Mortgage Company Retains Control of Shuttered Paducah, Ky., Motel.

The Paducah Sun, Ky. Knight Ridder/Tribune Business News

Aug. 26--PADUCAH, Ky.--Mortgage Management Inc. of Chattanooga, Tenn., was the only bidder Monday for the property and contents of the Valu-Lodge on Joe Clifton Drive, and the company's attorney expects the motel to reopen by the end of the year.

Todd Farmer said Mortgage Management bid $534,000, which was enough to defeat the "right of redemption" and basically protect its title against any attempt by the previous owner to reac...uire it. Mortgage Management was owed about $986,000, Farmer said.