Tag: NYMP
This Blog's on Fire (And Other Stuff)
Judge OK's NYMP sale
October 20, 2011Tess Nacelewicz
It's official: A federal judge issued an order yesterday giving the green light for the financially embattled New York Merchants Protective Co. to be sold to Professional Security Technologies LLC in order to pay off creditors.
The written order by U.S. District Court Judge Denis Hurley describes the asset purchase agreement for the New York-based alarm company—in existence for about 100 years—as “fair and reasonable and in the best interest of the estate.”
The order says...
Proposed NYMP sale pending
September 30, 2011Tess Nacelewicz
FREEPORT, N.Y.—The New York Merchants Protective Co. Inc., a financially embattled New York-based alarm company that has been in the same family for about 100 years, was put up for sale late this summer.The company has been under receivership since early this year, when Bank of America sued NYMP, which is based here, and its owner Wayne Wahrsager for more than $19.2 million for allegedly defaulting on a loan.In August, the company's court-appointed receiver posted notices in The New York Times...
This Blog's on Fire (And Other Stuff)
NYMP still up for sale and Pro 1 proactive
September 29, 2011Tess Nacelewicz
Here are a couple items of interest:One is a short update on something I wrote about earlier this month: The proposed sale of the New York Merchants Protective Co. The sale is still awaiting a federal judge's decision.The financially embattled New York-based alarm company—owned by the same family for about 100 years—has been in the news because Bank of America in January sued NYMP and owner Wayne Wahrsager for more than $19.2 million for allegedly defaulting on a loan.Then, in August,...
Termination of NMYP president upheld
May 5, 2011Tess Nacelewicz
FREEPORT, N.Y.—A federal judge this week upheld the firing of Wayne Wahrsager from his job as president of New York Merchants Protective Co., Inc. (NYMP).
The date of the termination actually was April 15, the day that the court-appointed receiver now running the debt-ridden NYMP filed a letter with the court complaining that he had fired Wahrsager, but that he refused to leave.
However, the judge in his May 2 ruling has given Wahrsager until 5 p.m. on May 13 to vacate the premises of the alarm...
Rx for former Smith and Wesson dealers?
April 28, 2011Tess Nacelewicz
FREEPORT, N.Y.—As members of the defunct Smith & Wesson Security Services dealer program face an April 30 deadline to strip away that gun manufacturer's name from all their security products, a substitute dealer program is taking shape: Security Doctors Alarm Services.
NationWide Digital Monitoring Co., which previously ran the Smith & Wesson dealer program, should have its Security Doctors dealer program fully up and running by June 1, according to Aaron Wahrsager, NationWide president.
Smith...
NYMP court hearing set for April 27
April 21, 2011Tess Nacelewicz
FREEPORT, N.Y.—Wayne Wahrsager, president of New York Merchants Protective Co., Inc. (NYMP)—a full-service alarm company here that's been in his family for more than 100 years—contends the company's court-appointed receiver is grossly mismanaging the business, causing “staggering waste and losses,” and also trying to fire the person vitally needed to ensure the business survives: Wayne Wahrsager.
“They're trying to terminate me as of right now,” Wahrsager...