Reinhold ice cream's North Side plant acquired
Oct 07, 2008 (The Pittsburgh Tribune-Review - McClatchy-Tribune Information Services via COMTEX) -- Reinhold Ice Cream Co.'s North Side plant and surrounding properties were claimed by the mortgage holder at an Allegheny County sheriff's sale Monday.
The sale does not affect ice cream making at the plant, which is run by a unit of LaSalle Brands Corp., a Scottsdale, Ariz., company that last year acquired Reinhold's assets from BLN Capital Funding LLC of Chicago, a Reinhold creditor.
"What was being sold was the real estate, and what people know as an ice cream manufacturing facility," said Andrew M. Stone, attorney representing BLN, the mortgage holder, after yesterday's sheriff's sale.
BLN ended up owning the main Reinhold plant, another nearby building and several other parcels of land after no parties submitted a bid for the properties. The sale did not include any ice cream making equipment or other assets of Reinhold.
The sale stands as a blow to a union pension fund that had hoped to recoup a $2.1 million claim for "unpaid pension obligations" from the Reinhold Co.
As reported, the Western Teamsters and Employers Pension Fund, based in Pittsburgh, in August had joined two other trade creditors in asking that Reinhold be placed in involuntary bankruptcy in hopes of being able to have the company's assets sold to satisfy debts.
One of the other plaintiffs involved in the effort, however, eventually withdrew its name from the motion, which needed at least three parties involved to be considered by the bankruptcy court.
"We will now consider what our options are," said Vincent P. Szeligo, an attorney representing the pension fund, yesterday. He would not say what options remain.
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