Tuesday, July 1, 2014

Talk About Bad Timing

From Firehouse.com: Even as the Latex Foam factory burned Thursday, a newspaper notice was running advising readers of a planned auction of the company's property and assets.
The public notice was published in the classified section of Thursday's Connecticut Post. The ad appeared on the day fire swept through machinery and duct work at the company's 510 River Road headquarters, shutting down production and casting about 200 people out of work.
The notice was placed by Lawrence Berger, managing director of investments at Blackstreet Capital Management in Chevy Chase, Md.
Blackstreet is described as a private equity firm specializing in investing in controlled buyouts of underperforming companies on the East Coast.
"The property will be offered for sale as an entirety," the ad states. "A deposit of $250,000 will be required at the time of the sale. .. with the highest bidder required to pay the balance in cash, by way of bank wire.
Attempts to reach Berger and James Berman, a Bridgeport lawyer who represents Latex in U.S. Bankruptcy Court, about the ad and why it was placed were unsuccessful Friday.. 
Fire probe continues.  http://www.firehouse.com/news/11542339/auction-ad-published-as-conn-latex-foam-factory-burned
So, company put's itself up for sale at the exact time it burns down.
No suspicious behavior there.

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