Flip This Shipyard

So from this we gather there's probably another buyer in the works for Avondale. But first it's in the hands of this glorified house flipping concern.

Assuming it moves forward with buying the property, though, Hilco's past track record may offer a glimpse of its possible plans, such as entering a commercial joint venture for the site with another company or perhaps the Port of New Orleans, which has floated the possibility of such a venture in the past.

Other options for Hilco could include trying to sell off Avondale's assets piece by piece or simply flipping the property to another buyer.

Hilco is no stranger to New Orleans. One of its business units, Hilco Real Estate, has worked with the New Orleans Redevelopment Authority to auction vacant structures and lots. In April, it held a two-day online auction for more than 100 such structures and vacant lots, generating more than $2.5 million.

It looks like it's going to end up in the Port's hands. This would jibe with the conventional wisdom stretching back to the beginning of the Public Belt story, anyway. But first we've got to get some financial intermediaries a chance to collect some rents.