|
On February 25 of
2009 the local newspaper in Daytona Beach, Florida published a story about
the closing of the 56 year old auto parts manufacturer Crane Cams. The
newspaper blamed it on the economic conditions.
This firm was founded on January 1, 1953 by Harvey J. Crane, Jr. as Crane
Engineering Company. In 1963 the firm was Incorporated as Crane Engineering,
Incorporated. A new employee was sold 20 percent of this new corporation.
Later in anticipation of going public the name was changed to Crane Cams,
Incorporated.
Harvey agreed to form an ESOT (Employee Stock Ownership Trust) in 1980. This
would allow him to sell his personal ownership of shares of Crane Cams
stock. Harvey's children did not seem to be interested in the running of
this firm, even though all of them started working there when they turned 12
years old.
On October 27th of 2006, the "ESOT" (Gene Ezzell, President) and Dennis
Burgess, trustee of the ESOT, SOLD the assets of the firm to Mikronite
Technologies of Jersey City, New Jersey.
On February 24 of 2009, Mikronite management laid off all of the Crane Cams
employees. On April 22 of 2009, Mikronite held an auction with the
LIQUIDATION of all the CRANE CAMS (CTG INNOVATION, INC.) ASSETS !
During September of 2009, the ESOT stock owners were finally beginning to be
paid for their shares of ESOT stock. They are being paid $1.00 a share (If
this money is rolled over in an IRA). If the money is paid out in full, they
pay only .83 cents per share. The shares were about $8.00 a share at their
peak value. |
