I am writing to express my disappointment in the reporting offered concerning Schwing America and our Chapter 11 proceedings. As a longtime ENR reader and advertiser, I had respected your publication for getting facts correct and telling the whole story. This was not up to your standards.
Wells Fargo presented objections to our motion for the continued use of cash collateral in the Nov. 27 filing, which you reference in your article. This motion was to be reviewed in Federal Bankruptcy Court on Dec. 2. Schwing America strongly disputed the logic used by Wells Fargo in its objections and stood ready to testify about the facts of our case.
Schwing America never was called to testify on Dec. 2, as Wells Fargo agreed to our use of cash collateral prior to the hearing date. During the Dec. 2 hearing, Judge Dreher went so far as to comment that she could not believe Schwing America agreed with the rationale offered in Wells Fargo’s objection, but as we had reached an agreement, she would honor our agreement.
Everyone at Schwing America takes the Chapter 11 process very seriously. I hope you and your publication will take your reporting with the same level of seriousness in the future.
Editor’s Note: ENR contacted both parties prior to publication, but both declined to comment.
I would like to personally address some of the factual inaccuracies that appear in the article “Problems Force Large Florida Crane Fim To Seek Chapter 11”.
Although I declined to provide comment by telephone, I did take the time to give ENR a very concise and thorough written explanation. Unfortunately, I was disturbed to read what was ultimately published. The article is filled with errors ranging from points that are slightly misconstrued to others that are blatantly false. For example:
The $50.26 million in unpaid bills is not a substantiated number. Linden Comansa America never repossessed a thing. The court temporarily granted the writ of sequestration, but the parts still are being neutrally held. The fleet for sale online has been up for over a year. It is nothing new.
You can read the full text of James Roberton's letter here. [PDF]