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Meadowcraft Executive
Sentenced to 2.5 Years
BIRMINGHAM, ALABAMA
A federal judge today sentenced a former executive of Meadowcraft into 2 � years in prison for fraud totaling more than $5 million, said U.S. Attorney Joyce White Vance and FBI Special Agent in Charge Patrick Maley.
U.S. District Judge R. David Proctor sentenced Larry Gene Maynor, 48, on a charge of wire fraud and ordered $100,000 in restitution and forfeiture.
Maynor was chief financial officer of Meadowcraft when it was still owned by Sam Blount.
The fraud was charged in connection to a scheme by Maynor to misrepresent the terms of a large sales contract in order for Meadowcraft to borrow $5.1 million from four lending institutions, Vance said in a statement.
Meadowcraft's 2007 credit agreement with those institutions - Wells Fargo Bank, Webster Business Credit Corp., RZB Finance and Burdale Finance Limited - specifically prohibited the manufacturer from borrowing against consignment or "sale-or-return" purchases.
Maynor, of Birmingham, Alabama, pleaded guilty to the charge in August. According to court documents, he misrepresented the terms of Meadowcraft's September 2008 sales contract with Outdoor Experience in order to use proceeds from the contract as collateral for the loans. In December 2008, Maynor submitted a false borrowing certificate to the lending institutions that characterized the $5.7 million agreement with Outdoor Experience as an insured account receivable.
It was, however, a consignment agreement that required Meadowcraft to buy back all products that Outdoor Experience was unable to sell. The agreement signed by Maynor with the lending institutions specified that such contracts could not be loaned against, Vance said.
"Corporate fraud damages companies and their employees, but it also hurts our community," Vance said. "When a company is weakened by fraud among its officers, it jeopardizes the job security of its workers and can destroy the livelihood of them and their families. These cases are serious matters we are committed to investigating and prosecuting."
The FBI investigated the case and Assistant U.S. Attorney Patrick Carney prosecuted the case.
- Trussville Tribune
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Sanuk Partners with Sunbrella
on Footwear Line
IRVINE, CALIFORNIA
Sanuk, a division of Deckers Outdoor Corporation (NASDAQGS: DECK), has announced a partnership with Sunbrella fabrics for a new Sidewalk Surfer collection to be available at retail in January 2012 as part of its spring line.
Inspired by the patio furniture in his own backyard, Sanuk's founder, Jeff Kelley, approached Sunbrella fabrics about collaborating on a project. As a result, Sanuk has created a unique footwear line for men and women featuring fade-proof, water repellent Sunbrella fabrics.
The collaboration includes a small collection of styles, ranging from the popular men's Overboard and Pick Pocket to a completely new women's slip-on silhouette called The Castaway. Each Sunbrella-Edition Sidewalk Surfer is offered in several colorways, including basic solids and custom, funky, "Sanukified" patterns.
"Being innovative is a way of life at Sanuk, and coming up with new creative profiles and fabrics is something we are dedicated to," explained Kelley. "By using Sunbrella fabrics we are able to offer our customers a product that is truly unique and extremely high quality."
The partnership with Sanuk brings a new and different perspective to the Sunbrella brand, expanding its visibility to an entirely new audience.
"Sanuk is a brand that oozes with personality and we admire the innovative way that they make and market their products across the world," said Hal Hunnicutt, vice president of marketing for Sunbrella Fabrics. "Sanuk's creative use of nontraditional materials made us think, 'Why not Sunbrella?'"
Sanuk footwear featuring Sunbrella fabrics are currently available on sanuk.com; styles for Fall 2012 will become available later this year.
Ed. Note: Sunbrella appears to be inserting itself, pleasantly, into all aspects of our lives. Now that the footwear category has been breached, perhaps we can look forward to a partnership between Sunbrella and Fruit of the Loom - skivvies for men in every color of the rainbow, with the comfort of chenille and the sexiness of sheers! Or perhaps that latter category is best saved for a partnership with Victoria's Secret.
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List of Improving Housing Markets
Nearly Doubles in January
WASHINGTON, D.C.
The number of housing markets showing measurable improvement nearly doubled in January with the addition of 40 new metros to the National Association of Home Builders/First American Improving Markets Index (IMI), released today. The IMI now boasts 76 improving markets, up from 41 in December, with 31 states and the District of Columbia represented by at least one entry.
The index identifies metropolitan areas that have shown improvement from their respective troughs in housing permits, employment and house prices for at least six consecutive months. New entrants to the list in January include the following (listed alphabetically by state):
"The fact that the list of improving housing markets nearly doubled this month shows that a significant, positive trend is developing, and is even more relevant when you consider the expanding geographic distribution of the list - which now includes 31 states and the District of Columbia," says NAHB chairman Bob Nielsen, a home builder from Reno, Nevada. "This trend could be even stronger if not for the numerous impediments that continue to slow a housing and economic recovery, including overly restrictive lending policies and the growing inventory of distressed properties in certain markets."
"While relatively small metropolitan areas continue to dominate the list of improving housing markets, it's important to note that several major metros in diverse parts of the country have now joined the field as well - including Dallas, Denver, Honolulu, Indianapolis, Nashville and Philadelphia," adds NAHB chief economist David Crowe. "This is an encouraging sign that gradually strengthening economic conditions are starting to take hold across a broader swath of America."
"The substantial gain in the number of improving housing markets in January shows that more consumers are looking favorably at a home purchase in light of today's historically low interest rates and attractive prices, particularly in areas where job growth has picked up," says Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.
The IMI is designed to track housing markets throughout the country that are showing signs of improving economic health. The index measures three sets of independent monthly data to get a mark on the top improving Metropolitan Statistical Areas. The three indicators that are analyzed are employment growth from the Bureau of Labor Statistics, house price appreciation from Freddie Mac, and single-family housing permit growth from the U.S. Census Bureau.
NAHB uses the latest available data from these sources to generate a list of improving markets. A metropolitan area must see improvement in all three areas for at least six months following their respective troughs before being included on the improving markets list.
Only five metropolitan areas dropped from the NAHB/First American Improving Markets Index in January. These included Anchorage, Alaska; Fort Wayne, Indiana.; Canton, Ohio; Scranton, Pennsylvania.; and Charleston, West Virginia. A complete list of all 76 metropolitan areas currently on the IMI is available at the website.
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Fiberbuilt Expands Cushion & Pillow Lines
FT. LAUDERDALE, FLORIDA
FiberBuilt Umbrellas has expanded its Paradise Cushions division. "We believe that the investment we have made in terms of equipment, infrastructure and personnel will allow us to grow our line of replacement chair and chaise cushions and pillows to mass market and specialty stores as well as all areas of the hospitality market," said company president Paul Knapp. "Our wide range of styles, custom capabilities and prompt delivery times will be a significant benefit to retailers.
Debbie Maytidu has joined Paradise Cushions as Sales manager. She previously worked at Lifestyle Products/Shelly's Cushions for 16 years and served as Divisional Sales manager.
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Rebranding at Tarantin Industries
FREEHOLD, NEW JERSEY
Thomas A. Tarantin, president of Tarantin Tank & Equipment Company, has announced a rebranding of the company name to Tarantin Industries. According to Tarantin, the transformation reflects the significant evolution taking place at the specialized wholesale distributor of propane equipment, hearth and outdoor living products. The new name and a redesigned corporate logo are the first of many advances planned for 2012.
"We believe our rebranding better reflects the growth our company has achieved to date, as well as the future growth we anticipate as we expand into new products and markets," explains Tarantin. "We offer so much more than propane tanks today, which made our original name seem too limiting."
The company has now formalized and separately branded its three business segments as well, providing customers within those segments a clearer message and understanding about its products and services, according to Tarantin.
The "Tanks and Equipment" segment encompasses the propane tanks, pumps, dispensers, heaters, cylinders, industrial equipment and other related products that have formed the cornerstone of the company for 28 years. "Leisure Lifestyle Products" is the business segment umbrella that covers residential hearth, barbecue and patio products, and "Technical and Engineering Solutions" represents the branch dedicated to providing technical support and state-of-the-art training programs for customers.
Another improvement being implemented by the distributor is a company-wide, toll-free telephone number, which replaces the seven individual phone numbers previously used by Tarantin Industries' regional distribution centers. The new number will route callers to the proper distribution facility. "In the past, it could be confusing for our customers - who are in 22 states and growing," notes Tarantin. "Having one number will ensure better logistics and simplify communications."
In addition, Tarantin Industries has upgraded its information technology systems, and will launch a business-to-business online ordering program for customers later this year. The company has also expanded staffing in recent months to elevate its sales and customer service teams to provide even more advanced customer support. As has been the case since its founding, the company continues to promise next-day delivery to the states of Ohio and east.
Founded in 1983, Tarantin Industries is headquartered in Freehold, NJ. For further information contact Thomas Tarantin- CEO, Tarantin Industries, Inc., 86 Vanderveer Road, Freehold, NJ 07728, 800-922-0724, or visit the website.
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