Philip to take results of copper probe to police

Article Abstract:

Philip Services Corp., an environmental service company based in Hamilton, Ontario, that specializes in recycling industrial wastes, has announced it will submit findings of an investigation into trading losses in its copper division to the police. The investigation was conducted by the company's special counsel after Philip Services detected a discrepancy in its copper inventory in January 1998, which in turn, prompted the company to restate its financial results for the past few years. Philip Services refused to disclose the findings but commented they support the company's allegations that the losses were brought about by the unauthorized and illegal trading activities of Philip's former executive Robert Waxman and others.

Comment:

Announces it will submit findings of an investigation into trading losses in its copper division to the police

Strategy & planning, Refuse Systems, Waste Collection, Waste management industry

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Philip pushed to hand ownership to lenders

Article Abstract:

Hamilton, Ontario-based Philip Services Corp., a firm in the industrial-recycling business, faces the threat of being pushed into insolvency by its creditors if it refuses to hand over to its creditors the ownership of its business. Los Angeles, CA-based Foothill Partners III L.P. and Carl Icahn's High River L.P. informed Philip Services that its use of funds is detrimental for its shareholders and of the rapid decline in the value of its assets. Philip Services' profitability has been hurt by a market decline for scrap metal and surprise copper-trading losses in 1998.

Comment:

Faces threat of being pushed into insolvency by its creditors if it refuses to hand over to creditors the ownership of its bsns

Organizational history, Metals Recovery, Materials Recovery Facilities, Metal recycling

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