Bankruptcies

**mthomasdev** · 08-24-2015, 05:45 PM

Originally Posted by logansryche

Funny you bring up Metalico...

there's one out your way. What are they paying for light iron and what is the competition paying?

**logansryche** · 08-26-2015, 06:15 AM

Originally Posted by mthomasdev

there's one out your way. What are they paying for light iron and what is the competition paying?

Not sure but whatever it is it's keeping business between Upstate and Bodine(which dug themselves out of the million dollar hole they dug last year), and shutting out business to everyone else.

Originally Posted by NHscrapman

looks like a recycler from china is buying it up.
Total Merchant is an investment vehicle formed to seek appropriate opportunities in the United States metals and commodities market. Total Merchant is controlled by Mr. Chung Sheng Huang, the Chairman of the Board and Managing Director of Ye Chiu Group, one of the leading recyclers and producers of aluminum and aluminum alloys in the world and a prominent Asian scrap metal recycler with operating facilities in China and Malaysia.
a look at ye chiu group's website say's based in china
link from matallico's site
Metalico. Inc, - News Release

It'll be interesting to see what the outcome is since Upstate wants Metalico and since Weitsman is Metalico's largest shareholder at the moment, he won't give it up without a fight. Link/

**mthomasdev** · 08-26-2015, 04:54 PM

Originally Posted by logansryche

Not sure but whatever it is it's keeping business between Upstate and Bodine(which dug themselves out of the million dollar hole they dug last year), and shutting out business to everyone else.

It'll be interesting to see what the outcome is since Upstate wants Metalico and since Weitsman is Metalico's largest shareholder at the moment, he won't give it up without a fight. Link/

I agree with you that Adam still wants Metalico, but Carlos will do whatever he can to prevent that. My gut feeling is that Adam is going to let the sale go thru (not that he owns enough to stop it). He'll make about $1 million on his shares.

The new shredder is Penns. is going in now. This is right in part of Metalico's area. I think his plan know is to shred whats left of metalico or Total Merchant. Shouldn't be that hard with Carlos at the helm for 3 more years.