Two weeks past it's founding 25 years ago, W. P. Hickman Systems and its' two wholly-owned subsidiaries filed for Chapter 11 Bankruptcy protection in a Pennsylvania Bankruptcy Court.
Apparently, a creditor refused to renegotiate their terms of their debt, and W. P. Hickman had to file Chapter 11 in order to protect their assets.
The Oct. 2, 2008 Bankruptcy filings also show that W. P. Hickman's new holding company, Serefex, and new management team in place since February, 2008, uncovered "certain accounting irregularities and potentially fraudulent activities in excess of $5.0 million by former insiders and subordinated debt holders of Hickman. Lawsuits against certain of these insiders are pending."
Of note in the timeline below is that the holding company Serefex acquired 71% of the shares of W. P. Hickman on October 20, 2007 - five days after the Hickman Employees' ESOP plan trustee files a lawsuit on behalf of that plan against W. P. Hickman.
Those Lawsuits include:
1. The Trustee of the W. P. Hickman ESOP Plan filed a suit Oct. 15, 2007 against W. P. Hickman, alleging that the former Chairman of the Board of Directors David D'Anza - also President, CEO and Trustee for the D'Anza Family Trust -
"systematically and fraudulently misappropriated millions of dollars from the company...
that
"Mr. D'Anza also falsified Hickman financial records,"and
"concealed blatant self-dealing by the D'Anza family"....
that
"the D'Anza family orchestrated this widespread and multifaceted scheme."
Since that filing, the original Trustee and the Counsel for the trustee has resigned and been replaced, David D'Anza was removed from his positions and resigned, and amendments to the Complaint and its defendants are being added.
(Court of the Common Pleas, Cuyahoga County, Ohio, Case No. 07-6338870).
2. The former President and CEO of W. P. Hickman (1985-2002) Robert Jonas filed a wrongful termination and whistleblower lawsuit against W. P. Hickman ,approximately April 11, 2008. (Court of the Common Pleas, Cuyahoga County, Ohio, Case No. 08-656375).
3. W. P. Hickman filed a counterclaim against Mr. Jonas approximately July 9, 2008, alleging that Mr. Jonas:
"...breached his fiduciary duty to Hickman and its shareholders";
"...converted and embezzled Hickman funds";
"...committed fraud and defamed Hickman after his association with them ended."
4. WCode and Ohio common law." (Court of the Common Pleas, Cuyahoga County, Ohio, Case No. 08-664148). Talk about Kashi Cooking! What a kettle of fish!!!! And oh how the Tremco practices of marketing and go. P. Hickman filed an action against David D'Anza, Donna D'Anza, D'Anza Family Trust, Christine B. Hooper, Aurgo Consultants, Brian D'Anza, Christopher D'Anza, Jessica D'Anza, and Paul Patchen/T&M Construction, approximately May 14, 2008, alleging that:
"...David D'Anza systematically and fraudulently misappropriated millions of dollars from the Company;"
"...David D'Anza also falsified financial records, and concealed blatant self-dealing by the D'Anza family;" and
"...the D'Anza family orchestrated this widespread and multifaceted scheme." (Court of the Common Pleas, Cuyahoga County, Ohio, Case No. 08-659496).
5. W. P. Hickman on or about June 19, 2008, filed a complaint against Steve Harnish, alleging that he: "...breached his fiduciary duties to W. P. Hickman as its President and CEO since at least 2002;"
"...violated his non-compete, non-solicitation agreement;"
"...totuously interfered with hickan's customers and employees;"
"...defamed and disparaged the xompany afdter his association wtih Hicman ended;"
"...violated the Ohio Uniform Trade Secret Act and Ohio common law." (Court of the Common Pleas, Cuyahoga County, Ohio, Case No. 08-662719).
6. Steve Hamish countersued W. P. Hickman approximately July 3, 2008, had the suit removed to Federal Court, had an injunction gained against him in State Court dissolved, and has alleged that "...W. P. Hickman owes him back pay."
7. And in the continuing saga, W. P. Hickman filed yet another suit, this time against Simon Roofing and Sheet Metal Corp., for allegedly having:
"...hired Steve Hamish;"
"...tortuously interfered with Hickman's customers and employees;"
"...defamed and disparaged Hickman;"
"...violated the Ohio Uniform Trade Secret Act, the Ohio Rev.
Amazing to see how these guys are going after one another, forgetting how much of it came from overcharges in the millions or more to the taxpayer, schools, and education......what a mess! Seems the government ought to go after all that money in a Qui Tam suit (recovering overcharges to the government), and just get the scam stopped.....now!
Please see the following link for more detailed information:
http://www.hotstocked.com/10-k/serefex-corporation-SFXC-189069.html
Apparently, a creditor refused to renegotiate their terms of their debt, and W. P. Hickman had to file Chapter 11 in order to protect their assets.
The Oct. 2, 2008 Bankruptcy filings also show that W. P. Hickman's new holding company, Serefex, and new management team in place since February, 2008, uncovered "certain accounting irregularities and potentially fraudulent activities in excess of $5.0 million by former insiders and subordinated debt holders of Hickman. Lawsuits against certain of these insiders are pending."
Of note in the timeline below is that the holding company Serefex acquired 71% of the shares of W. P. Hickman on October 20, 2007 - five days after the Hickman Employees' ESOP plan trustee files a lawsuit on behalf of that plan against W. P. Hickman.
Those Lawsuits include:
1. The Trustee of the W. P. Hickman ESOP Plan filed a suit Oct. 15, 2007 against W. P. Hickman, alleging that the former Chairman of the Board of Directors David D'Anza - also President, CEO and Trustee for the D'Anza Family Trust -
"systematically and fraudulently misappropriated millions of dollars from the company...
that
"Mr. D'Anza also falsified Hickman financial records,"and
"concealed blatant self-dealing by the D'Anza family"....
that
"the D'Anza family orchestrated this widespread and multifaceted scheme."
Since that filing, the original Trustee and the Counsel for the trustee has resigned and been replaced, David D'Anza was removed from his positions and resigned, and amendments to the Complaint and its defendants are being added.
(Court of the Common Pleas, Cuyahoga County, Ohio, Case No. 07-6338870).
2. The former President and CEO of W. P. Hickman (1985-2002) Robert Jonas filed a wrongful termination and whistleblower lawsuit against W. P. Hickman ,approximately April 11, 2008. (Court of the Common Pleas, Cuyahoga County, Ohio, Case No. 08-656375).
3. W. P. Hickman filed a counterclaim against Mr. Jonas approximately July 9, 2008, alleging that Mr. Jonas:
"...breached his fiduciary duty to Hickman and its shareholders";
"...converted and embezzled Hickman funds";
"...committed fraud and defamed Hickman after his association with them ended."
4. WCode and Ohio common law." (Court of the Common Pleas, Cuyahoga County, Ohio, Case No. 08-664148). Talk about Kashi Cooking! What a kettle of fish!!!! And oh how the Tremco practices of marketing and go. P. Hickman filed an action against David D'Anza, Donna D'Anza, D'Anza Family Trust, Christine B. Hooper, Aurgo Consultants, Brian D'Anza, Christopher D'Anza, Jessica D'Anza, and Paul Patchen/T&M Construction, approximately May 14, 2008, alleging that:
"...David D'Anza systematically and fraudulently misappropriated millions of dollars from the Company;"
"...David D'Anza also falsified financial records, and concealed blatant self-dealing by the D'Anza family;" and
"...the D'Anza family orchestrated this widespread and multifaceted scheme." (Court of the Common Pleas, Cuyahoga County, Ohio, Case No. 08-659496).
5. W. P. Hickman on or about June 19, 2008, filed a complaint against Steve Harnish, alleging that he: "...breached his fiduciary duties to W. P. Hickman as its President and CEO since at least 2002;"
"...violated his non-compete, non-solicitation agreement;"
"...totuously interfered with hickan's customers and employees;"
"...defamed and disparaged the xompany afdter his association wtih Hicman ended;"
"...violated the Ohio Uniform Trade Secret Act and Ohio common law." (Court of the Common Pleas, Cuyahoga County, Ohio, Case No. 08-662719).
6. Steve Hamish countersued W. P. Hickman approximately July 3, 2008, had the suit removed to Federal Court, had an injunction gained against him in State Court dissolved, and has alleged that "...W. P. Hickman owes him back pay."
7. And in the continuing saga, W. P. Hickman filed yet another suit, this time against Simon Roofing and Sheet Metal Corp., for allegedly having:
"...hired Steve Hamish;"
"...tortuously interfered with Hickman's customers and employees;"
"...defamed and disparaged Hickman;"
"...violated the Ohio Uniform Trade Secret Act, the Ohio Rev.
Amazing to see how these guys are going after one another, forgetting how much of it came from overcharges in the millions or more to the taxpayer, schools, and education......what a mess! Seems the government ought to go after all that money in a Qui Tam suit (recovering overcharges to the government), and just get the scam stopped.....now!
Please see the following link for more detailed information:
http://www.hotstocked.com/10-k/serefex-corporation-SFXC-189069.html
