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March 15, 2010

Piedmont Lumber was on "brink of financial ruin"

Thanks to some enterprising court-records-digging reporters at the Contra Costa Times we know Monday some more details about the financial struggles at the Piedmont Lumber and Millwork company, whose Walnut Creek lumber yard and retail store were destroyed by a four-alarm fire Saturday.

Fire investigators, however, can't say whether these difficulties, which include foreclosure proceedings and a lawsuit by the Teamsters union, have anything to do with the fire, which covered an acre of building and construction materials. The cause of the $5 million blaze is still unknown, with Contra Costa Consolidated Fire investigators searching through a 7,800-square-foot structure. Investigators also have no evidence linking Saturday's blaze to an arson fire at the Pittsburg facility on August 21.

But here are some details of the company's legal and financial troubles, per the Contra Costa Times:

--"A bank filed a lawsuit March 1 against Piedmont Lumber and co-owners William C. Myer Jr. and Victoria Myer, alleging the company is in default on nearly $15 million in loans obtained since 2007. The 14-count complaint seeks judicial foreclosure on Piedmont Lumber properties in Pittsburg, Tracy, Mendocino County and Lake County."

--"County Costa County records show a bank lien filed March 2 began foreclosure proceedings related to the Pittsburg property."


--"Another lawsuit was filed federal court March 1 against the company by Northwest Administrations, which handles the Western Conference of Teamsters Pension Trust Fund on behalf of union employees. The complaint alleges that since November, the company has failed to make fringe benefit contributions as required in the union contract."

10 comments:

Dave said...

That fire gets more suspicious all the time.
If it looks like a duck and quacks like a duck...

Anonymous said...

So much corruption in the bay area. property management firms overseeing condominium associations. Kickbacks and phantom employees. Corruption runs very deep all over Walnut Creek and other cities too. The construction firm listed in this FBI press release has their hands in jobs all over Contra Costa County. This is only one very small example of some crooked dealings. Just some facts:
http://washingtondc.fbi.gov/dojpressrel/pressrel10/wfo010610.htm

Anonymous said...

Still under unknown?

I guess the "tenents" of Lafayette are in charge of copy editing at this blog.

Aren't you a professional journalist by trade?

Anonymous said...

Lighten up 8:18. There's a bit of a difference between a posted sign that was probably printed by a "professional" and a blog written by a busy person who sometime doesn't have time or inclination to edit.

Sometimes I get the impression that some of the posted comments are meant to discourage SM.

AKA Soccer Mom said...

Thanks 3:19 p..m..
T o Anon 8:18 a.m. I do earning my living as a journalist. How professional that makes me--how credible--well that's up to you. I do this blog on my own time, at night, after work, kid stuff, dinner, etc.,
I don't always do it right or perfect, and even professional journalists rely on editors and copyeditors.

Readers, like you, point out the errors of my ways. I fix them, if I agree they need to be fixing. Meanwhile, if you think this error makes me less than credible, don't read this blog.

Daffodil Hugger said...

8:18am,
Do you have a blog? If so I hope you are perfect in thought, logic, grammar & spelling!
SM is doing dang well under the circumstances. Remember, she has a splint on her thumb and it's hard to type in pain.
I probably have made an error in this post that I did not catch!

Janeen said...

Soccer Mom just to let you know I love your blog. It's one of the first things I read in the AM and I check it every night to see if there is anything new!!!
Thanks for keeping it up.

AKA Soccer Mom said...

Thanks Janeen, Daffodil Hugger,
Thanks for your kind comments. I love doing this blog, and I'm glad it gives you some information and amusement. I intend to keep doing it, and I always want to get better. I don't mind criticism, though some of the petty stuff, well, whatever.

Anonymous said...

@ AKA Soccer Mom 3:19

You're making this too easy...

"I do earning my living as a journalist."

Really?

Keep up the great work. Now I remember why I cancelled my subscription to the CC Times.

Anonymous said...

Why do you need to be so rude?

Are you aware that those kinds of comments push people away?

I hope things turn around for you. It is not to late to try.