From below link,circa 2000:
http://bankrupt.com/TCR_Public/00051...
SIMMONDS CAPITAL: SCL Electronics Files For Bankruptcy
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Simmonds Capital Limited (TSE:SMM) announced that its
wholly owned subsidiary SCL Electronics Ltd. has made a voluntary
assignment pursuant to the Bankruptcy and Insolvency Act. This
decision came following the receipt from SCL Electronics Ltd's
bank lender of a payment demand and a notice of intention to
enforce security. The estimated book value of the remaining
assets of SCL Electronics Ltd. are $5.7 million with liabilities
of $24.6 million, including $4.9 million owed to the bank as the
largest secured creditor and $16.8 million owed to Simmonds
Capital as the largest unsecured creditor. SCL Electronics Ltd.
is a Canadian distributor of audio and video products.
Mr. John Simmonds, CEO of Simmonds Capital, stated " Since last
year, we have been working on a divestiture plan for the
operating divisions of SCL Electronics. The amounts for the
divestiture have been fully provided for in our 1999 financial
statements as losses from discontinued operations. In February,
we received shareholder approval to sell these discontinued
operations in order to focus on our merchant banking activities.
The contract manufacturing business sale closed in February and
we have recently completed the sale of the A.C. Simmonds & Sons
components division. Unfortunately, we have been unable to find
a purchaser for the audio/video division of SCL Electronics as a
going concern. This is the last remnant of our operating
businesses to be sold. Our goal is to wind up SCL Electronics as
quickly as possible and to put our efforts into building our
investment and merchant banking activities."
Simmonds Capital Limited is a merchant banking company with an
active role in certain strategic investments. The company's
current investments include three main initiatives: interactive
gaming technology focused on the North American horse racing
market, internet service site focused on home products and home
service, and wireless communications.
I believe SMM was delisted in 2002 or 2003, TSX I believe?
Yar me buckos, that she blows!!!!!
