Consolidated Freightways (CF) has begun auctioning its network of closed terminals, raising questions about whether a group of investors will be able to revive the company and save thousands of jobs.

CF said it has raised $53 million with the sale of terminals, including locations in Long Beach and Hayward, CA; Brooklyn, NY; Madison, WI; St. Cloud, MN; and South Chicago and Des Plaines, IL.

"It was a very successful auction," Consolidated spokesman Mike Brown said.

The sales cast a cloud over attempts to revive the trucking company by a group of private investors. Ft. Worth businessman Frank Snell started a new company, Rollin' International, that offered $500 million to bring the carrier and put its trucks back on the road.

Rollin's offer expires today, and included some of the properties that were auctioned, but Snell said the company plans to make another offer soon.

Snell said he was disappointed that the company didn't show more interest in the group's proposal.

"You would think they would try to figure out how to make it work, as opposed to just trying to kiss it off, so to speak," he said.