Buy Runescape 2 Gold

Main Menu

  • Home
  • Gold stock
  • Gold sale
  • Gold finance
  • Gold business
  • Gold price

Buy Runescape 2 Gold

Header Banner

Buy Runescape 2 Gold

  • Home
  • Gold stock
  • Gold sale
  • Gold finance
  • Gold business
  • Gold price
Gold sale
Home›Gold sale›Meadow Gold sale’s losing party alleges wrongdoing

Meadow Gold sale’s losing party alleges wrongdoing

By Dorothy G. Sears
April 27, 2020
0
0

Mahalo for his support of the Honolulu Star-Advertiser. Enjoy this free story!

A former owner of Foremost Dairies-Hawaii has become the interim purchaser of a portion of Meadow Gold Hawaii, the state’s largest dairy processor.

Bahman Sadeghi, who closed Foremost and sold its assets to Meadow Gold eight months after buying Foremost in 2004, is the new contender for Meadow Gold’s neighboring island operations.

Dean Foods Co., the Texas owner of Meadow Gold, is selling all of its subsidiaries after filing for bankruptcy in November. Deans Foods revealed that Sadeghi was the bidder for neighboring island operations in documents filed in U.S. bankruptcy court in Texas on Wednesday.

Sadeghi, through MGD Acquisition LLC, intends to pay $ 7 million for the Meadow Gold processing plant in Hilo as well as for distribution facilities on the island of Hawaii, Maui and Kauai which employ 71 workers.

Meadow Gold’s main dairy processing and distribution operation in Honolulu, with 216 employees, is scheduled to close on Thursday, and Dean Foods intends to later sell the plant’s real estate, valued at around $ 30 million. dollars.

Dean Foods announced the partial sale and shutdown plan last week, but has not disclosed the buyer or financial details of the purchase, which is subject to bankruptcy court approval.

The announcement has led many retailers and foodservice customers to seek new suppliers of dairy products to replace Meadow Gold, including milk, butter, ice cream and passion orange guava (POG) juice.

Sadeghi, who is also a former owner of a dairy farm on the island of Hawaii, said his plan was to continue distributing Meadow Gold products statewide and to expand the Hilo facility to restore the lost production capacity of the Honolulu facility, which it could not afford to acquire.

“The goal is to bring Meadow Gold back to where it was,” he said. “I intend to build primarily on the Meadow Gold brand and continue their legacy.”

However, a retired continental dairy farmer involved in a recently canceled purchase of Meadow Gold Hawaii has said he intends to challenge Sadeghi’s deal in bankruptcy court after alleging inappropriate insider trading derailed his plan and led to Sadeghi’s offer.

Retired milkman Mike Pickens alleges Glenn Muranaka, president and CEO of Meadow Gold Hawaii, halted a purchase by Industrial Realty Group LLC that was to lead Pickens to run Meadow Gold Hawaii.

“It really got ugly,” said Pickens, a California resident who trained 8 Cow Dairies to run Meadow Gold Hawaii.

Pickens, who previously tried unsuccessfully to buy Cloverleaf Dairy on the island of Hawaii, alleged that Muranaka had denigrated him and that financial problems and management irregularities emerged as he and Industrial Realty prepared to finalize their purchase earlier this month.

Pickens also suggested that Muranaka was involved in Sadeghi’s offer.

Muranaka said none of the such was true and that his allegiance during a 47-year career at Meadow Gold Hawaii was to the company, its heritage and its employees.

“I am in the same situation with them,” he said.

Muranaka, who retired in 2017 and returned in June, said he was devastated when the purchase of Industrial Realty failed. “We all wanted to protect jobs,” he said.

Sadeghi said Muranaka had agreed to help with a transition and nothing beyond was determined. Sadeghi also said that Muranaka has no stake in the entity that purchases Meadow Gold Hawaii.

Justin Lichter, vice president of Los Angeles-based Industrial Realty, declined to comment on the failed offer, but the company has raised concerns in bankruptcy court.

Industrial Realty, which submitted its offer for Meadow Gold Hawaii on March 31, intended to pay $ 25.5 million and outsource the operation to 8 Cow.

A purchase contract was approved by a bankruptcy judge on April 6, but Industrial Realty terminated the deal after some problems.

Industrial Realty claimed in a lawsuit filed Thursday that Dean Foods disclosed on April 2 that it could not meet a key purchase condition to exclusively pass on the Meadow Gold name because Dean Foods, the largest processor in milk of the country, had made the name in connection with a sale to another company for assets in other markets. Meadow Gold is a non-exclusive Hawaiian brand name.

“These assets were important because the business name is almost 120 years old and is well recognized in the Hawaiian dairy market as a symbol of quality,” Industrial Realty said in its motion, which also referred to other issues not. resolved but did not name them.

Dean Foods said in a filing that Industrial Realty then offered $ 19.1 million for Meadow Gold real estate with no intention of continuing to operate the business.

On April 8, Sadeghi inquired about the possibility of making an offer and followed up on an offer on April 12, according to court documents. Dean Foods announced a day later that Industrial Realty had terminated its purchase agreement.

Wayne Kaululaau, president of Hawaii Teamsters Union Local 996, representing Meadow Gold workers, said loss of Industrial Realty / 8 Cow’s initial offer was unfortunate because it would have kept all employees and their collective agreement. Sadeghi’s offer proposes to renounce the union contract under the bankruptcy rules.

“I am very disappointed with the way things have turned out at Meadow Gold,” he said.

A hearing on the pending sale is scheduled for Tuesday.

Dean Foods expects the sale to close by early May.


Source link

Related posts:

  1. The Government of Nunavut may support the sale of TMAC-SD gold, but with conditions
  2. DelVal Green and Gold Sales Bring $ 141,400 | Cattle and Cattle Breeding News
  3. Amid lockdown, Mumbai jewelers to offer online gold sale on Akshaya Tritiya
  4. BBC NEWS | Africa | Zimbabwe: “illegal offer to sell gold”

Categories

  • Gold business
  • Gold finance
  • Gold price
  • Gold sale
  • Gold stock

Recent Posts

  • Time to buy Barrick gold shares?
  • High Inflation and Ukraine Crisis Boost Jewelry Sales on Akshaya Tritiya, Retail News, ET Retail
  • Explained: This Akshaya Tritiya, Will Gold Selling Exceed 2019 Levels
  • Which gold stock could outperform in 2022?
  • Is Barrick Gold stock oversold?

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • February 2019
  • January 2019
  • November 2018
  • September 2018
  • June 2018
  • January 2018
  • October 2017
  • September 2017
  • July 2017
  • April 2017
  • February 2017
  • November 2016
  • October 2016
  • September 2016
  • June 2016
  • April 2016
  • July 2015
  • March 2015
  • February 2015
  • July 2014
  • December 2013
  • November 2013
  • August 2013
  • April 2013
  • February 2013
  • August 2012
  • October 2011
  • September 2011
  • July 2011
  • October 2010
  • February 2009
  • Privacy Policy
  • Terms and Conditions