Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: JeanD who wrote (13255)	8/3/1999 11:35:00 AM
From: Joe Copia	Read Replies (2) \| Respond to of 108040

I see that. NITE up to his old tricks. bought 1/2 position and will buy other 1/2 soon.

To: JeanD who wrote (13255)	8/3/1999 11:42:00 AM
From: Mr.Manners	Read Replies (1) \| Respond to of 108040

CDNO... Toledo Pickling suspends operations July 24, 1999 BY GARY T. PAKULSKI BLADE BUSINESS WRITER Workers at Toledo Pickling Co., once a major U.S. steel processor, has suspended operations, leaving about 50 workers without jobs and wondering when they'll get final paychecks. Employees of the Campbell Street plant were sent home Wednesday after owners were unable to obtain financing for the debt-laden company, workers said. Toledo Pickling has been a unit of Denver-based Consolidated Capital of North America, Inc., since Dec. 31. Calls to the firm weren't returned yesterday. Officials of Teamsters Local 20, which represents hourly employees, couldn't be reached for comment. Jim Turner, a 34-year veteran of the plant maintenance department, said he arrived for work Wednesday afternoon only to be sent home at about 7 p.m. after being old the plant wouldn't be reopening. Workers were supposed to receive weekly paychecks that day, but Mr. Turner said they were told the company couldn't meet payroll. The company had about 100 employees until layoffs began in early 1999, according to workers. A report filed with the U.S. Securities & Exchange Commission May 19 paints a picture of a company wallowing in debt. On March 31, according to the report, Toledo Pickling defaulted on bank loans and was incurring penalties of $2,000 per day. The company owed $8.2 million to the National Bank of Canada and Finova Capital Corp at the time of its purchase by Consolidated Capital, the report said. Toledo Pickling's parent company reported a loss in the first quarter of 1999 of $2.9 million on sales of $12.9 million. Consolidated Capital purchased the 52-year-old Toledo firm for $16 million, primarily involving assumption of debt and bills. The plant specialized in chemically cleaning steel for industrial uses, including production of autos and appliances. Founded shortly after the end of World War II, Toledo Pickling had annual sales of $25 million by 1974. The firm was originally located on Felt Street until 1960 when it moved to a plant on Fearing Boulevard. It moved to the present plant in 1969.