Steve Gittelman, a principal in Denver-based FGH, said the firm has been searching for a buyer for the Hudson site for many months.
“I don't know how imminent a sale is, but a number of parties have expressed an interest,” he said.
Gittelman said in a Nov. 13 guest commentary in the Denver Post that FGH's immediate concern is that the project is safely managed until it can find an experienced and reputable tire recycling company to purchase and operate the site.
FGH has engaged a registered tire hauler to manage the site, according to Gittelman. FGH has no intention of operating the site as an ongoing business.
FGH Financial foreclosed on Magnum d'Or's loan in May 2010 and held a public sale of the company's assets in September 2011, after Magnum d'Or's owners failed to restructure their finances or sell the property, according to Gittelman.
Also, in July 2011, law firm Rigrodsky & Long P.A. filed a class action suit against Magnum d'Or in the federal district court in Wilmington, Del. The suit charges Magnum d'Or made false statements to shareholders about the company's growth and operations between July 2008 and April 2010, and didn't disclose the U.S. Securities and Exchange Commission is investigating the company.
No one from Magnum d'Or could be reached to comment.