Printer Friendly

The Matthews saga continues.

The Matthews Saga Continues

Another branch of the Matthews/Crestwood Co. tree, Precision Business Forms, has just been chopped off.

With its doors closed now, PBF is supposed to close a deal Oct. 29 with Bank and Business Forms, selling its soul and customer base to the largest Arkansas-owned forms company.

The way we hear it what probably happened is Matthews drained the business of its precious cash as bad winds blew through the rest of the tree this year causing it to file for bankruptcy this September. Now they have to sell PBF to raise some dollars.

Bank and Business makes it clear they are buying assets, but not liabilities, and that's ruffled some feathers.

"They've hung me out for $8,500," says one PBF vendor. Apparently, he's not alone.

The company still owes salesmen's commissions and $40,000 worth of taxes. We hear the total liability number exceeds one million dollars.
COPYRIGHT 1990 Journal Publishing, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1990 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Whispers; financial problems of Matthews/Crestwood Co.
Publication:Arkansas Business
Date:Oct 29, 1990
Previous Article:Fairfield's book value $7.80 per share.
Next Article:"Wood" you come to Hope?

Related Articles
Circled wagons.
Cash crunch or day of reckoning?
Chinese fire-drill at Crestwood.
A milestone at Metropolitan.
How big a pie is it?
Breaking a family trust.
Problems become projects in NLR.
Split of Matthews' assets pending.
Matthews Family Fortune Still Tangled After 45 Years.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters