Superior Choice CU Forecloses on Logging Company Shown on Reality Show
Wisconsin Woodchuck LLC, a logging company featured on the “Ax Men” reality television show, is set to be foreclosed on by its lender, Superior Choice Credit Union.
The company received a foreclosure judgment for nearly $843,000 last Wednesday, according to several media reports.
The move comes after the $238 million Superior Choice CU in Superior, Wis., initiated foreclosure proceedings in November 2011. In December 2011, the logging company filed for Chapter 11 bankruptcy.
An agreement was then made between Superior Choice and Wisconsin Woodchuck with the logging company committing to come out of bankruptcy protection and making reduced payments through May of this year.
Wisconsin Woodchuck did not make its May 24 payment of $3,500, according to media reports. During the time frame of the agreement, the logging company was supposed to seek refinancing options or buyers.
The Duluth News Tribune reported that officials with Superior Choice visited the logging company’s site on June 3 to seize the property. The occupants were apparently evicted and locked out. Wisconsin Woodchuck has three months before the equipment and elevator buildings are put up for sale.
A comment from Superior Choice was not immediately available.
Wisconsin Woodchuck was featured on the History Channel’s “Ax Men” reality show. The program tracks logging crews as they work throughout forests in Montana, Oregon and Washington.
In addition to Wisconsin Woodchuck, the foreclosure judgment was entered against North Superior Partners LLC, David Hozza, Judith Peres and Michael Zurakov.