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crispini Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 09:57 PM
Original message
B of A and Republic Windows and Doors Chronology
CHICAGO, Dec 08, 2008 (BUSINESS WIRE) -- The management of Republic Windows & Doors today announced the following chronology of the company's discussions with its lender Bank of America."

10/16/08 a- Republic presents plan for "orderly" wind down including ceasing
manufacturing in January 2009. INFORMS BANK OF AMERICA OF POSSIBLE
WARN ACT NOTICE ISSUES AND VACATION PAY.
10/15/08 a- Informed Bank of America that Republic had a 10/24/08R buyer for
the existing Note for $3.0M, discount of $1.5M.
10/15/08 a- Offer rejected by Bank of America stating they believed they were
"over" collateralized.
10/15/08 a- Bank of America demands plans for "orderly" wind down Republic.
10/18/08 a- Bank of America rejects plan and demands a shorter wind down
period.
10/27/08 a- Republic responds with a new plan to cease operations January 2009.
10/29/08 a- Bank of America rejects plan.
11/25/08 a- Republic requests permission from Bank of America to issue
vacation pay to all employees.
11/26/08 a- Bank rejects Company request to make vacation pay.

http://www.marketwatch.com/news/story/Statement-Republi...


It looks to me like the business was planning to shut its doors anyway, and B of A is the one who is causing the problem. Thoughts?
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DJ13 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 10:06 PM
Response to Original message
1. If I was an investigative reporter, I might check into any
.... outside the country trips any of Republic's executives might have taken prior to that 10-16 date where they proposed closing down by January.

Its been reported that many workers there think the company was secretly planning on offshoring production, including large pieces of equipment just disappearing over night a couple of weeks back, and being told nothing was missing by the managers.

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riderinthestorm Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 10:12 PM
Response to Original message
2. Republic had already purchased it's next business plant site in IA
that's on record. IA is a right to work state, unlike IL, which would have been a pretty compelling reason to shift their operational plant to IA.

While I applaud Republic that they were going to stay within the US for their operations, their closing operation is despicable.

Has anyone gotten an inteview with the Republic CEO?? (crickets.... yup, cause nobody has, cause he's hiding, cause he knows he's a jackass that's just been exposed as culpable as BOA)
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bertman Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 10:24 PM
Response to Original message
3. I know this isn't the popular approach here, but could we wait until the evidence is in to
decide that this is all dirty business. I'm not saying it isn't, just that the details should be forthcoming soon.

You know, as in "presumed innocent until proven guilty" and all that weird American justice stuff.


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crispini Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 06:01 AM
Response to Reply #3
6. I'm just posting one piece of the puzzle which I found interesting. nt
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bertman Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 08:00 AM
Response to Reply #6
7. Crispini, I found your article enlightening. Thanks for posting it. I was referring to
Riderinthestorm's comment.

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FarCenter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 11:07 PM
Response to Original message
4. In the article it says that Republic has been losing money since 2002
So all during the residential construction boom this company has been losing money?

Not likely.

More likely the, owners have been taking money out of the company, preparing to invest it elsewhere.
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FarCenter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 11:07 PM
Response to Original message
5. In the article it says that Republic has been losing money since 2002
So all during the residential construction boom this company has been losing money?

Not likely.

More likely the, owners have been taking money out of the company, preparing to invest it elsewhere.
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