Home Owner Insurance Columbia

A sweet deal gone sour

A landlord is out $6,000 for four apartments leased by Mamtek. City Bank is suing Mamtek and the Moberly Industrial Development Authority over $28,000 owed on two vehicles. Construction contractors are owed in excess of $1 million, sources said, the bulk being owed to Septagon Construction Co., which ran the job from its Columbia office.

And 15 people — some who moved hundreds of miles to work for an exciting startup — are left without paychecks and health insurance. The health insurance coverage expired last night, and with no company to pay the premium, the workers can’t even keep their COBRA coverage.

As official Moberly keeps its fingers crossed in hopes that former Mamtek CEO Bruce Cole can make good on his latest promise to deliver $250,000 on Monday, there is little hope that any of those owed money will be paid. Debts to those creditors were not included in the city’s agreement with Cole’s new business, American Sucralose Manufacturing Inc.

And with the company gone, it would make little sense to sue Mamtek, said landlord Larry Schnell of Centralia, who builds and renovates homes in Moberly and elsewhere. “They called me a week before Labor Day and said they were out of money,” he said.

Olivia Lindsey was Mamtek’s human resources director. She received a call Sept. 2 that she was being laid off as Mamtek cut staff. Lindsey was living in St. Charles and working for Covidien when she took the job at Mamtek. Now, instead of returning to St. Charles, she is opening a restaurant in Moberly.

Attempts to contact other former employees, ranging from top managers to engineers to others working under Lindsey, were not successful. Many have returned to where they came from, including New Haven, Conn.; Austin, Texas, and Columbus, Ohio.

“All of us left great careers to come to Mamtek,” Lindsey said. “And all of us were just left with nothing.”

Mamtek arrived in Missouri with great promise in July 2010. Gov. Jay Nixon, former Gov. Bob Holden and Cole announced the company’s arrival to a packed room at Moberly Area Community College. The company would bring 600 or more jobs in a few years, they said, and provide a major boost to a community struggling with unemployment above 10 percent.

Nationwide negotiating with Harleyville ... - Auto Insurance Quotes

The eighth biggest auto insurance provider in the United States is negotiating with the parent firm of Harleysville Group Inc, an auto insurance company based in Pennsylvania in order to purchase the company, informed sources who is privy to these negotiations.

These sources, who wanted to ensure anonymity due to the confidentiality of the discussions, also went on to say that the final deal may be signed in a matter of days. However, they also said that there are chances that the negotiations may fall apart. The market value of Harleysville Group as of 22 September, 2011 was $690 million. The policyholders of Harleysville Mutual Insurance Company are the major shareholders of this group, just like Nationwide.

Stephen Rasmussen, the Chief Executive Officer of Nationwide, who took over this post as of 2009 would put this down as the first acquisition for the company with him at the helm. This acquisition would also prove to be give a sales boost to Nationwide, with headquarters in Columbia, Ohio since they can add customers in the Eastern and Midwest region of the country to their extensive profile, which includes auto insurance, business insurance and home insurance.

Joe Case and Randy Buckwalter, the spokespersons for Nationwide and Harleysville respectively, refrained from commenting. As per the reports from SNL Financial, as of June end, the Harleysville insurance group not only had a statutory surplus, but also minus liabilities assets totaling a little over $1.3 billion.

The annual report from Nationwide has revealed that the property-casualty premiums over the last twelve months generated close to $14.4 billion which was a 4 percent fall as compared to 2009. In the year 2010, Harleysville insurance group made sales totaling to $1.1 billion. On 23 September, the share price of Harleysville rose up by 24 percent, which is $5.99, and stood at $31.32 by close of day. However, through the year, the share price of this insurance group has fallen by 31 percent.

Home, A Memoir of My Early Years

At Home, A Short History of Private Life

Insurance for Dummies

The new life insurance investment advisor

Home