His action was reserved until 9:30 a.m. Jan. 27 after attorneys for several hundred limited partners in Wiss Building Associates asked for the delay to decide whether the association should be reorganized or the bid accepted.
Wiss Associates is a syndicate in which Mortimer L. Schultz of Plainfield, a real estate operator, was a general partner. He is currently out in $25,000 bail pending an appeal on his conviction, June 16, of fraud and misuse of funds dealing with his activities in three syndicates, including Wiss Associates.
Allan L. Tumarkin and Maurice Schapira, both of Newark, two of the attorneys present believe that the limited partners might be interested in retaining the properties for rental income and selling them later at their leisure.
Tumarkin noted that if the buildings were retained the limited partners could expect about a five per cent return on their investment, should the association be reorganized. He said that they would get only a fraction of their invested dollars back if the sale was approved.
Involved are the Wiss Building at 665-671 Broad St., which includes a parcel at 22 W. Park St.; Newark Drug Store at 673-675 Broad St., and the Jordan Building at 661-663 Broad St.
Representing receivers for the property at the sale were Adrian M. Foley Jr., a Newark attorney, and Frank A. Schlesinger, a Newark realtor.
The gross bid made by Arnold Kent of Newark, representing a group of investors, was for $326,000 over and above mortgages totaling $554,489.
About 100 persons were present for the spirited bidding, but many began drifting from the courtroom when the bidding reached $311,000 above the mortgages.
Only a handful remained when Kent made his $326,000 bid.