CHICAGO The assets of a
Camden, N.J., steel service center are scheduled to be
auctioned off Dec. 11.
Jen-Cyn Enterprises Inc.,
founded in 1982, distributed galvanized sheet to the heating,
ventilation, air-conditioning, refrigeration and other
industries in the Mid-Atlantic region.
Neither the attorney
representing the bank that now owns Jen-Cyns property nor
the attorney representing the owners in their personal Chapter
7 bankruptcy petition were able to describe what caused the
company to close its doors in May. The attorney who directly
represents the company declined to speak with AMM.
Bari J. Gambacorta, an attorney
with Stark & Stark, Lawrenceville, N.J., said he represents
Fulton Bank of New Jersey, "which has a large interest in the
company (in the form of) collateral and loans. The Chapter 7
(petition filed Aug. 20) is about the principals, so the
company is not part of that petition."
A New Jersey state court
approved an "order to show cause (allowing) all the assets to
be involuntarily turned over, and those are the assets that are
going to be liquidated (at auction)," Gambacorta said.
The personal bankruptcy petition
of Jen-Cyns owners, Edwin and Carol Ann Clements, filed
in U.S. Bankruptcy Court in New Jersey, shows that the couple
earned less than $18,000 from Jen-Cyn this year vs. $172,000
last year and $179,000 in 2010. The Clements personal
attorney confirmed that Jen-Cyn has closed and its assets are
being liquidated by Fulton Bank.
Eric Merback, president of
Quaker City Auctioneers, Philadelphia, told AMM he
will auction off an Iowa Precision cut-to-length line with a
Herr-Voss leveler, along with the real estate the center
Other service center operators
in the region could not be reached for comment.