DACK Investments Bid On Purchase Of AB Campus (updated)

In a surprising turn of events, Buckhannon-based real estate and leasing company DACK Investments has submitted a significant bid of $4.9 million to acquire the assets of the bankrupt Alderson Broaddus University, including its Philippi campus. The motion for sale was uncovered on the US Bankruptcy Court's website by WBOY, and the bankruptcy trustee's attorney later confirmed the offer.

DACK Investments, a limited liability company, has emerged unexpectedly as a key player in the future of Alderson Broaddus University. The bankruptcy court has scheduled a hearing on January 31 to evaluate and potentially approve the sale, with the possibility of an auction if another bidder comes forward with an offer exceeding $5,000,000. Currently, the bid from DACK Investments is the sole official proposal on the table.

Established as a real estate company in April 2022, DACK Investments LLC, with members Charles and Alice Ackerman, and Kathryn and Dale Heller, already owns well-maintained properties in the Buckhannon area and Pennsylvania. Dr. Alice Ackerman, a respected emergency room physician at Broaddus Hospital in Philippi, expressed surprise at the online article and mentioned that the company was preparing a formal statement. However, due to the final sale not occurring until January 31, the company members were not yet ready to fully address the media.

In a phone call with The Barbour Buzz staff last week, Dr. Ackerman said that the company members were to meet to discuss sudden media attention, and that they would issue the statement in a day or two. On January 1, they contacted The Barbour Buzz to express that they chose not to disclose specific plans for the campus until after the bidding process concludes. Nevertheless, she revealed that the plans have already been submitted to the USDA for review and have received a positive evaluation. The group has also engaged with city and county officials to discuss their intentions for the property if the acquisition is successful.

While details remain confidential, Dr. Ackerman disclosed that the plan aims to create more job opportunities in the area and potentially attract more residents to Philippi. DACK Investments, since its inception, has focused on hiring locally and utilizing community resources as much as possible, and they intend to continue this commitment to community development with the former Alderson Broaddus campus.

After university closed, DACK Investments started creating a business plan, and have based their ideas on their knowledge of the area, where they have worked and/or resided for significant time now. Through some further research, they discovered studies about Barbour County, and realized that their original plans were in perfect alignment with the economic and job studies already completed by other organizations in the last several years, which gave them confidence in applying for the bid. A positive evaluation from USDA further cemented that opinion, and last week, they officially put their bid on the property.

The bidding deadline for the property is January 31, 2024, marking the date when the community will discover the fate of the former college campus and the revitalization plans that await.