Mace sells more car washes

 - 
06/09/2010

Well, if that effort to get its money back from Paolino doesn’t work, Mace has a little more cash on hand to pay him off with:

Mace Security International Announces Car Wash Sales

HORSHAM, Pa. — June 10, 2010 — Mace Security International, Inc. announced that it has closed on the sale of a car wash in Lubbock, Texas, for $650,000 and that it has entered into agreements to sell its remaining car wash in Lubbock, Texas, for $1,700,000 and a car wash in Arlington, Texas, for $2,100,000.

Let’s see. After paying Paolino $4 million, they’ll have about 300k left over…

Comments

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<p><span style="font-size: x-small;"><span style="color: rgb(153, 153, 153);">June 10th, 2010 at 4:34 pm</span></span><br />
To be fair, the original story on the arbitration award, posted to the SSN website on May 10th and written by one L. Sam Pfeifle, entitled &ldquo;Mace forced to pay $4m to former CEO&rdquo; states that &ldquo;Mace has more than $9 million in cash on hand, and can afford the pay-out&hellip;&rdquo;.<br />
<a linkindex="38" href="../../../../../../../?p=article&amp;id=ss201005RIC9et" rel="nofollow">http://www.securitysystemsnews.com/?p=article&amp;id=ss201005RIC9et</a></p>
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<p>I read the blog post to mean that Mace could now pay Paolino his go-away money and still have $300,000 left over, in addition to their cash on hand. Bottom line: I&rsquo;m selling Mace product as hard as I can, and with the new product I&rsquo;m hearing about, Mace should be nice and profitable in the next 18 months or so- even if they have to give Paolino 4 million to go ruin another company.</p>
<p>Hey, maybe Mace should just pay Paolino in kind. Don&rsquo;t pay him a penny. Just give him the remaining car washes outright and say, they&rsquo;re your problem now, Big Papa. Have fun turning a dollar out. Make sure to wear rubber gloves, otherwise your fingers will get all pruney. And Raefield comes out of this smelling like a rose, or at least like a pine tree air freshener.</p>
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<p><span style="font-size: x-small;"><span style="color: rgb(153, 153, 153);">June 10th, 2010 at 2:47 pm</span></span><br />
Sorry Andrew - you&rsquo;re right, of course. I did not intend to imply that.</p>
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<div class="commentbody">
<p><span style="font-size: x-small;"><span style="color: rgb(153, 153, 153);">June 10th, 2010 at 2:40 pm</span></span><br />
As of March 31 10-Q, (http://www.sec.gov/Archives/edgar/data/912607/000114420410026536/v184524... )<br />
Mace had $7.9MM IN ADDITION TO assets held for sale, which included these car washes. Your wry wit above implied that Mace has nothing to pay the ridiculous arbitration award with but the car wash proceeds only. That is incorrect.</p>
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