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2014-02-11 at 16:22

Global Sticks auction won’t cover debt: Liquidator

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By tbnewswatch.com

Global Sticks assets won't be worth it's debt value, according to a liquidator working the lot.

Vice-president of Infinity Asset Solutions Jason Hayne says there are just more than 500 lots of manufacturing equipment to sell, which range from $5,000 to $75,000.

“Buyers have come from around the world, some of them registered online and some of them are here,” Hayne told CKPR Radio Tuesday. “It’s unfortunate that all of the money won’t be recovered.”

The sales from the auction will go toward the more than $15 million of debt accumulated by Global Sticks.

Once believed to be a promising value-added forestry enterprise, Global Sticks was given a $7 million from the province in 2011 to produce novelty wood products.

But the company went bankrupt within a year of the operation's opening.


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Comments

We've improved our comment system.
progress now says:
It was once thought (by Grant Thorton) that Global Sticks could be sold as a turnkey operation.

Guess not.
2/11/2014 4:37:01 PM
Cletus Van Damme says:
Stick it to us taxpayers eh?
2/11/2014 5:03:00 PM
S Duncan says:
how did their lenders allow them to borrow more than they could secure against?

I smell stinky liberals.
2/11/2014 5:23:46 PM
brooky says:
Who brings more money here than Billy and Mikey? I dare you to tell me. You can't. Right? Blah blah blah blah.....
2/11/2014 9:41:25 PM
S Duncan says:
yes they brought billions and billions of their own money here and Bombardier now employs 1,655,000 people now in Thunder Bay courtesy of them.

Name me more people that can name more people that brought more billions of billions of more people's money that they got from Bombardier because of more people that got even more money right out of Mikey and Billys personal accounts that are being managed by billions of other employees of Bombardier with their money that they got from Joe Clark and he gave them billions of people with billions of dollars and created 6 million new jobs in the new liberal park that created more money and more jobs and then Bombardier paid them for all of it using mass transit dollars and Toronto ordered 10.7 million more subway cars full of billions of dollars that Mikey and Billy personally put in there because they love to give out billions and create millions more jobs and bombardier and billions and millions more while they saved Atikokan and millions!
2/11/2014 11:08:55 PM
Eastender says:
Wow, you really dont like Liberals.
2/12/2014 12:23:52 PM
SomeGuy says:
When will the auction for the owners homes be?
2/11/2014 6:12:16 PM
Lafros says:
They did not own one. They did however rent one.
2/11/2014 6:44:43 PM
unknowncronik says:
the government just let Buchanan off the hook for $40 mill....
no worries here,
it comes out of your pockets one way or another anyways.
2/11/2014 7:11:42 PM
The Badger Mountain Hermit says:
Suckering the local hillbillys...new TBay growth industry
2/12/2014 7:03:19 AM
tudor says:
i don't want my mpp's or mp's being the people who decide who gets what. That is a recipe for an even bigger disaster, this did not work out and it appears it was not a good business plan. someone in gov't approved this application and they could be a liberal, a tory or a ndp supporter.

i am all for a review of who gets money and who doesnt but to suggest it should be our elected officials is silly.

and S. Duncan except for your never do anything wrong conservatives is there anything that anyone else either liberal or ndp has done correctly., i cannot believe that your postings continue to tell us idiots why you are always correct and anything else that is posted is wrong.

you are quite arrogant and insulting to those you do not agree with which appears to be everyone who does not see the world through your eyes
2/12/2014 8:39:18 AM
S Duncan says:
Conservatives do LOTS wrong too!!

they are not immune from my criticisms, its just the liberals and ndp are always at the head of the line because they do more wrong.

Want to see me bash Conservatives? Hey Harper!! stop giving my tax dollars to foreign aid!! That's bs nonsense. My tax dollars are for my country, not to give away or to "match funding" with donations to Haiti or whatever god forsaken place it is today!

Does that help your image of me? I will bash the Conservatives when I can too but here's the deal..

our local politicians are liberal, ndp, and now green. Since this site is a site that focuses on local issues primarily the local politicians are going to take the brunt of my criticisms. If we had Conservative politicians and they were acting as poorly as our guys do, I would attack them too.

My criticisms might seem arrogant and brash (they often are) but I only have so many characters to use so I must be short and curt to get my point across.

Does that help explain?
2/12/2014 9:05:25 AM
user2014 says:
Its is funny to see the previous owners buying their global sticks equipment at the auction
I wonder who they are planning to sucker this time
2/12/2014 9:06:20 AM
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