Sunday, January 29, 2012

Potomac Supply (Virginia) Files for Bankruptcy


Looks like we have another housing crash victim. Here is the Northern Neck News with the details:
After announcing its temporary closing two weeks ago, Potomac Supply has now filed for Chapter 11 bankruptcy protection.

Under Chapter 11, Potomac Supply will attempt to reorganize its business structure to pay off creditors and reopen the business. The company filed for bankruptcy last Friday.

“All options are on the table that are afforded by this petition,” said Bill Carden, CEO of Potomac Supply. “Our goals remain to find solutions that will benefit our employees, creditors, community, shareholders and our bank.”

The petition will have to be heard in a bankruptcy court. Any creditors that Potomac Supply may have will be allowed to make a statement in the court and a judge has the final say in approving any reorganizational plan Potomac Supply develops in the Chapter 11 proceedings.

County officials have also been working with Potomac Supply since August in an effort to help the county’s largest employer keep its doors open.

“We are limited in what we can do since it is a private business,” said County Administrator Norm Risavi. “We’ve put them in contact with other organizations that may be able to help.”

Some of those organizations, Risavi said, are the U.S. Department of Agriculture’s Rural Development and other small business groups.

Risavi said that even though the county cannot provide financial assistance, it does have a stake in the future of Potomac Supply.

“They are a big taxpayer in the county,” Risavi said. “That would have an impact on the county’s resources.”
Irritatingly, I had to do a Google search on the company to find out a little bit more about it (and get the above photo):
Potomac Supply Corporation in Kinsale, VA is a private company categorized under Lumber-Treating. Our records show it was established in 1946 and incorporated in Virginia. Current estimates show this company has an annual revenue of $23,500,000 and employs a staff of approximately 200.
Hmmm...66-year old company that is the largest taxpayer (and probably employer) in its home county. Yet another sad tale of the collapse of small town America.

4 comments:

  1. This comment has been removed by a blog administrator.

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  2. The bankruptcy of Potomac Supply is not just another sad tale of small town America, but has extensive extenuating circumstances of extravagant and lavish spending, with the intrigue of sexual affairs and infatuations.
    No question after an extensive conversation I had with Mr. Bill Carden, he was enamored with a Ms Marguerite Slaughter of Reedville, Virginia. The conversation had commenced with Ms Slaughter's complaint to me about a 1099 that Mr. Carden Had issued to Ms Slaughter.
    Three of Ms Slaughter's lovers have communicated to me their belief in an adulterous affair between Ms Slaughter and Mr. Carden. They are the attorney Herbert Sebren,Roger McKinley, Jr. and Mr. Benjamin Wright( who has had now a 30 year affair with Ms Slaughter).
    I find it most interesting that I have had tens of thousands of dollars in theft and vandalism from my Reedville home, know conclusively that Mr.Wright stole my Volvo Station Wagon and other items from my home; reported to the Northumberland Sheriff's office September 24, 2011; and yet cannot receive a police report or a meeting with the sheriff and Commonwealth Attorney concerning the vandalism and theft.
    Regions bank had good reason to shut down Potomac supply.
    I have a wealth of substantiated information for those that may be interested.

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    Replies
    1. This man was in jail for almost 6 years, only getting out this past spring, and is only interested in spreading false rumors. He was diagnosed and it was reported in court that he has personality disorders.
      Written by a member of the legal system.

      Delete
  3. James McBride 's (or whoever wrote the above nonsense) comments are as crazy as those of a sh$thouse rat.
    Completely ridiculous.
    Unfortunately the internet is teaming with nut-cases.
    Don't believe too much of what you read.

    ReplyDelete