Oilite Bearings go Bust
 

A crosspost from uk.rec.models.engineering, but of interest I think:

On Sat, 06 Dec 2008 12:34:22 +0000, Peter Neill wrote:

Just spotted this in the local rag:
http://tinyurl.com/6hp39r

Olite Bearings Ltd, formerly part of the maganese Bronze Group went
into administration on Monday.
Like everything else, demand is low right now, and I suppose there is
probably too much competition from lower cost areas.

Peter

Oilite Bearings go Bust
 

Olite Bearings Ltd, formerly part of the maganese Bronze Group went
into administration on Monday.
Peter

Manganese Bronze Holdings used to own Norton motorcycles when they made
the Commando models, I think.

Jordan

Oilite Bearings go Bust
 

We replaced windows this year. We have a warranty for 50 years from
the manufacturer of these windows called Republic.

Republic went bust this month.

The value of the warranty, probably was not that much anyway.

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Oilite Bearings go Bust
 

On Sat, 06 Dec 2008 22:50:00 -0600, Ignoramus6012
wrote:

We replaced windows this year. We have a warranty for 50 years from
the manufacturer of these windows called Republic.

Republic went bust this month.

The value of the warranty, probably was not that much anyway.
================
More on this story
-------------
Jesse Jackson meets workers occupying factory
CHICAGO – The Rev. Jesse Jackson has begun meeting with the
hundreds of workers occupying a Chicago factory that they say
gave them just three days' notice before closing.

The workers say they won't leave the Republic Windows and Doors
plant until they are assured that they'll receive their severance
and vacation pay.

Jackson met with the workers Sunday morning. His Rainbow PUSH
Coalition says he's trying to help get Republic's creditor, the
Bank of America, to reinstate the company's line of credit and
save around 300 jobs.

Union organizer Leah Fried says the window manufacturer can't pay
its employees because the Bank of America won't let them.

The bank's said it isn't responsible for Republic's financial
obligations to its employees.
===============
for article see
http://news.yahoo.com/s/ap/20081207/...krTRo_Ff1vzwcF

Note that BoA was one of the TARP recipients, and that Republic
went down, largely because their credit line was cut off. So
much for the "trickle down" rescue theory.

----------
snip
Bank of America, which rescued Merrill Lynch via a takeover
agreement in September, has had about two-thirds of its share
price shaved off since Sept. 12. At $11.47, it sells for little
more than a third of its book value per share on Sept. 30, though
goodwill and other intangibles make up perhaps two-thirds of that
book value.
snip
-------------
for complete article see
http://www.smartmoney.com/news/ON/?s...21-000795-1655

also see
----------
snip
Company: Bank of America Corp. (BAC)
Participation: The U.S. Treasury said it will inject $15
billion in Bank of
America.
Date of disclosu Oct. 29
Notes: n/a
snip
-----------
for complete article click on
http://money.cnn.com/news/newsfeeds/...9_FORTUNE5.htm


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

Oilite Bearings go Bust
 

Am I missing something (again) or ---

It is beginning to look like we are going to "bail out" any business
that makes money by loaning money, but not any business that makes
money by making products.

WTF?

Oilite Bearings go Bust
 

On Sun, 07 Dec 2008 14:47:53 -0600, Richard
wrote:


Am I missing something (again) or ---

It is beginning to look like we are going to "bail out" any business
that makes money by loaning money, but not any business that makes
money by making products.

WTF?
=======
Indeed, and IMNSHO this is the root of not only the current
economic problems but also many of our social/cultural problems.

While there is *SOME* net value added in most financial
transactions, it is nowhere near the value added in manufacturing
such as the conversion of sand to computer chips or iron ore to
steel and then into cars.

While some financial transactions are vital in any modern economy
[e.g. foreign exchange], we have allowed the financial tail to
not only wag the dog, but shake the entire house until it is
about to fall down. In the period 2006-2007 about *ONE_HALF* of
all reported corporate profits in the US were generated by or
through financial transactions. In GM's case, the only division
making money in this period was GMAC, while their manufacturing
operations were all losses.

Rationally, all available capital and management attention was
poured into the financial operations as these were seeming
generating much higher returns during the "bubble years." A
major problem is that while "financial engineering" appeared to
be generating major "profits," on closer examination [i.e. when
the ship hit the sand] these proved to be "fools gold."

A final thought -- even with no guarantee your Republic windows
are keeping the wind and rain out, and represent a far better
value for the money that Enron, World-Com, [and as is increasing
likely GM] stocks and/or un collateralized bonds.


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).

Oilite Bearings go Bust
 

Get in touch with the A.G. in your state and ask who took
over the warranty. Someone might have bought them out and
those don't ask won't get.

AG might be able to secure funds to rebate some day.

Martin

Ignoramus6012 wrote:
We replaced windows this year. We have a warranty for 50 years from
the manufacturer of these windows called Republic.

Republic went bust this month.

The value of the warranty, probably was not that much anyway.