Tuesday, July 17, 2007

O'Sullivan Industries issues June financial report

O'Sullivan Industries is not only leaving the city of Lamar, but it has pretty much removed all of the money it has kept in Lamar banks.
The June financial report filed today with U. S. Bankruptcy Court for the Northern District of Georgia indicates the company's sole Lamar bank account, with Lamar Bank and Trust company, had a balance of $58.13 on June 30.
Overall, O'Sullivan Industries, Inc. had an ending balance of $51,733.68, according to the report, with most of its money in J. P. Morgan Chase, $92,628.77, Royal Bank of Canada, $2,278.22, and Wachovia Bank of Charlotte, N. C. $850.44. Those accounts were all set up after the company was taken over by the Newell Rubbermaid contingent.

The financial reports indicate O'Sullivan was $45,815.04 in the red in a controlled disbursement account with Wachovia and $61,565.65 in the red on a medical insurance disbursement account with the same bank.

7 comments:

Anonymous said...

if those blood sucking SOB's have any money at all, I want my 3 weeks vacation that I had coming. they told us the last day that they didn't have enough money to buy a stinking stamp for our last pay check to be sent to us. What a bunch of #/!$$$$$$ losers












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Anonymous said...

I am with you on that one. The blood sucking SOB's got to take their vacations (plus some) with pay.

Anonymous said...

Yep that is the way they had it planned. To hell with the employees that busted there butts for them all through the years. They were only in this to get their pockets richer. Bob Parker tought them all that very well. And even after he was gone the others guys were just like him & his mafia squad. They knew the employees would not have a leg to stand on (in more ways then one,) so they said well lets just SCREW them over some more. Could see it happening before they ever said they were closing. Line their pockets then close it up and what will anyone be able to do? There were a few of the bosses at the O that got their pockets pretty full as well. No need to mention names...but who were the last 2 supervisors left there to run the plant till the end???? Them 2 were the yes men that kissed their asses from day one and they got their pockets lined pretty well also.But of course we are suppose to be so dumb that we don't know that. Hell no they could not give the vacations out because that would take money away from their pockets. And they did not want to take it away to buy stamps with either. Yes you are so right...they are a bunch of SOB's

Anonymous said...

You are exactly right. We can only hope that something else will come in there that will employee several hundred people and pay decent. It is hard to start over after 10-20-30 years there. Insurance is another thing. I am sure there are a lot of people with out insurance now. If they do have it, I am sure it is not the best insurance. It is a sad situation thanks to those blood sucking SOB's.

Anonymous said...

This could explain why they new insurance that went into effect on 07/01 isn't being honored. The premium HAS BEEN taken out of the employees checks, but if they were in the hole $61,565.65 on a medical insurance disbursement account on 6/30 (which would have been for the old policy), how do we know that the premium was paid for the new policy? We were given a line that "things that were promised weren't delivered", inferring that it was the new provider that is dropping the ball, but could it be that they simply haven't been paid by O'Sullivan's?

Anonymous said...

I agree. For the past few years, we've all taken up the a-hole. There should be a law against thievies like this.

Anonymous said...

I never even got my packet for the insurance. They never took any money out but can't even get ahold of the company so I can cancel it. Does anybody know how to get ahold of the company I would really like to talk to somebody? Also if anybody had universal life insurance and haven't called to cancel needs to do so if you want, you will get a check back for cancelling it I got 455.00 back helped on bills. This was the insurance we went into the cafeteria and signed up for the no. is 1-800-635-5597 you will also need to know what your policy number is. If you get an answering machine just tell them you want to cancel your policy and they will send you papers to sign so you can.