Pellet Company Files For Bankruptcy

Full story: Hartford Courant

New England Pellet of Enfield has filed for bankruptcy protection claiming to owe as much as $1 million to about 300 individuals, most of whom prepaid for wood pellets for their wood stoves last summer but ...
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1 - 20 of 33 Comments Last updated Jan 15, 2009
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Todd

New Britain, CT

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#1
Jan 14, 2009
 

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Theif
Huh

Middletown, CT

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#2
Jan 14, 2009
 
How the heck can a company that sells such a high demand item go into bankruptcy? People still need to heat their houses and pellet stoves are a hot commodity (no pun intended). How did they mess this one up?
Ize Back

United States

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#3
Jan 14, 2009
 

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Huh wrote:
How the heck can a company that sells such a high demand item go into bankruptcy? People still need to heat their houses and pellet stoves are a hot commodity (no pun intended). How did they mess this one up?
Maybe their suppliers boned them? Do you see what they want for a small bundle of split wood at Walmart? They used to be a couple of dollars. Wood went up with the oil. Oil has come down, not wood. Availability may be the problem and their Suppier has problems. At any rate, it's usually the result of mismanagement of funds. Could have invested it in the market.
Wondering

Manchester, CT

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#4
Jan 14, 2009
 

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Strange that the business owners' names are omitted from the article...
riz

Auburn, ME

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#5
Jan 14, 2009
 
2 scumbags
klz

Newington, CT

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#6
Jan 14, 2009
 
Can someone explain how they could possibly own 1 million dollars to only 300 people. That averages out to 33,000 per person. At a price of $300 a ton I have a hard time believing that they actaully owe people 110 tons each.
Jack

AOL

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#7
Jan 14, 2009
 

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Well, at least he still has his state job. Nothing worse then the dreaded "Private Sector."

“Miss LMHtfd”

Since: May 08

Hartford, CT

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#9
Jan 14, 2009
 
klz wrote:
Can someone explain how they could possibly own 1 million dollars to only 300 people. That averages out to 33,000 per person. At a price of $300 a ton I have a hard time believing that they actaully owe people 110 tons each.
Some of those "individuals" are likely business creditors. Half-*ssed writing only leads to confusion. These sentences were dashed off and when someone gets around to it the story will be updated with the owners' names (that were available from the start).
pediatrician

West Hartford, CT

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#10
Jan 14, 2009
 

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problem was that they presold pellets, promising later delivery. Pellets are made from sawdust, a byproduct of the building industry, which has tanked. No building, no sawed wood, no sawdust, no pellets. That's why the pellets are scarce, and why the company couldn't deliver on the promised pellet sales.
steve01

Hartford, CT

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#11
Jan 14, 2009
 
Boo Hoo pellet company. Save a tree!
Pay Attention

United States

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#12
Jan 14, 2009
 

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Jack wrote:
Well, at least he still has his state job. Nothing worse then the dreaded "Private Sector."
And he keeps ALL the money as it was a corporation going bankrupt..They have money hiddden? like F&S OIL.
Todd

New Britain, CT

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#13
Jan 14, 2009
 
pediatrician wrote:
problem was that they presold pellets, promising later delivery. Pellets are made from sawdust, a byproduct of the building industry, which has tanked. No building, no sawed wood, no sawdust, no pellets. That's why the pellets are scarce, and why the company couldn't deliver on the promised pellet sales.
Sounds like they saw the F&S OIL scam and jumped onboard. Pellets are availbl any time.You just have to know where to buy. These two Jerks knew exactly what they were doing.
Javier

Boston, MA

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#15
Jan 14, 2009
 

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And CT taxpayers are paying this guys pension! He made out sweet in this deal...
Mathematician

Newington, CT

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#16
Jan 14, 2009
 
klz wrote:
Can someone explain how they could possibly own 1 million dollars to only 300 people. That averages out to 33,000 per person. At a price of $300 a ton I have a hard time believing that they actaully owe people 110 tons each.
Check your math, dude. That's $3,333 person...
freddie kilowatt

Newport, NH

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#17
Jan 14, 2009
 

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They must have learned the basics of
business from the Finance industry.
They paid themselves a $1,000,000
bonus before they did anything else.
They must have money coming to them,
not the home owners according to
the Banking industry.
a3digitiq

Elmira, NY

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#18
Jan 14, 2009
 

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Are they on the Obama donor lists?
thats right

Southington, CT

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#19
Jan 14, 2009
 
he was selling pellets that someone bought over the summer for cash and likely pocketing it, I just missed out and I'm glad I didn't buy from this guy
can a convict guard convicts?
Caj

United States

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#20
Jan 14, 2009
 

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As a pellet stove owner, I have dealt with a few pellet dealers, I will only pay on the day of delivery and advise others to do like wise, everyone and their mothers are currently in the pellet business. Buyer beware!
Out in the cold

West Hartford, CT

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#21
Jan 14, 2009
 
In addition to stiffing his customers by taking payment IN FULL for pellets he never delivered, it appears that he stiffed his supplier, New England Wood Pellets (of New Hampshire). In addition to the State's AG's lawsuit, New England Wood Pellets has also filed suit against them.

The owner has boasted on another website that he has loads of money and could buy any pellet supply company in New England. Guess he is singing another tune now.
marcus

East Hartford, CT

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#22
Jan 14, 2009
 
Correct me if I am wrong, but if someone walks into Bank of America and demands money and they are caught they are arrested, are they not? Why have these dirtbags not been arrested. They took my money and ran off with it and now they got caught. I don't understand the difference. Why give them the opportunity to disappear?

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