Hauppauge company seeking bankruptcy

A Hauppauge company in which New York State's pension fund has invested at least $5 million has filed for bankruptcy, putting the state's stake at risk.

[Chuck Wagon]

Ha Ha Ha. This company stiffed me for $5K on a printing job 20 years ago. Adios MFer's. I'm still in business.

[Helpful Hint]

Run, don't walk, away.

[Pick a Card]

"A falling tide leaves everyone in the mudflats."

Hevesi was the All-American financial genius, until he turned out to be just another dirtbag.Now it turns out he can't pick winners.

Oh, sure. I believe that statement that no one knew they had filed for bankruptcy. Yes, I REALLY do!

[Curious George Pres]

The pension plan got duped,and should pull out all moneys in this risky Ponzi scheme before it is to late.

[richie]

another domino falls

[Get Real]

NYS Pension Fund is $122 Billion, this is simply a scratch on a behemouth. Smells like propaganda working to distract the disgruntled from the huge money pot.

[O no you di-ant]

It's a great company," he said. "It's been around for 28 years. Sure that makes a big difference!

[Just the beginning]

With the high tax rates in NY and now proposed payroll taxes as well as the new tax on health insurance that was passed as the NY 2008/9 deficit reduction plan, we will see more and more NY businesses either leave NY or go bankrupt.

This will worsen the NY economy and is a direct result of poor government that fails to rein in outrageous and wasteful spending, fails to negotiate reasonable union contracts and instead has continually raised taxes and fees on NYers time after time.

[I guess]

the taxpayer will be making up this loss .. like usual.

[Chasely]

We werent aware of the bankruptcy - they are FOS. It's their job to know how the investments are doing. What a bunch of pphuckin liars New York State has in its pension fund.

[Kevin Noel]

Innovative stone had a ton of liability over the radon/granite issues. Home Depot had to pay off one homeowner already for contracting lung cancer due to a very high radon producing stone.

And Silestone has been in talks with both the big box stores, wanting to get their Sensa natural granite line in their stores. Pre tested for radon and radiation.

This is more about chopping off a source of major liablity than anything else. Once H.D. started pulling the Innovated Stone slabs on display at their stores and yanking the sample racks, Innovated Stone found their credit yanked.

[Laura]

Sensa Stone is nothing special. All they use is Dry Treat and it leaves a dull, hazy film on the granite. Many of the distributors of Dry Treat have stopped offering it and are using other sealers. All granite can be tested for radon and radiation and actually should be done at the slab yard. There is such low radon and radiation in granite it's just a gimmick the engineered stone manufacturers started. Natural stone will always be the first choice with many. Why would a pension plan invest in a natural stone company when there are a lot of other things to invest in with a better return. Innovative Stone is just one of many natural stone businesses in New York, why would they pick that company? Especially 5 million dollars or more of invest money? Obviously they've lost the 5 million dollars in investment money and I'm sure that wasn't the only one that invested in Innovative Stone. I sure hope these banks don't give them another loan and then again expect us tax payers to bail the bank out.

[Awwww]

$5 million?

So what if the funding for a half dozen school superintendent pensions if poof!

Let them eat cake.

[paid for 3]

Alan Hevesi was state comptroller. He resigned in 2006 amid a controversy over his alleged use of state workers to chauffeur his sick wife.

Bet he's still collecting his pension!

I love these stories that involve anything with government. There's always corruption involved.

Pensions own the Politicians.

[Fatboy Roy]

Are the Alessandrinis still in business?

[Stone Dude]

First, the whole radon thing is a bunch of bull--Innovative and Home Depot had next to no radon liability--it was a media scare tactic dreamed up by the engineered stone industry. The one case that was mentioned in a post didn't involve anyone getting cancer, it involved a customer getting scared off when he heard about the radon thing and demanding they take his counter out, which they did.
This is simple, it involves a good company getting caught in the credit squeeze just at a time when they had taken on millions in debt to finance the insane growth the Home Depot deal forced upon them. They aren't the first and they won't be the last.

[MC Hammer]

It is not that simple. They're really not a good company! They've mis-managed themselves and didn't tell any companies about filing for chapter 11.

They've created a complicated mess in which a lot of companies/people will suffer from.

[Lotterypick]

I guess wrote:

the taxpayer will be making up this loss .. like usual.

...as well as any anticipated profits/interest. Those with losses in their ira's and 401k's must be especially pleased to ensure state workers enjoy comfortable retirements.

[Cramdowns Ahead]

Lotterypick wrote:

<quoted text>
...as well as any anticipated profits/interest. Those with losses in their ira's and 401k's must be especially pleased to ensure state workers enjoy comfortable retirements.

There is no justification for further subsidy.

Public pension cramdowns ahead.

Public employee unions be damned.

We out-vote them and will force this change.

[Stone Man]

You have no clue about stone. Radon is in anything that comes out of the ground and once out of the ground, the gas dissipates. IDIOT!!!

Kevin Noel wrote:

Innovative stone had a ton of liability over the radon/granite issues. Home Depot had to pay off one homeowner already for contracting lung cancer due to a very high radon producing stone.
And Silestone has been in talks with both the big box stores, wanting to get their Sensa natural granite line in their stores. Pre tested for radon and radiation.
This is more about chopping off a source of major liablity than anything else. Once H.D. started pulling the Innovated Stone slabs on display at their stores and yanking the sample racks, Innovated Stone found their credit yanked.