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Judge approves $6.25 million sale of Appco

Jeff Keeling • Sep 1, 2009 at 12:00 AM

A Florida billionaire soon will own Appalachian Oil Co. (Appco) after a bankruptcy judge approved a $6.25 million sale of the convenience store company Tuesday.

Not only will the self-financed sale to Florida Sunshine Investments — backed by real estate magnate Jeff Greene — preserve the jobs of store employees, it appears the new company plans to retain much of Appco’s central office staff since Greene is just entering the “C-store” business. That fact seemed to please Judge Marsha Parsons.

“I’m glad to hear a sale has been arranged where the majority of Appco employees will keep their jobs,” Parsons said after approving a sale motion for Appco, which filed for Chapter 11 bankruptcy protection Feb. 9.

See full story on the Johnson City Press Web site.

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