Pawtucket Fasteners Falls into Receivership

John Wolz

Pawtucket Fasteners � including Bell Fasteners, Zelenda Metric and Stillwater Fastener � was forced into receivership by lenders.\
In January Pawtucket was advertised for sale in an ad in the Wall Street Journal.
Diane Finkel, an attorney with Winograd, Shine & Zacks of Providence, RI, said bids have been received for Pawtucket and the company remains for sale. Bids are still welcome, Finkel added.
In a March 7, 2002, letter to creditors and �other parties of interest,� attorney Allan Shine announced that the Rhode Island Superior Court had appointed him as temporary receiver to operate and sell the business and assets �at the earliest possible date in a commercially reasonable manner and to be able to convey free and clear title to a purchaser. The object of this proceeding is to obtain the maximum value for the company�s business and assets as a going concern for the benefit of Pawtucket�s creditors.�
In Rhode Island a receivership is a state court insolvency proceeding similar to a bankruptcy, Shine explained.
Fleet Bank has a first mortgage lien of $10 million.
Shine said there has been no agreement to sell Pawtucket and that the court �has directed the receiver to continue to pursue such efforts in order to maximize value for creditors and other parties in interest.�
Shine said �in order to protect your interests, every creditor should file a Proof of Claim form with me as receiver.�
The BellFasteners.com web site has been reduced to logos and an �Under Construction� notice.
Editor�s Note: Allan Shine and Diane Finkel can be contacted at: Winograd, Shine & Zacks P.C., 123 Dyer St., Providence, RI 02803. Tel: 401 273-8300 Fax 401 272-5728 E-mail: firm@wszlaw.com �2002 FastenerNews.com