A preferred bidder will be selected this week to purchase a privately owned dealer group whose fate has been in limbo since receivers were appointed to its parent company.
According to an update from platform provider OneVue released to the market on Wednesday, the sale of Madison Financial Group is “on track to complete in May”, with receivers expected to select a preferred bidder by the end of this week to proceed to exclusivity.
OneVue took control of Madison in February after receivers were appointed to its parent company Sargon, and the platform provider subsequently appointed receivers to holding company SCAH1 to secure its interest following amounts owed to OneVue by Sargon.
It also secured Sargon’s holdings in Sequoia Financial Group which it has subsequently sold for $4.3 million.
In its latest update, OneVue further stated that administrators were making progress with the sale of Sargon’s operating businesses and the platform provider expected the sale to be finalised “imminently”.
The platform provider also said it was assessing its options to recover further amounts owed from Sargon parent company Sargon Capital, including legal actions against current and former company directors in relation to the sale of its Diversa and CCL Trustee businesses.
Sargon purchased the businesses from OneVue for $43 million, but only settled $12 million of the purchase price before the company fell into administration.