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Bankruptcy is a wonderful thing, isn't it? Why in the world MLB would stick with them and continue to do business with these people is beyond me.
It's tilwemeetagain.net - you added an extra 'l'! They sell custom casket and urns. Seems like a growing small business and I have been hearing a lot about them in the industry.
Not sure why anyone would think that 'they have left the building'
Looks like the comments are from some people with a very bad taste in their mouths.
I had a friend call and ask me if I was one of the posters. Nope, not this time! However, I find it interesting that so many have had the same experiences.
EI Bankruptcy ~ Statement of Financial Affairs
20 pages so I didn’t scan and add each one individually. It’s a out there on PACER if you want to pay the fee to see it. This is not an opinion. These are the cold hard facts. There are other documents and I will post that info when I get the time, unless someone beats me to it!
Here are the highlights:
Income from employment or operation of business
Amount Source
$47,835.46 2012 YTD: Business Income
$310,550.12 2011: Business Income
$270,461.53 2010: Business Income
#4 Suits and administrative proceedings, executions, garnishments and attachments
Plaintiff
Case #
Date of Claim
Balance Start
Paid
Current Balance
Catholic Digest
2009 CZ
6/16/2009
$40,187
$27,596
$12,590.69
American Funeral Director
GC 10C0324
1/13/2011
$10,015
$7,500
$2,515.38
Land Rover
GC 09H2695X
4/19/2010
$24,271
$6,212
$18,058.70
Capital
Aerotek
1111620CZ
3/28/2011
Unknown
Unknown
$24,443.84
Woodrow Browne
12-399-CK
5/16/2012
$71,438
$0
$71,438.01
Matthews International
GD 12-7199
4/30/2012
$12,348
$0
$12,348.94
Tantara Transportation Group
Unknown
5/9/2012
$22,650
$0
$22,650.69
Keep in mind, these are only the judegments, there is detailed information of who is owed what in the Creditors document on the filing. And for the record, EI did borrow the entire $525,000, not that this is news to anyone.
Employment Reimbursement Schedule
From 5/19/2011 to 05/18/2012 Clint was reimbursed $56,764.83 (Are you kidding me?)
From 6/14/2011 to 4/05/2012 Donna was reimbursed $23,180.27 (Oh…..yes she did!)
From 5/19/2011 to 3/13/2012 Nick was reimbursed $28,588.00 (The picture is becoming clearer and clearer)
#21 Current Partners, Officers, Directors and Shareholders
b. If the debtor is a corporation, list all officers and directors of the corporation, and each stockholder who directly or indirectly owns, controls, or holds 5 percent or more of the voting or equity securities of the corporation.
Clint Mytych – President
50% Preferred Stock
Donna Shatter – VP
5% Common Stock
Emerald Asset Advisors / North Atlantic Resources /Costal Investments – 3rd Party Investor
24% Common Stock
Waterloo International Funeral Supply – Former Supplier
50% Preferred Stock *
*ifthey seized the Preferred Stock collateral for a 2011 loan that went into default when they cut off production. Otherwise their ownership is 0%
Oh, I saved the best for last. Clint had to disclose where the money came from to respond to the filings....
Wait for it....
Wait for it....
He borrowed the $8,000 to retain an attorney from his grandparents. I have no words.
My post was about the fact that they took the time to file Form 8-K with the SEC when they had something positive to say, yet could not be bothered when they needed and were required to file on all matters financial or otherwise.
This is NOT a press release:
http://google.brand.edgar-online.com/EFX_dll/EDGARpro.dll?FetchFilingHtmlSection1?SectionID=7923313-1016-8651&SessionID=RhwGF6k4G-MhYl7
And I do not recall seeing a press release in regards to the LOC, just a very promptly filed 8K with the SEC. If there is a press release post it. I would look on their webpage but it no longer exists. I wonder what happened?
So far just the amount that was declared by the original creditors that forced them into bankruptcy in April. Clint will have to answer under oath questions put forth by the representatives of any creditors that wish to question him in regards to $$$, SEC, etc.
I, for one, would love to know where the money went. But I suspect that no answer given will be adequate for the BS they have pulled.
I would guess license fees...Oh, wait....JMHO
List of Creditors
My jaw dropped on some of them....Nick, Nick's wife, Clint and Donna. I don't know if I am impressed or offended by the nerve of these people.
Happy reading!
I copied this directly off of the PACER website.
12-49415-pjs Eternal Image, Inc.
Case type: bk Chapter: 7 Vol: i Judge: Phillip J Shefferly
Date filed: 04/13/2012 Date of last filing: 06/05/2012
Creditors
Aerotek Professional Services
c/o Stillman Law
7091 Orchard Lake
West Bloomfield, MI 48332 (21186350)
(cr)
American Funeral Director
c/o Muller & Muller
33233 Woodward Ave.
Birmingham, MI 48009 (21186351)
(cr)
Andrews Hooper Pavlik
5300 Gratiot Road
Saginaw, MI 48638 (21186352)
(cr)
Art Vessels (Memorial Arts Studio)
c/o Carson Boxberger
1400 One Summit Square
Ft. Wayne, IN 46802 (21186353)
(cr)
ASAPR
P.O. Box 10
Sharptown, MD 21861 (21186354)
(cr)
AT&T
PO Box 5080
Carol Stream, IL 60197-5080 (21186355)
(cr)
Boy Scouts of America
2109 Westinghouse Boulevard
Charlotte, NC 28241 (21186357)
(cr)
Bright House Networks
14525 Farmington Road
Livonia, MI 48154 (21186358)
(cr)
Broadridge
P.O. Box 23487
Newark, NJ 07189 (21186359)
(cr)
Business Wire
40 East 52nd Street 14th Floor
New York, NY 10022 (21186361)
(cr)
Catholic Digest
c/o Stillman Law
7091 Orchard Lake
West Bloomfield, MI 48332 (21186356)
(cr)
CFO Wise
2500 N University Ave Suite #155
Provo, Utah 84604 (21186362)
(cr)
Cherokee Specialty Casket
930 Harlow Ave
Griffen, GA 30224 (21186363)
(cr)
City of Famington Hills
31555 W. Eleven Mile Rd.
Farmington Hills, MI 48336 (21186364)
(cr)
Clint Mytych
20022 Boardwalk Blvd
Southfield, MI 48075 (21186365)
(cr
)
Comerica Bank Credit Card
Cardmember Services
PO Box 790408
St. Louis, MO 63179-0408 (21186366)
(cr)
Computerized Bookkeeping
2412 N. Hamilton
Spokane, WA 99207 (21186367)
(cr)
Covington Box & Packaging, Inc.
c/o Carson Boxberger
1400 One Summit Square
Ft. Wayne, IN 46802 (21186368)
(cr)
CT Corporation
3 Winners Circle
3rd Floor
Albany, NY 12205 (21186369)
(cr)
Deb Popravsky
41117 Park Forest Ct
Novi, MI 48375 (21186370)
(cr)
Demetrius & Company L.L.C
Wayne Interchange Plaza II
155 Route 46 West
Wayne, NJ 07470 (21186371)
(cr)
Devon Block
18 Via Monarca
St. Dana Point, CA 92629 (21186372)
(cr)
Dickinson-Wright PLLC
2600 West Big Beaver Road, Suite 300
Troy, MI 48084 (21186373)
(cr)
Distinct Advantage
P.O. Box 209
Demarest, NJ 07627 (21186374)
(cr)
Donna Shatter
38610 Brandmill
Farmington Hills, MI 48334 (21186375)
(cr)
Dorenda Boggs
15 Daytona Drive
Laguna Niguel, CA 92677 (21186376)
(cr)
Emerald Asset Advisors
13 Harbor Road
Cold Spring Harbor, NY 11724 (21186377)
(cr)
Employment Plus
16176 Middlebelt Road
Livonia, MI 48154 (21186378)
(cr)
Exhibit Fair International
555 E. Pamalyn Suite C
Las Vegas, NV 89119 (21186379)
(cr)
Federal Express
P.O. Box 840
Harrison, AR 72602 (21186380)
(cr)
Fido Friendly Magazine
7530 Riverfront Drive
Marsing, ID 83639 (21186381)
(cr)
Frank Colapinto
1226 Mulberry Lane
Corona, CA 92879 (21186382)
(cr)
Gifford, Krass, & Sprinkle
2701 Troy Center Drive Suite 330
Troy, MI 48007 (21186383)
(cr)
GlobeNewswire
P.O. Box 8500
Philidelphia, PA 19178 (21186384)
(cr)
Harelik, Shapiro,Wolgin & Fine, P.C.
30445 Northwestern HWY Suite 200
Farmington Hills, MI 48334 (21186385)
(cr)
Howard B. Sandler
Carson Boxberger LLP
1400 One Summit Square
Fort Wayne, IN 46802 (21114509)
(cr)
Integrity IR Services, Inc.
34 Randall Avenue
Lynbrook, NY 11563 (21186386)
(cr)
Jim Parliament
4286 Warrington
Wixom, MI 48393 (21186387)
(cr)
JMG & Associates
913 N. Oakley
Saginaw, MI48602 (21186388)
(cr)
Joelson Rosenberg PLC
30665 Northwestrn Hwy #200
Farmington Hills, MI 48334 (21186389)
(cr)
Kilpatrick & Associates, P.C.
c/o Oakland County Treasurer
903 North Opdyke Road, Suite C
Auburn Hills, MI 48326 (21155035)
(cr)
Land Rover Capital Group
c/o Shermeta Adams
PO Box 5016
Rochester Hills, MI 48308 (21186390)
(cr)
LFM Supply
495 Montgomery St. Apt #2
Manchester, NH 03102 (21186391)
(cr)
Matthews International
c/o Thorp Reed
One Oxford Centre
301 Grand Street, 14th Floor
Pittsburgh, PA 15219 (21186392)
(cr)
McGraw Wood Products
P. O. Box 652.
McGraw, NY 13101 (21186393)
(cr)
Michael Arsenault
41 Wickertree Rd
North Falmouth, MA 02556 (21186394)
(cr)
Monument Builders of North America
1360 South Keowee Street
Dayton, OH 45402 (21186395)
(cr)
Multi-Trade Global Sourcing
45755 Lakeview Ct. # 17302
Novi, MI 48377 (21186396)
(cr)
OAKLAND COUNTY TREASURER
1200 N TELEGRAPH
DEPT 479
PONTIAC
MI
48341 (21124639)
(cr)
OfficeTeam
One Towne Square #1050
Southfield, MI 48076 (21186397)
(cr)
Professional Sports Publications
570 Elmont Road Dept. 203.
Elmont, NY 11003 (21186398)
(cr)
Quality Vault & Casket
727 Lancaster St.
Leominster, MA 01453 (21186399)
(cr)
Quill.com
4836 Brecksville
Richfield, OH 44286 (21186400)
(cr)
Securities Transfer Corporation
2591 Dallas Parkway, Suite 102
Frisco, TX 75034 (21186401)
(cr)
Spencer Trophy & Awards
16 West 5th Street. Spencer
IA 51301 (21186402)
(cr)
Sprint
P.O.Box 5220
San Antonio, TX 78201 (21186403)
(cr)
Standard & Poor's
cannot locate address (21186404)
(cr)
Tantara
46051 Michigan Ave
Canton, MI 48188 (21186405)
(cr)
Thomas E. Boccieri, Esq.
561 Schaefer Ave
Oradell, NJ 07649 (21186406)
(cr)
Trigard Bronze
1125 N. Kimball Street
Danville, IL 61832 (21186407)
(cr)
Verizon Wireless Business
P.O. Box 15062
Albany, NY 12212 (21186408)
(cr)
Wallace Popvarsky
41117 Park Forest Ct
Novi, MI 48375 (21186409)
(cr)
Waterloo International
c/o Carson Boxberger
1400 One Summit Square
Ft. Wayne, IN 46802 (21186410)
(cr)
Woody Browne
c/o Matthew Krichbaum
221 N. Main Street #200
Ann Arbor, MI 48104 (21186360)
(cr)
Sounds like Nick to me....oh, wait!......JMHO ;)
Correct me if I am wrong but, from what we know so far WIFS is already at least $525K per the LOC if not more in the hole with EI. Add the $76,606.41 per the BK filing and I seriously doubt they are going to want to put anymore into the in any way, shape or form.
I have the actual filing in my hands. I will scan it and post it later. For now here are the amounts:
Covington Box & Packaging ~ $180,605.56
Aerotek ~ $24,443.84
Memorial Arts ~ $64,180.88
Catholic Digest ~ $38,687.00
Waterloo International Funeral Supply ~ $76,606.41
Now before anyone jumps in and say that this is proof the EI did take the full amount of the LOC, please know that the category for all of these except Aerotek is for "Supplies/Work Performed." To get back the monies from the LOC would be a whole different type of case filing.
The above is not an opinion or a shot in the dark or even conjecture....these are the facts, they cannot be disputed. But go ahead, make me smile, give it a whirl...it always amuses me!
INVOLUNTARY BANKRUPTCY...This is not IMHO or JMHO. This is a cold. hard. fact.
http://business-bankruptcies.com/cases/eternal-image-inc
No way cover this, you want to know the whole story, it will all be revealed through this process.
Below is a quote from a post of mine dated 4/5/2012:
Hearsay...second-hand information...call it what you want but here it is (BTW, I would call this FACT, JMHO!)
http://investorshub.advfn.com/uimage/uploads/2012/4/20/cnnxs1.jpg
http://investorshub.advfn.com/uimage/uploads/2012/4/20/cnnxs1.jpg
http://investorshub.advfn.com/uimage/uploads/2012/4/20/ratzl3.jpg
http://investorshub.advfn.com/uimage/uploads/2012/4/20/zpdr[4.jpg
http://investorshub.advfn.com/uimage/uploads/2012/4/20/nlpdh5.jpg
http://investorshub.advfn.com/uimage/uploads/2012/4/20/wahdf6.jpg
The one filed in the City of Pontiac April 5, 2012:
IT IS HEREBY ORDERED that a Consent Judgment shall enter in favor of Plantiff AEROTEK and against Defendant ETERNAL IMAGE, INC. for the $25,443.84, which is inclusive of post-judgment interest, court costs and statutory attorney fee, less payments received.
But I know that me typing it is probably not valid as far as FACTS, so I want to post the actual document, but I don't know how!
Anyone know how to scan and post onto the board. I would relay the information from the judgment on here but, I don't want anyone to brush it off as second-hand information or hearsay. So in short, I have the 7 page judgment in my hands, how do I show it to all of you?
I will take the under on that! It will be sooner than that...A lot sooner.
Sadly all these companies will get pennies on their dollars spent/invested.....Oh, wait! Kind of like the stockholders....sad for all who lost money here.
I don't think the issue is that you support and will continue to support them. It's that you discount the FACTS that those of us with a vested interest in the success or or failure of EI have been able to cull together.
EI needed to to continue to file no matter what. EI has created an atmosphere of deception by their actions and continued inaction on certain matters. This is not my opinion, this is a FACT.
There are a lot of people left holding the bag. Stockholders and vendors are at the top of that list.
I think my jaw just hit the floor....Seriously!?
I give up! You tell us to call EI and get the information for ourselves; you call EI and then pass it along to the board as proof. These conversations are accepted by you as confirmation, i.e. "Well I called them and was told blah blah blah."
You have demanded that all doubters just call EI, you know because they are so accessible...virtually an open book.
However, I and others on this board have spoken directly to WIFS and yes, they have nothing to hide and are abosolutely willing to tell THEIR customers exactly what is going on with a product they were previously able to provide.
Good points. But let's look at it from the other side.
Are the licenses transferrable?
Are they paid to date? (I will hazard a guess that the answer to that is no.....IMHO)
Why in the world would I (as the MLB, Vatican, Precious Moments) go through the mess of doing this again. How much did any of the companies make off of the products sold by EI?
The licenses cost more than they are worth. And I would think that the Licensors would feel the same way after all this time and mess. Whatever monies they got was not worth the hassle.
IMHO.
EI defaulted on the loan. I promise you this. Just because WIFS has not taken claim to the stock does not mean that EI did not default.
Now, knowing what a mess EI is would you want to take possession of any part of this sinking ship? Kind of like becoming captain of the Titanic after it hit the iceberg.
If it were me, I would get all the other vendors together and file to force EI into bankruptcy. This is the only way they can divest of their inventory and recoup anything.
The LOC is just an expensive mistake WIFS made. No repayment of that in any way, shape or form. Well, none of any value...They can take the stock, but it's worthless.
I think you just made my point....they also have Tony Fifer. So, ummm, yeah.............
Hilarious the way EI has treated the people who trusted them. The investors, the stockholder's, their vendors....
Oh, yeah, FACTS! You'll want facts here.
Fact: We know that EI has left multiple vendors holding the bag and inventory
Fact: We know that EI has not honored their obligations to the stockholders by at the very least filing per their SEC requirements.
Fact: We know they are in arrears on taxes
Fact: We have not seen many of the products that have been promised over the years.
Yep, that's funny stuff right there, I don't care who you are....funny!
Yes. For whatever that's worth...I am sure it was to protect their interest and to make sure that Waterloo was aware of all decisions being made. However, I doubt EI honors their requirements to Board members; they don't honor their requirements to stockholders.
This was a Line of Credit. Waterloo does not own half of the preferred stock. It was used as collateral. See below.
My previous post similar to this one got deleted so I am reposting because I think it has some valid points *ahem*IMHO*cough* So let's try this again:
Waterloo cannot "squeeze" EI out and acquire the licenses cheap...How in the world would that happen? There is nothing that indicates that EI folding results in WIFS acquiring anything from EI. WIFS also is not positioning itself for a hostile takeover of EI never has been. If they take over EI they also take over the debt; and why in all that is holy would WIFS want to lose more money into that festering sinkhole?,
IMHO, seriously, I would not be shocked at all if, in fact, some of these licensees have not been paid at all. Has anyone here ever called CLC, The Vatican Observatory or MLB? I am just hypothesizing here so don't get your drawers in a twist, but we have no filings to prove otherwise.
I for one am going to be following Michigan bankruptcy filings pretty closely the next few days. Also, the wording on the recent bulletin released indicates to me that Clint and Co. may be planning let EI go and reorganize under a different name. Might want to start checking with the Secretary of State for the states where these guys have a personal history for new corporate filings and certain familiar names.
This is dirty pool and it makes me so angry to see Dean, Gail, Tony and WIFS accused of attempting to force EI out by not filling orders....and btw, WHAT ORDERS!!!!?
Just 1 left in stock? or 2 in some cases? WOW! So who will be manufacturing the others when or if they get any other orders? Is Amazon incapable of doing a simple Google search? How does this keep happening? What did they show them to prove that they had manufacturing capabilities? For the love of Mary....I give up!
I think you are wrong about the lack of interest in personalization. You can see it at the conventions. Major casket manufacturers are slowly testing the waters with a template style personalization, i.e. cap panels, corner pieces. The problem is that the consumer is not aware that there are other options than what is being offered to them by the funeral homes.
It doesn't occur to them that they can ask for and possibly receive something tailored specifically to their loved one. And the average (not all!) FD does not want to bother with options outside his or her comfort zone. Or heaven forbid, outside their corporate umbrella.
Personalization is coming but it will be limited if left to Batesville, Mathews, York, etc. You may surprised in a few years how close EI came, too bad there wasn't someone else at the helm.
This industry has got to understand that what has worked in the past will not work for much longer. Funeral homes are not willing to provide what families want and are definitely willing to pay for.
The maximum profit basis should be generated by the services you provide. Funerary products are readily available from other sources, i.e. internet, retail outlets, etc. Your service is what you can offer that no alternative retail source can.
Add in cremation as a cost saving choice for consumer’s and there is no need for caskets or vaults. Again, it will be your services, both customer and funeral based, that will keep your doors open.
It is the arrogance within the industry that has opened the door for outside alternatives. It will change, I can guarantee it!
Waterloo does not manufacture the KISS urns.
As for the funeral homes, this industry needs to get used to the idea that something is out there that will change the way the consumer views funerals and the accompanying merchandise. Boomers will drive this industry into doing what they want, not what the industry wants them to want. It's coming, and EI was close but completely mismanaged the product.
As I understand it, and maybe Basser1 can comfirm, the license fee for MLB alone is $100,000/yr. When I can I will find the documentation, it is online and I have come across it before; I am sure I can again.
LOL! No, it was purely hypothetical, kind of like the situation EI finds itself in at the moment.
IMO there will be no more products from EI. Once they file bankruptcy the manufacturers will be able to sell off the inventory they are sitting on and we may see some of that hit the market, but otherwise, nothing. Most manufacturers have this quirk about wanting to get paid, go figure.