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NJ service center assets set to be auctioned

Keywords: Tags  Jen-Cyn Enterprises, asset liquidation, Edwin Clements, Carol Clements, Bari Gambacorta, Quaker City Auctioneers, Erick Merback, bankruptcy service center

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-Cyn’s 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-Cyn’s 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 occupied.

Other service center operators in the region could not be reached for comment.

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