Thu, Nov 26 2009
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Wachovia seeks dismissal of suit involving former O’Sullivan plant Calton said the city previously offered $1.1 million to purchase the O’Sullivan property outright, based on an appraisal of the land. Calton said Wachovia’s own appraisers estimate the value at $4.5 million.
“It’s quite a spread (in value),” he said. O’Sullivan Industries closed its plant in 2007, leaving its more than 700 workers in Lamar unemployed. The workers made ready-to-assemble furniture, and the company was one of the region’s largest employers. There was promising movement in late 2007, when Polymer-Wood Technologies, based in Dallas, Texas, proposed using about half of the 1.2 million-square-foot plant to build garage doors. The company said it would hire as many as 475 people. O’Sullivan had planned to sell its building to Structured Equity Advisors, an investment company in Newport Beach, Calif., for $4 million. The investment company then would lease part of the building to Polymer-Wood for its operation. That deal was put in limbo after O’Sullivan terminated its agreement with Structured Equity Advisors. O’Sullivan alleges in a separate lawsuit that Structured Equity Advisors delayed closing on the real-estate deal. The company seeks $1.5 million in “earnest” money from Structured Equity Advisors. Depositions are being taken in the federal case between O’Sullivan and Structured Equity Advisors, with trial set for July 6. Besides O’Sullivan and Wachovia Bank, parties named as defendants in Lamar’s lawsuit include Wilmington Trust Co., the creditor in the mortgage transaction, and Barton County Collector Frances Cato. The petition explains that Cato was named because taxes are owed on the property. The petition also seeks appointment of three commissioners to assess whether any damage would be caused by condemning the property. Wachovia hearing A hearing has been set for 1 p.m. Monday, June 8, in Judge James Bickel’s division of Barton County Circuit Court regarding the motion by Wachovia. 
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