Judge John Economopoulos approved the sale of the assets inside the former Bark River Knives facility at 6911 County Road 426 M.5 Road to R.M. Auctions LLC for $125,000, the highest offer negotiated by court-appointed receiver Scott Wolfson and Attorney Anthony Kochis.

According to previous court statements, Bark River Knives’ assets had been estimated to be worth about $250,000. Kochis told the court that at least three interested parties had inspected the property before the sale was finalized.

Wolfson was appointed receiver in May after Bark River Knives, owned by Mike Stewart, was evicted from its Escanaba facility at 6911 County Road 426 M.5 Road for unpaid rent. The building is owned by K Enterprises.

As receiver, Wolfson has been responsible for securing, inventorying and selling the remaining assets while contacting secured creditors who may have claims against Bark River Knives.

Mike Stewart, former owner of Bark River Knives, announced the closure of his business at 6911 County Road 426 M.5 Road in March. (Sophie Vogelmann | Daily Press)

Proceeds from the sale will be distributed to creditors with valid claims, and future court proceedings are expected to address the distribution of the funds.

Bark River Knives ceased operations in March, leaving behind manufacturing equipment and other personal property.

The sudden closure was shrouded in controversy in the local and nationwide knife community when Stewart announced he had been using an alternate Chinese steel, which he subsequently mismarked, in some knife production.

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Sophie Vogelmann can be reached at 906-786-2021 or svogelmann@dailypress.net.