HUDSON - A Florida firm purchased one of the largest tire landfill and recycling facilities in the nation for total consideration of about $2 million, following a years-long bankruptcy.

Magnum D'Or Resources Inc. (OTC: MDOR) received approval from U.S. Bankruptcy Court for the District of Colorado to purchase the assets of Hudson-based Tire Recycling Inc. Tire Recycling originally filed for Chapter 11 bankruptcy protection in 2007.

Through a series of claim transfers closing completely on Aug. 25, the facility and property is now owned by Magnum and will be run by its subsidiary Magnum Recycling USA. Included in the purchase were vehicles, equipment, machinery, more than 120 acres of land and a tire inventory of more than 30 million. The company purchased the assets for $6.5 million less $4.44 million in liabilities, bringing the total cost to around $2.06 million.

"This is a great day for Magnum and the state of Colorado. We plan on making this site a state-of-the-art facility that should be a model for the rest of the country, if not the world, to demonstrate the ability to recycle waste products into useful and viable products that actually enhance people's lives," said Magnum's President and CEO Joseph Glusic in announcing the purchase. "I am extremely excited about this acquisition which now guarantees the raw supply needs for our company for the foreseeable future."

Magnum produces rubber nuggets and rubber buffing at its Magog, Quebec facility. The company holds more than $130 million in open contracts. During its most recent fiscal quarter, Magnum reported a net loss of more than $11 million. Its stock was trading at 94 cents around noon, up almost 34 percent from the opening bell.