize legal exposure, and successfully […]
Author: Robert L. Baker, Jr.
The SEC’s Latest Guidance on Applying Federal Securities Laws to Tokenized Securities
On January 28, 2026, staff of the U.S. Securities and Exchange Commission’s Divisions of Corporation Finance, Investment Management, and Trading and Markets issued a joint statement clarifying how existing federal securities laws apply to tokenized securities. The SEC’s “Statement on Tokenized Securities” does not establish new law, but it does provide greater clarity on the […]
Author: Dan Brecher
Common Legal Mistakes NYC and New Jersey Business Owners Make
Operating a business in the New Jersey and New York City metropolitan region offers incredible opportunities, but it also requires navigating a dense and highly regulated legal environment. From entity formation to regulatory compliance, seemingly minor legal oversights can expose business owners to significant risk. In our work with businesses throughout the region, our attorneys […]
Author: Dan Brecher
What Founders Can Learn From Start-up Suits
High-profile founder litigation is more than just a media spectacle. For startup founders, these cases underscore the legal and structural risks that can arise when rapid growth outpaces formal oversight. While launching a new company can be both an exciting and deeply rewarding endeavor, founders must be mindful that it also comes with significant risks. […]
Author: Dan Brecher
Corporate Governance Reviews: A Practical Guide for New Jersey Companies
Every New Jersey company should periodically evaluate its governance framework. Strong corporate governance protects directors and officers, builds investor confidence, reduces litigation exposure, and positions a company for sustainable growth. The first quarter of the year is a great time to evaluate your corporate governance practices and perform any routine maintenance needed to keep that […]
Author: Ken Hollenbeck
What to Do After Being Served with a Lawsuit: Steps to Protect Your Legal Rights
Being served with a lawsuit is one of the most stressful legal events a business or individual can face. Whether the claim involves a contract dispute, an employment matter, an intellectual property issue, or another legal challenge, the actions you take in the first few days can significantly shape the outcome of your case. Acting […]
Author: Robert E. Levy
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.