Abstracts - faqs.org

Abstracts

News, opinion and commentary

Search abstracts:
Abstracts » News, opinion and commentary

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

Author: Mahood, Casey
Publisher: Bell Globemedia Interactive
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
Strategy & planning, Refuse Systems, Waste Collection, Waste management industry

User Contributions:

Comment about this article or add new information about this topic:

CAPTCHA


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

Author: Mahood, Casey
Publisher: Bell Globemedia Interactive
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
Organizational history, Metals Recovery, Materials Recovery Facilities, Metal recycling

User Contributions:

Comment about this article or add new information about this topic:

CAPTCHA



Subjects list: Ontario, Article, Philip Services Corp.
Similar abstracts:
  • Abstracts: Philip Services awaits results of test for hazardous waste. Philip completes purchase of Hamilton land
  • Abstracts: Canadian satellite providers to join forces. Specialty TV to go to air sans fanfare. Star Choice to add 8 new video channels
  • Abstracts: Telesat satellite launch stalled for more testing. CryptoLogic applies for Nasdaq listing. Atlantic phone firms talk merger
  • Abstracts: Another lawyer quits troubled YBM. Genstar on the block as part of spinoff
This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.
Some parts © 2023 Advameg, Inc.