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West Bloomfield, MI 48322
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just North of Maple
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36
Norman Levy Sells
To The Highest Bidder
n auction morning,
200 tool and die
shop owners, bank-
ers and observers
mill around Adison Mold
and Engineering, a small
automotive supply facto-
ry in Troy. They snack on
hot dogs, turkey sand-
wiches and chocolate
donuts, drink coffee and
greet colleagues and ac-
quaintances.
Shop owner Manfred
Hoffman looks at the
crowd, nervously sur-
veying the men in pin-
stripe suits and work
clothes who bid on the
equipment that kept
him in business for
over 17 years.
When Mr. Hoffman opened
Adison Mold nearly two
decades ago, he bought his first
milling machine at an auction
sponsored by Norman Levy As-
sociates, a Southfield-based
auction and appraisal firm.
Over the years, Mr. Hoffman
has relied upon these auction
sales for used tool and die
equipment.
When Adison Mold closed its
doors earlier this year, Mr. Hoff-
man once again called on the
firm. This time he needed cash
to pay his creditors, and want-
ed to liquidate his assets at auc-
tion.
The auction and appraisal
team stepped in, and within a
short period of time, prepared
to sell everything in the Adison
Mold plant — everything from
precision equipment to table
drills, fax machines to filing cab-
inets.
They are about to do the
same for aerospace giant Mc-
Donnel Douglas, who recently
hired Norman Levy Associates
to liquidate facilities in Mis-
souri, Ohio and California. Ma-
chinery and equipment are
expected to bring in between
$60 and $100 million over the
course of two years.
With $120 million in annual
sales, the firm is one of the
Richard Nucian conducts
Eastern Airlines auction.
largest auctioneers in any area
— industrial or non-industrial.
In his 20 years there, exec-
utive vice president Richard
Nucian has seen the company
grow dramatically. Founded in
the 1950s as an auction house,
the firm has developed into a
full-service appraisal business
with offices in Southfield,
Chicago, Boston and Coventry,
England.
The 60-person organization
boasts a client lists that in-
cludes Chrysler Corporation,
Eastern Airlines, General Mo-
tors, AT&T, and now McDon-
nel Douglas, whose auctions
may attract a thousand buyers
or more.
Many people regard Norman
levy Associates as little more
than a liquidation company —
the ones that struggling busi-
ness owners call when they
need some quick cash during
bankruptcy proceedings.
"People think of us as un-
dertakers, but we're not," says
company president Robert
Levy. "We sell equipment so it
can be reused."
While his firm does fre-
quently serve troubled busi-