Craig Consumer Electronics Announces Change in Executive Management.CERRITOS, Calif.--(BUSINESS WIRE)--Sept. 3, 1997--Craig Consumer Electronics Inc. (CREG) Wednesday announced the appointment of Richard Williamson Richard Nelson Williamson, SSPX (born 8 March 1940) is a bishop of the Society of St. Pius X. He has been excommunicated from the Roman Catholic Church because of his episcopal consecration by Archbishop Marcel Lefebvre, deemed by the Holy See to be "illicit" and "a schismatic as the company's chairman of the board and chief executive officer. Richard Berger will remain president of the company and will continue to be responsible for the oversight
Oversight may refer to:
Berger, endorsing the move to involve Williamson in the executive management of the company, stated, "Richard has extensive experience in dealing with turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. enterprises, and the company needs someone skilled in the operation of a business in Chapter 11 in order to timely and effectively manage its credit relationships and deal with a set of variables unique to the process and with the demands of the company's various constituents during that process." The ability to rely on Williamson's skill in managing turnaround businesses will also free up Berger to devote his time to vendor and customer relationships during the company's busiest time of the year. The appointment of Williamson is intended to facilitate the efficient operation of the business, improve management of the company's credit and banking relationships, taking into account the reorganization process, and to provide an experienced (from a distressed business perspective) and fresh look at the business decisions that will ne necessary throughout the bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most process. Williamson stated: "I am looking forward to the challenge of attempting to maximize the value of the Craig franchise. The set of circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that gave rise to the company's current predicament Predicament Dancy, Captain Ronald must persecute friend to save own skin. [Br. Lit.: Loyalties, Magill I, 533–534] Gordian knot inextricable difficulty; Alexander cut the original. [Gk. Hist. would be difficult for any management unit. "My objective, with the help of Mr. Berger in assuring the service necessary to maintain our vendor and customer relationships, is to attempt to maximize the potential for a successful reorganization of this business by providing management efficiency and a coordinated effort to continue to work things out with the company's senior lender, and by helping to effect timely reaction to market forces and the demands of the company's constituents. "The nature of the company's business requires a cooperative relationship with existing, and hopefully future, financiers of the company, and my attention will have to be directed in large part at this necessary business element, among others. We have our work cut out for us, but the Craig name has survived for decades and reorganization would be the most favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. possible outcome for all those with an interest in the business." Since 1989, Williamson has been engaged as an executive or consultant in various crisis management situations, including most recently for Freuhauf Trailer Corp. Williamson is also a Certified Public Accountant Certified Public Accountant (CPA) An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. who practiced for approximately 10 years with Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing . CONTACT: Craig Consumer Electronics Inc., Cerritos Kelly J. Conley, 310/926-9944, ext. 197 |
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