Pointe Properties, LLC, managed by owner Doug Thomas, filed chapter 11 bankruptcy in early September.
According to court documents, Pointe Properties owes at least $465,000 to creditors, not including its mortgage.
Multiple unnamed bidders were set to vie for Marsh's remaining assets at Monday's auction, ahead of the company’s next bankruptcy court hearing Wednesday.
The company was acquired in 2006 when it had 120 stores. Only 44 of those stores remain and are available for sale.
The filing argues that the former students' debt qualifies them as creditors in the case.
Peabody has more mines in Indiana than in any other state.
Bankruptcy filings both nationally and in Indiana have been falling over the last two years.
IFM Investors plans to buy the Indiana Toll Road lease for much more than the current operator, ITR Concession Company, paid in 2006.
Less than a decade into its lease, the operator of the Indiana Toll Road filed for bankruptcy.
ITR Concession Company says it already has agreements in place with its creditors on how it will restructure its debt.