Two Bidders Pledge $50M For Banning Lewis Land

Law360, Wilmington (June 29, 2011, 8:14 PM EDT) -- Banning Lewis Ranch Co. LLC secured two buyers at auction Tuesday in Delaware bankruptcy court for sparsely developed land that was to be the site of a failed real estate development in Colorado, garnering a potential $50 million for the assets.

On Wednesday, U.S. Bankruptcy Judge Kevin J. Carey confirmed Ultra Resources Inc., a division of Texas-based oil and natural gas company Ultra Petroleum, as the highest bidder for some 17,700 acres of raw land, the bulk of the property, with a cash bid of $26.25...
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