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.