Global Fastener News

Powers Announces Changes

John Wolz

Powers Fasteners Inc. president Jeffrey Powers announced key staff changes and relocation of its Florida, Phoenix and Seattle branches. Lenny Colasuanno was promoted to sales vice president; Matthew Fiorillo, director of marketing; and national sales manager Mike Leginski was given add responsibilities. Named regional sales managers are: Jim Middleton, East; Rob Moe, Midwest; and Shawn Hazen****************************************************************

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Pawtucket Fasteners Falls into Receivership

John Wolz

Pawtucket Fasteners � including its Bell Fasteners, Zelenda Metric and Stillwater Fastener divisions � was forced into receivership by lenders.
In January Providence, RI-based Pawtucket was advertised for sale in an ad in the Wall Street Journal.
Diane Finkel, an attorney with Winograd, Shine & Zacks of Providence, said bids have been received for Pawtucket and the company remains for sale and bids are still welcome.
In a March 7, 2002, letter to creditors and “other parties of interest,” attorney Allan Shine announced that the Rhode Island Superior Court had appointed him as temporary receiver to operate and sell the business and assets “at the earliest possible date in a commercially reasonable manner and to be able to convey free and clear title to a purchaser. The object of this proceeding is to obtain the maximum value for the company�s business and assets as a going concern for the benefit of Pawtucket�s creditors.”
In Rhode Island a receivership is a state court insolvency proceeding similar to a bankruptcy, Shine explained.
Fleet Bank has a first mortgage lien of $10 million.
Shine said there has been no agreement to sell Pawtucket and that the court “has directed the receiver to continue to pursue such efforts in order to maximize value for creditors and other parties in interest.”
Shine said “in order to protect your interests, every creditor should file a Proof of Claim form with me as receiver.”
Editor�s Note: Winograd, Shine & Zacks P.C. can be contacted at: Tel: 401 273-8300 Fax 401 272-5728 E-mail: firm@wszlaw.com
�2002 FastenerNews.com