Tag: Professional Security Technologies
This Blog's on Fire (And Other Stuff)
Battered but unbowed
August 7, 2012Tess Nacelewicz
Wayne Wahrsager's New York Merchants Protective Co. Inc.—an alarm company in existence for more than 100 years—is no more as the result of a $20 million breach-of contract lawsuit filed against the company and Wahrsager last year by Bank of America.
But Wahrsager tells me he is still very much a player in the security industry—and planning to launch a new alarm company in October with $50 million in funding behind it.
“You just brush yourself off and start all over,”...
This Blog's on Fire (And Other Stuff)
Judge OK's NYMP sale
October 20, 2011Tess Nacelewicz
It's official: A federal judge issued an order yesterday giving the green light for the financially embattled New York Merchants Protective Co. to be sold to Professional Security Technologies LLC in order to pay off creditors.
The written order by U.S. District Court Judge Denis Hurley describes the asset purchase agreement for the New York-based alarm company—in existence for about 100 years—as “fair and reasonable and in the best interest of the estate.”
The order says...
Proposed NYMP sale pending
September 30, 2011Tess Nacelewicz
FREEPORT, N.Y.—The New York Merchants Protective Co. Inc., a financially embattled New York-based alarm company that has been in the same family for about 100 years, was put up for sale late this summer.The company has been under receivership since early this year, when Bank of America sued NYMP, which is based here, and its owner Wayne Wahrsager for more than $19.2 million for allegedly defaulting on a loan.In August, the company's court-appointed receiver posted notices in The New York Times...