Several former employees were interviewed on camera and gave their account of the situation.
The Chairman, Edward J. Fanning, who was identified as an Investor in the company and not an owner gave a statement. Ed Fanning summarized the company is in temporary layoff due to the rough economy and has intentions on paying all of the employees laid off. Ed Fanning said due to lack of orders, and inflow of capital the company was forced to close.
What Ed Fanning did not mention was the fact a 6-unit Multi-Family Building was on the assembly line which company had already received two installment payments, which roughly accounted for $150,000 of the total $300,000 of the project. Ed Fanning also did not acknowledge the company took out a second mortgage on the properties on December 7, 2008 for $257,000. In the month of December, Phoenix should had already received roughly $450,000 cash flow into the company. Where did all this money go? What happened to the loan issued on December 7, 2008 by Wesbanco for $257,000?
Edward J. Fanning, your audience is awaiting your response.
WHIO-TV and WDTN-TV did not find out about this information from Ed Fanning, but a simple search of public records at the Montgomery County Court House will confirm that a second mortgage exists.
If you would like to read the WHIO-TV article CLICK HERE
Welcome home my fellow seeker of justice and enforcer of embarassment.
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