Texsox Posted December 11, 2008 Share Posted December 11, 2008 So it seems that maybe the company wasn't all that bad financially, just looking for a scapegoat to get out of an expensive labor market and into a cheaper one. Damn, why didn't they move to Mexico and help my area out? Seems that someone must have loaned them some money to buy the Iowa plant, or else they had a s*** load of cash on hand. Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted December 11, 2008 Share Posted December 11, 2008 QUOTE (StrangeSox @ Dec 11, 2008 -> 07:04 AM) The bailout of the Republic workers cost 1.75M. Any chance at all that BoA or JPM ever see a dime of that money again? In their budget, that line item should read: "Unforecasted Marketing Cost". Link to comment Share on other sites More sharing options...
Shamrock4Life Posted December 11, 2008 Share Posted December 11, 2008 QUOTE (Texsox @ Dec 11, 2008 -> 10:00 AM) So it seems that maybe the company wasn't all that bad financially, just looking for a scapegoat to get out of an expensive labor market and into a cheaper one. Damn, why didn't they move to Mexico and help my area out? Seems that someone must have loaned them some money to buy the Iowa plant, or else they had a s*** load of cash on hand. Some conspiracy theories say that BofA was the bank that floated the loan for the purchase of the Iowa plant. Link to comment Share on other sites More sharing options...
NorthSideSox72 Posted December 11, 2008 Share Posted December 11, 2008 QUOTE (Shamrock4Life @ Dec 11, 2008 -> 10:15 AM) Some conspiracy theories say that BofA was the bank that floated the loan for the purchase of the Iowa plant. I haven't seen that yet, but it would be on the public record somewhere. So basically, after all this hulabaloo, it was in fact the company that were the bad guys (unless the conspiracy theory you mention has any truth to it). Link to comment Share on other sites More sharing options...
Texsox Posted December 11, 2008 Share Posted December 11, 2008 QUOTE (Shamrock4Life @ Dec 11, 2008 -> 10:15 AM) Some conspiracy theories say that BofA was the bank that floated the loan for the purchase of the Iowa plant. Which would have given thema window of knowledge that the doors were being closed (pun intended) Link to comment Share on other sites More sharing options...
Texsox Posted December 11, 2008 Share Posted December 11, 2008 QUOTE (NorthSideSox72 @ Dec 11, 2008 -> 10:20 AM) I haven't seen that yet, but it would be on the public record somewhere. So basically, after all this hulabaloo, it was in fact the company that were the bad guys (unless the conspiracy theory you mention has any truth to it). Even if it is a privately held company the loan details would be made public? I didn't think that would be the case. It is interesting that they found financing to buy another company when this industry would be facing such hard times, and that the other factory is running double shifts. Greedy owners trying to screw employees, who would have thought? Link to comment Share on other sites More sharing options...
Shamrock4Life Posted December 11, 2008 Share Posted December 11, 2008 i would say no matter the outcome the company is the biggest bad guy. but depending on how this group of owners got funding for the iowa plant, BofA might be right behind them. Link to comment Share on other sites More sharing options...
jasonxctf Posted December 12, 2008 Author Share Posted December 12, 2008 weird, no public reports on Echo Windows and Doors in Iowa, unless they incorporated elsewhere. Republic windows and doors seemed to have gotten some financing from Chase Capital Corporation in 2007 here in illinois. looking over some of the republic filings, it appears that the following companies had loan/lease arrangements with Republic over the past 5 years, thus may have some debt with them. Chase Capital Veka Inc (not sure who this is) LaSalle Business Credit (now BOA) Bank Midwest UltraFab (not sure who this is) CitiCapital GE Capital HB Fuller Company (not sure who this is) Link to comment Share on other sites More sharing options...
Texsox Posted December 12, 2008 Share Posted December 12, 2008 HB Fuller supplies paint and glues, at least the division I am familiar with. Link to comment Share on other sites More sharing options...
Shamrock4Life Posted December 12, 2008 Share Posted December 12, 2008 The Echo company was incorporated in Illinois according to the reports. They just bought the factory in Iowa. Link to comment Share on other sites More sharing options...
jasonxctf Posted December 12, 2008 Author Share Posted December 12, 2008 QUOTE (Shamrock4Life @ Dec 12, 2008 -> 04:53 PM) The Echo company was incorporated in Illinois according to the reports. They just bought the factory in Iowa. ahh thanks, you are correct. they are registered here in IL. No financial filings as of now. Link to comment Share on other sites More sharing options...
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