Maglev Inc. assets to be auctioned off next month
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Harry Davis & Company announced plans today to auction off the assets of Maglev Inc., a McKeesport-based high-speed rail developer that filed for bankruptcy in July.
The auction is scheduled for 10 a.m. March 6 at the company's former research and development facility, located at 1905 Technology Center in McKeesport.
PDFThe company initially filed for reorganization under Chapter 11, claiming it had less than $50,000 in assets and more than $1 million in debts.
Maglev Inc., was created in 2003 to develop a high-speed magnetic levitation train that would link the Pittsburgh International Airport to Pittsburgh to Greensburg. But the company failed to secure federal money for the project. A $28 million federal grant announced in 2009 was never released.
Among the items to be auctioned off are industrial equipment, office furniture and intellectual property for the Maglev Positioning and Table Software. More details can be found at www.harrydavis.com.
First Published February 13, 2012 1:54 pm
