Creditors stop McKinley auction.(In Cleveland)(McKinley Machinery Inc.)(Brief Article)
Official Board Markets, January, 2005 by Arzoumanian, Mark
Last week's auction of the assets of corrugated machinery manufacturer McKinley Machinery, Inc., Avon, Ohio, was prevented from occurring by three unsecured creditors. The company has been put into involuntary Chapter 7 bankruptcy.
"We're disappointed that this occurred," says David Williams of Gorman & Williams, attorney for the secured lender, Ohio Corrugated Machinery, Sparks, Md. "We will now have to deal with the process of bankruptcy court. I don't know what [the unsecured creditors] will do now. Why make this move? It doesn't make sense and hurts the industry." Williams stresses that Sun Automation, Sparks, Md., was not in a position to sell the company, as some in the industry assumed but is instead an unsecured creditor that wanted the auction to...
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