View this newspaper clipping for FREE!
Start 7-Day trial. Get unlimited access to millions of newspaper pages
Start Free Trial NowTitle: D.H. Overmyer Warehouse Site Sold At Auction
Description: 27; WNWO
D.H. Overmyer Warehouse Site Sold At Auction A warehouse at 302 South Byrne Rd. — the first and last asset of the national warehouse empire known as D.H. Overmyer Co., I tic. — was sold at a bankruptcy court auction in New York City Tuesday, putting an end to the operations of the Overmyer com pany and nearly closing its bankrupt cy proceedings which began in 1973. While the sale of the warehouse, for $2.75 million to Clifton Manage ment Co., Montreal, Canada, closes the last chapter on D. H. Overmyer Co.’s operations, there is still a legal epilogue that will take months to complete, according to Craig Bright, an attorney who was counsel to Judge Harold Tyler, the trustee for the company’s bankruptcy proceedings. Payment Expectation Given Creditors of the company claimed it owed them more than $200 million when the company filed for protec tion from its creditors under chapter 11 of the federal bankruptcy code 12 years ago. Most of the creditors were owners of warehouses which the com pany built, sold to them and leased from them, and most of the money they claimed was owed to them was rent on the warehouses. Mr. Bright said a current plan for repaying the creditors would have them receiving 10 cents on the dollar plus 15 per cent annual interest on those receipts since July 1, 1982. However, “it is unlikely that there will be sufficient money to make that distribution,” Mr. Bright said, and he believes that another creditor pay ment plan will be submitted to the New York bankruptcy court within 90 days. New Business Under Way Daniel Overmyer built his corpo rate empire, which included 41 sub sidiary corporations for the opera tions of its warehouses, a subsidiary that owned WDHO-TV, channel 24 television station here, and at its height, banking and publishing enter prises here, from meager beginnings on Byrne Road. His success came from building standardized warehouses across the country beginning shortly after World War II. Mr. Overmyer is now president of Crossland Industries Corp., a New York company which is involved in oil and gas well exploration and de- 1 velopment. He could not be reached ; for comment. | Hyman Beraznik, president of Cliffton Management, the company which purchased the Byrne Road warehouse, said he plans to continue to operate the warehouse. Cliffton Management is a private real estate 1 investment company, Mr. Beraznik said. i Employees To Be Retained "We’re interested in the operations continuing there and the 10 people (who work at the warehouse) will continue (to be employed),” Mr. Ber aznik said. “In all the years it took to disentan gle the Overmyer empire, I found it interesting that that Toledo warehou- I se’s operations continued uninterrup- ; ted,” Mr. Beraznik said. | Mr. Bright said with the sale of the | last asset of D. H. Overmyer Co., all | that remains of the company is the legal work that will be necessary to | complete the bankruptcy case. Farmers' Market Entrepreneur Up her it’s ship. up Cleveland vice pany five complained anyone the old nest on onto and fund). (mainly ing) help idea would doing this boats said. business fits $3 To Hospital plete of wanted company, ing would from international Investment would purposes,” ably a
egg_and_dart
Clipped 1 month ago
- Blade
- Toledo, Ohio
- Jul, 11 1985 - Page 26