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Auto
Recycling eNewsletter
For immediate release –September 2007
Written and published by Mike Gibson and Ron Sturgeon, autosalvageconsultant.com, email to mikeg@autosalvageconsultant.com. To register for future free issues, visit http://www.autosalvageconsultant.com. Don’t forget to watch for our management articles monthly in Recyclers Power Source Magazine, or posted at our web site.
LKQ Corp. Announces Receipt Of HSR Clearance For Keystone Buyout; Reveals 10 Mln Common Stock Offering - Quick Facts Wednesday, September 05, 2007 Market Trading
LKQ Corp. (LKQX) on Wednesday said it received clearance under the Hart-Scott-Rodino Antitrust Improvements Act in connection with its pending acquisition of Keystone Automotive Industries, Inc. The waiting period under HSR expired on September 4, 2007. Expiration of the HSR waiting period was a condition to completion of the acquisition.The consummation of the acquisition remains subject to approval by Keystone's shareholders. LKQ still expects the Keystone acquisition to close early in the fourth calendar quarter of 2007.In addition, the company revealed a public offering of 10 million shares of its common stock. The common stock to be offered would consist of 8.5 million shares to be issued and sold by LKQ and 1.5 million shares to be sold by certain selling stockholders of LKQ.LKQ would not get any of the proceeds from the sale of shares by the selling stockholders. LKQ expects to grant the underwriters an option to purchase up to 1.5 million additional shares of common stock solely to cover over-allotments. The proceeds from the offering would be used to repay existing indebtedness and to fund a portion of the purchase price for the Keystone acquisition. LKQ also expects to reduce its financing from Deutsche Bank and Lehman Brothers Inc. to nearly $850 million.
WJZ Baltimore, Maryland News Weather: Boss Allegedly Killed Employees Who Wanted Raises Jul 31, 2007 8:59 am US/Eastern (CBS) EAST POINT, Georgia
The owner of a car dealership has been accused of killing two employees because they kept asking for pay raises.
Rolandas Milinavicius has been charged with two counts of murder in the shooting deaths of Inga Contreras, 25, and Martynas Simokaitis, 28. All three are from the eastern European nation of Lithuania but had been living in Atlanta, authorities said. Milinavicius, who was having financial problems, told police he shot the two Thursday after they kept asking for more pay, said police in East Point, which is just outside Atlanta. “He told us that he was under a lot of stress,” East Point police Capt. Russell Popham said. “Unfortunately, he decided to take his anger out with violence.” Milinavicius, who had been living in Alpharetta, started RM Auto International two years ago, hoping to meet the demand for American cars in Lithuania. He began shipping cars and later hired the two victims as his only employees. Milinavicius, 38, turned himself in two days after the shootings and confessed to the killings, Popham said. “As I understand, the employees were not really happy about the pay, and they had questioned him about it over the course of time,” Popham said. “That morning he said he just snapped.” Contreras and Simokaitis were cremated and an informal memorial service was held at Simokaitis’ cousin’s apartment over the weekend. The remains were to be flown to Lithuania on Tuesday. “It doesn’t make any sense,” the cousin, Jaunius Simokaitis, of Fayetteville, said Monday. “If he was having money problems, these two would have been the ones to help him get out of debt. They would have helped him make that money.”
Vallejo Pull-A-Part owner faces civil charges from district attorney, Napa Valley Register, By Kerana Todorov Register Staff Writer, Sunday, July 29, 2007
A south county auto dismantler is facing court action to force him to cease operation, saying he has defied county orders to close his troubled business. Napa County’s District Attorney’s Office on Monday filed a civil complaint against Vallejo Pull-A-Part owner Isiah Lewis, saying Lewis continued to bring, dismantle and crush salvage vehicles and store hazardous waste on his Green Island Road property after the county made it clear he no longer had a permit to do so. Vallejo Pull-a-Part has a long history of environmental and other violations, according to county officials. “Defendant Isiah Lewis does not have a use permit or an approved site plan for any use of the property,” Napa County Deputy District Attorney Richard Zimmerman said Friday. The only allowable use of the property, he wrote, is agriculture.
How’s Business?
“If you don't go after what you want, you'll never have it. If you don't ask, the answer is always no. If you don't step forward, you're always in the same place.” Nora Roberts
AutoSalvageconsultant.com was formed in 2001 to help recyclers improve their businesses. With over 50 years of experience in 3 staff members, the group is THE definitive source for recyclers’ management and training needs. Mike Gibson and Tammy Sturgeon joined the team in 2003, and bring a wealth of experience to the team, plus more resources, as there have been more requests for help than Ron could meet. The founder, Ron Sturgeon is past owner of AAA Small Car World. In 1999, he sold his six Texas locations, with 140 employees, to Greenleaf. In 2001, he founded North Texas Insurance Auction, which he sold to Copart in 2002. In 2002, his book “Salvaging Millions” was published to help small business owners achieve significant success, and was recently reprinted and published in Chinese. In June 2003, he joined the new ownership and management team of GreenLeaf. He also manages his real estate holdings and investments. You can learn more about how to help your business at www.autosalvageconsultant.com. Mike can be reached at 628 SW Rand Drive, Burleson, TX 76028, (preferably) mikeg@autosalvageconsultant.com, or 817-925-8430.