Rochester, NY 7/10/2009 12:50:06 AM
Market Happenings - F - Former Ford Plant Investors Hire Lawyer to find what Happened to Money - Sourced WhisperFromWallStreet.com
Ford Motor Company
Market Happenings - F - Former Ford Plant Investors Hire Lawyer to find what Happened to Money - Sourced WhisperFromWallStreet.com
FORD MOTOR CO,F
Real-Time: 5.64 Up 0.29 (5.42%) 1:34pm ET
Investors in the failed bid to restart Ford Motor Corp.'s former Maumee Stamping Plant are trying to find out what happened to their money. Meanwhile, a handful of people have begun to do what hadn't been done at the plant since it closed in October, 2007: making auto parts. Toledo attorney Scott Ciolek represents some of the dozens who invested at least $16,000 to purchase shares in Maumee Authority Stamping Inc. Mr. Ciolek said yesterday that his clients may have been misled into investing in the company and that he has written the founder, Keith Obey, seeking a list of those who own the stock, which he said is now worthless. "There are so many inconsistencies with the letters I've seen and the documents I've seen. I have no idea what they bought with that money," Mr. Ciolek said. Maumee Authority Stamping was evicted from the 800,000-square-foot facility at 920 Illinois Ave. on May 27 for, among other things, allegedly failing to pay more than $300,000 in outstanding utility bills.
Last Trade: 5.66
Day's Range: 5.32 - 5.68
52wk Range: 1.01 - 6.54
Volume: 35,238,246
ABOUT
Ford Motor Company designs, develops, manufactures, and services cars and trucks worldwide. It operates in two sectors, Automotive and Financial Services. The Automotive sector sells vehicles under Ford, Mercury, Lincoln, and Volvo brand names. This sector markets cars, trucks, and parts through retail dealers in North America, and through distributors and dealers outside of North America. It also sells cars and trucks to dealers for sale to fleet customers, including daily rental car companies, commercial fleet customers, leasing companies, and governments. In addition, this sector provides retail customers with a range of after-the-sale vehicle services and products in areas, such as maintenance and light repair, heavy repair, collision, vehicle accessories, and extended service warranty under brand names, including Genuine Ford, Lincoln-Mercury Parts and Service, Ford Custom Accessories, Ford Extended Service Plan, and Motorcraft.
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