Investors in Former Ford Plant Hire Lawyer
Investors in former Ford plant hire lawyer
Group questions how their cash was spent
By LARRY P. VELLEQUETTE, TOLEDO BLADE BUSINESS WRITER
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Investors in the failed bid to restart Ford Motor Corp.’s former Maumee Stamping Plant are trying to find out what happened to their money. Meanwhile, a handful of people have begun to do what hadn’t been done at the plant since it closed in October, 2007: making auto parts.
Toledo attorney Scott Ciolek represents some of the dozens who invested at least $16,000 to purchase shares in Maumee Authority Stamping Inc. Mr. Ciolek said yesterday that his clients may have been misled into investing in the company and that he has written the founder, Keith Obey, seeking a list of those who own the stock, which he said is now worthless. “There are so many inconsistencies with the letters I’ve seen and the documents I’ve seen. I have no idea what they bought with that money,” Mr. Ciolek said. Maumee Authority Stamping was evicted from the 800,000-square-foot facility at 920 Illinois Ave. on May 27 for, among other things, allegedly failing to pay more than $300,000 in outstanding utility bills.
At the time, attorney David Zoll, who represents the undisclosed owner of the building, said his client planned to continue efforts to restart the plant making a small number of “spin-form” catalytic converters for Ford’s parts division.
Steven Gutowitz, an investor in the company, said “a handful” of people are working in the plant now, making the replacement auto parts, while he and other investors are left wondering what became of their money. “We aren’t as much interested in getting our $16,000 back, although quite a few of my friends are filing bankruptcy,” said Mr. Gutowitz. He invested in the company after working at the plant under Ford for 31 years.
“We want to know: Where did all the money go?” Mr. Zoll said yesterday that the “only asset” of Maumee Authority Stamping was the spin-form line it purchased from a Monroe company, a line he said has an auction value of $8,000 but has plenty of lien claims on it. Mr. Obey said yesterday the start-up company lacks a facility.
“This is a real tightrope, with not having a facility and still needing to get some people back to work and generate some revenue for these investors,” he said. “The first and most important thing is to make sure that these owner/investors are handled properly. That’s all we’ve been doing is searching for a way to make the investors whole.”
Contact Larry P. Vellequette at:
lvellequette@theblade.com
or 419-724-6091.
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