The sale of the Black’s Building in Waterloo through an auction in February has been voided, according to the Waterloo Cedar Falls Courier. Chief Bankruptcy Judge Thad Collins ruled that a $3 million credit bid plus outstanding property taxes submitted by OSK XII was unfairly denied in favor of a $1.9 million bid from MBM Development. The regionally notable landmark was put up for bid after the previous owner, Midtown Development, filed for bankruptcy protection in July of 2021. There was a $3.25 million reserve on the building’s auction but when very little action was happening and with only minutes left in the auction organizers announced the reserve had been met even though it had not. The $1.9 million bid from MBM was determined to be the best deal. That decision, however, has now been overturned in favor of OSK’s $3 million credit bid.
