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Filed Form 15 on October 14, 2005 http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=3730911

Badger Paper Mills, Inc. manufactures paper and paper products. The Company produces both fine and specialty paper products. These products include virgin and recycled papers as well as printed and waxed packaging products for customers primarily located in North America. The Company operates ISO9001 certified manufacturing facilities in Peshtigo and Oconto Falls, WI.

Authorized Shares: 4,000,000
Source: 10-Q ( 08/14/2003 )

Outstanding Shares: 2,057,253
Source: MGFS ( 08/11/2005 )


Badger Paper Mills Inc
200 West Front Street
P.O. Box 149
Peshtigo, WI 54157
P: (715) 582-4551
F: (715) 582-4853

http://www.bpmpaper.com/

 



 

Major shareholder buys much of Badger Paper
 
Wednesday, November 16, 2005 19:35ET
 
    By Joel Dresang   

Nov 16, 2005 (Milwaukee Journal Sentinel - Knight Ridder/Tribune Business News via COMTEX) -- Majority shareholder James D. Azzar succeeded Tuesday in buying much of Badger Paper Mills Inc. to appease the Peshtigo papermaker's creditors.

Azzar, whose previous bid was spurned by company management last month, got a takeover approved Tuesday in Marinette County Circuit Court, where Badger Paper was under a receivership proceeding, similar to bankruptcy. Badger Paper's lenders had forced the company into selling off assets to settle debts after the company had defaulted on credit agreements.

Azzar, of East Grand Rapids, Mich., for years had a running battle with Badger Paper management. He owns businesses in Michigan and Indiana that have bought from and competed with Badger Paper. One of the companies, Bomarko Inc., in Plymouth, Ind., makes specialty coating and flexible packaging for the food and medical industries.

Details of Azzar's approved bid weren't available late Tuesday after the court hearing, but Paul Bouthilet, chief financial officer of Badger Paper, said he spoke with Bomarko executives Tuesday and expected to meet with them today.

"Right now I have no idea what his intentions are," Bouthilet said of Azzar, "other than common sense would suggest that if you spend money on something, you're going to use it."

Another bidder, turnaround investment company Meriturn Partners, had made a run for Badger Paper's assets, at one point offering about $8.4 million.

"If Meriturn hadn't been involved in this, there would have been a whole lot less received for the assets," said Daryl L. Diesing, who represented Meriturn for the Milwaukee office of Whyte Hirschboeck Dudek.

A chief employer in the Peshtigo area since 1929, Badger Paper struggled to specialize in niche products such as waxed paper for candy wrappers, fast-food sandwiches and disposable souffle cups.

Faced with rising costs for energy, fiber and health benefits, the company -- which once employed more than 450 workers -- used buyouts to cut its payroll by about 50 jobs, or 20 percent, last year.

This summer, Badger Paper shut down one of its two paper-making machines in Peshtigo, ending work for another 100 employees. The company said the machine accounted for about two-thirds of the company's paper, but about 40 percent of its output was unprofitable low-priced commodity-grade copy paper.

Badger Paper reported $72 million in sales last year but suffered a net loss of $7.6 million, its third failure to show profit in five years.

In September, management announced a tentative agreement to sell Azzar the 75 percent of the company he didn't own for $1.25 a share in cash, or about $1.9 million.

Last month, the company said it called off negotiations with Azzar and said it would end its registration with the U.S. Securities and Exchange Commission and arrange to delist its thinly traded stock.

Badger Paper's share price, listed over the counter, was 16 cents Tuesday.

    To see more of the Milwaukee Journal Sentinel, or to subscribe to the  newspaper, go to http://www.jsonline.com.   
    Copyright (c) 2005, Milwaukee Journal Sentinel   




 

 

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#123   Stock publisher promo with the low outstanding share count HorseShoe Man 12/02/15 06:17:39 AM
#122   Is that confirmed. Or speculated? I see Lone Wolf 12/01/15 06:17:28 AM
#121   YEAH.. Penny Stock Crew promo/pump.. leejoness 12/01/15 02:38:38 AM
#120   Any reason for the sudden price spike? Someone Switcher 11/30/15 10:38:52 PM
#119   weeeeeeeeeeeee mannnnnnnnnnnnnn Carlito 07/13/09 04:38:22 PM
#118   Carlito 07/13/09 04:37:35 PM
#117   can someone slap that ask tomorrow? =) lifegear 07/13/09 04:37:09 PM
#116   .0031 x .20 what i spread ,!!!,,, Carlito 07/13/09 04:24:10 PM
#115   Bidwacker :-( Carlito 06/02/09 11:20:04 PM
#114   hmmmm RULiquid 05/22/09 08:07:22 AM
#113   what's the share structure here? i couldnt help adamp 05/22/09 06:32:31 AM
#112   I wonder what he will be using the lifegear 05/22/09 03:52:13 AM
#111   Lets see how much left @.025? Carlito 05/21/09 11:20:28 PM
#110   2 @ .025 then 2 @ .03 then RULiquid 05/21/09 04:51:35 PM
#109   what's the ask after .025? lifegear 05/21/09 04:19:08 PM
#108   ALways was a thinly traded issue $10.00 years ago RULiquid 05/21/09 03:12:38 PM
#107   weekly chart shows 5.00 potential--> lifegear 05/21/09 03:04:37 PM
#106   yep...we just need some buying RULiquid 05/21/09 03:02:50 PM
#105   bankrupt FCEN went to .50 recently from .01 lifegear 05/21/09 03:01:53 PM
#104   this is worth a few dollars imho maybe lifegear 05/21/09 02:56:30 PM
#103   oooops I didn't even realize that the last lifegear 05/21/09 02:55:58 PM
#102   .025 prints RULiquid 05/21/09 02:53:57 PM
#101   25k bidwhack so far lifegear 05/21/09 02:52:53 PM
#100   just 1 @ .025? RULiquid 05/21/09 02:49:38 PM
#99   well he won't be able to get alot lifegear 05/21/09 02:42:50 PM
#98   Looks like some1 want in !! Carlito 05/21/09 02:27:09 PM
#97   just so thin only 10k traded and up RULiquid 05/21/09 01:01:25 PM
#96   nice uptick today, what's going on? lifegear 05/21/09 12:48:13 PM
#95   .02 print ! Carlito 05/21/09 12:06:31 PM
#94   Yep No shares below here ! Carlito 05/21/09 11:11:19 AM
#93   .02 x .025 ut I bet only 200k RULiquid 05/21/09 10:57:32 AM
#92   yep, no selling here below ! Carlito 05/21/09 10:56:27 AM
#91   .015 x .025 now on air...IF this ever RULiquid 05/21/09 10:41:17 AM
#90   .01 X .025 THINNNNNNNNNN Carlito 05/21/09 10:36:40 AM
#89   .01 x .02 RULiquid 05/21/09 10:35:25 AM
#88   Looks not bad ! Carlito 04/17/09 09:05:22 AM
#87   Been a while since I looked at this. Ely 04/17/09 06:49:55 AM
#86   website is down...hmmmm lifegear 04/17/09 03:40:53 AM
#85   where'd you get Bomarko Inc? http://www.bomarko.com/about%20bomarko.html lifegear 04/17/09 03:37:40 AM
#84   he's the owner of the stock lifegear 03/01/09 03:46:32 PM
#83   James D. Azzar succeeded Tuesday in buying much Ely 03/01/09 08:43:54 AM
#82   Do we know where majority shareholder James D. Ely 03/01/09 08:16:01 AM
#81   weeeeeeeeeeeeeeee lets hope!!! Carlito 02/27/09 04:50:29 PM
#80   might be like lenxq for next week lifegear 02/27/09 04:48:26 PM
#79   after golden cross, those asks should fall imho lifegear 02/27/09 04:30:32 PM
#78   .03, hill, pert Carlito 02/27/09 04:29:09 PM
#77   what's the ask lineup after .03? lifegear 02/27/09 04:23:49 PM
#76   03 = fake walllllllll 25k?? Carlito 02/27/09 04:01:41 PM
#75   .018 back Carlito 02/27/09 03:28:27 PM
#74   That was a partial fill on my buy. sidedraft 02/27/09 03:07:19 PM
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