Documents Regarding Office Depot Allegations
The documents that are available on the internet regarding David Sherwin allegations and Office Depot. We actually found the email that David sent to the president of Office Depot.
The Wheels of Justice are in Motion for Nukote & Depot
Not much to see yet – but looks like the wheels of justice are starting to roll. It looks like a little bit of legal activity is going on in Tennessee. From Justia
Does Nukote have financing lined up to come out of bankruptcy yet?
_____________________________________________________
Nukote International, Inc. v. Office Depot, Inc.
Plaintiff: Nukote International, Inc.
Defendant: Office Depot, Inc.
Case Number: 3:2009cv00921
Filed: October 2, 2009
Court: Tennessee Middle District Court
Office: Nashville Office [ Court Info ]
County: Davidson
Presiding Judge: District Judge Aleta A. Trauger
Nature of Suit: Bankruptcy – Withdrawal
Cause: 28:0157 Motion for Withdrawal of Reference
Jurisdiction: Federal Question
Jury Demanded By: None
Chalk One Up for Office Depot
Interesting press release about retracting statement about Office Depot that we found on Yahoo.
- Source: National Office Products Alliance (NOPA)
- On Monday September 28, 2009, 10:28 am EDT
The National Office Products Alliance (NOPA) is retracting a statement that it issued in a July 21 press release in which it referenced the allegation it made to the California Attorney General of ‘kickbacks’ NOPA claimed were made to U.S. Communities. NOPA acknowledges it has no knowledge of ‘kickbacks’ being paid to U.S. Communities nor does NOPA have knowledge of any investigation of U.S. Communities as an organization. It regrets that its statements may have suggested otherwise.
Accordingly, NOPA has removed the July 21 release from its website, along with testimony of one of its directors in the California legislature on August 19 that also referred to ‘kickbacks.
Our comments:
This has been an interesting run on the Office Depot Stock in the past six months. Buy on bad news and sell on good news.
And the Battle Continues – Nu-Kote & Office Depot
Nukote International, Inc. filed a lawsuit against Office Depot in Nashville’s U.S. Bankruptcy Court to tune of $217 million stating “egregious fraudulent misrepresentations and breaches of contract” in which Nukote lays the blame of their second Chapter 11 filing in the company’s history squarely on the shoulders of Office Depot.
This past May Nukote and Office Depot severed their 20 year vendor/retailer relationship despite consistent assurances from senior representatives at Office Depot that the relationship with Nukote was secure. The vendor/retailer contract was not due for renewal until July 2010. Nukote had once provided Office Depot with an estimated $85 million in product annually. In the lawsuit Nukote claims Office Depot had not paid them as consistently as they had in the past, then forced Nukote into a bidding war to keep Office Depot’s business. The delay of payments, time and money spent on the bidding war that ultimate resulted in the loss of Office Depot’s business “brought the Debtor (Nukote) to its knees” financially.
Office Depot responded to the filing in a statement which said “Nukote was significantly past due on amounts owed to Office Depot and, in fact, Office Depot still holds a significant receivable balance for Nukote. Indeed, it is not Office Depot that is indebted to Nukote, but it is Nukote that is indebted to Office Depot.”
The statement further says that Office Depot did not breach any contracts with Nukote by changing suppliers. Office Depot claims Nukote stopped shipping product and “This interruption in service caused Office Depot to experience low inventory and out-of-stocks, and ultimately required Office Depot to quickly ramp up inventory with alternate suppliers”. The response goes on to say “Office Depot intends to vigorously defend against Nukote’s allegations and monetary demands. Further, Office Depot fully intends to seek reimbursement for the amounts Nukote owes to Office Depot.”
So I say lean back, kick your feet up and watch the battle rage on in what is sure to be a lengthy fist fight in which no winner may ultimately claim victory. At least it makes for juicy office products industry gossip!
This is our opinion of what actually is happened.
Many years ago in a land far, far away Office Depot investigated their viability in the compatible toner and inkjet cartridge business. NuKote proved they were Office Depot’s solution to this notion and won the business with set contract-pricing, rebate dollars and co-op dollars. The years go by and Office Depot’s employee turn over, increasing pressure to source lower priced product coupled with shrinking margins squeeze Nukote into a no-win situation.
Fast forward to early this year: Office Depot wants their rebate dollars but NuKote doesn’t want to pay because they’ve discounted their product so far below contract prices it makes them ineligible for rebate dollars (unless they give it away for free). Office Depot says “No…!” we want our rebate dollars or we’ll take the money from our payables to you. Now Nukote is being short paid on outstanding invoices. Subsequentially Nukote starts to see the writing on the wall with their bank and the serious decline in A/R from Office Depot. Pushed to the brink, Nukote files for protection in bankruptcy court. And inside bankruptcy, Nukote files claim against Office Depot for $217 million in damages putting the blame for their second Chapter 11 filing in the history of the company squarely on the shoulders of Office Depot.
Heavens, how’d we get here! Pause and take a breath! Imagine if the top dogs of both companies sat down face to face, human being to human being and talked it out. Could things have been salvaged? Would both companies have to be in such horrendous situations today? Who knows because obviously egos got in the way. So where are we in present day? Well, there’s a full fledged dog fight happening to determine who’s responsible for who did what to who and how much its all worth. More to come as it unfolds.
So who did wrong, Office Depot or Nukote?
What is a Sticky Tool?
Why do you need one?
The purpose of a sticky tool, is a tool on your website that makes a prospect or customer come back to you site, day after day.
Office Depot Exposed, Again
Or is it corruption in the School District -
Office Depot Exposed, Again
Or is it corruption in the School District -
Office Depot Exposed, Again
Or is it corruption in the School District -
From The Nashville Post – Nukote Files for Bankruptcy Protection
The Nashville Post is referencing to this post about Office Depot and Nukote – Who Fires Who?
Printing supplies maker Nukote International Inc., which has a distribution center in Franklin, has filed for Chapter 11 reorganization in Nashville’s U.S. Bankruptcy Court.
Nukote, headquartered in Plano, Texas, disclosed that it owes some $14.5 million to its top 20 unsecured creditors. It stated that its assets are worth about $86 million, while its liabilities stand at approximately $79 million. Four subsidiaries filed accompanying Chapter 11 petitions. The five petitions are available here (large .pdf file), and a related filing with further details is at this link.
The filings say Nukote owes lender CIT Group about $30 million on a secured financing package. The company owes $2.6 million to its largest unsecured creditor, Grupo American Industries S.A. de C.V., of Chihuahua, Mexico. Other major creditors are located in Canada, Hong Kong, Vietnam and across the U.S.
Nashville’s ABF Freight System Inc., the only local company on the list of creditors, is owed $189,000.
This is Nukote’s second trip through the local bankruptcy court. It filed here under Chapter 11 in 1998, when it was a publicly traded company, and emerged in 2000 with private equity firm Richmont Holdings of Dallas as its majority owner.
“There will not be any job cuts as a result of the filing,” said Russell Mack, a spokesman for Richmont. “We will continue to conduct business as usual.”
Nukote is one of the world’s largest remanufacturers of inkjet and laser toner printer cartridges. It currently employs 29 people at its Franklin facility, which local economic development officials used to list as one of the city’s largest employers with a workforce of about 250 as of 2005.
Worldwide, the company employs about 1,100, according to one of its filings yesterday. As recently as November 2007, it said in a press release that it had more than 3,000 employees.
In April, an office-products industry blog reported that Nukote’s status as a major supplier to retailer Office Depot had come to an end, resulting in significant job losses.
Frank J. Wright, with the Dallas firm Wright Ginsberg Brusilow, is lead counsel for Nukote. Craig Gabbert of Nashville’s Harwell Howard Hyne Gabbert & Manner, who was involved in the company’s 1998 reorganization, is serving as local counsel in the new case along with Harwell partner Barbara Holmes.
From The Nashville Post – Nukote Files for Bankruptcy Protection
The Nashville Post is referencing to this post about Office Depot and Nukote – Who Fires Who?
Printing supplies maker Nukote International Inc., which has a distribution center in Franklin, has filed for Chapter 11 reorganization in Nashville’s U.S. Bankruptcy Court.
Nukote, headquartered in Plano, Texas, disclosed that it owes some $14.5 million to its top 20 unsecured creditors. It stated that its assets are worth about $86 million, while its liabilities stand at approximately $79 million. Four subsidiaries filed accompanying Chapter 11 petitions. The five petitions are available here (large .pdf file), and a related filing with further details is at this link.
The filings say Nukote owes lender CIT Group about $30 million on a secured financing package. The company owes $2.6 million to its largest unsecured creditor, Grupo American Industries S.A. de C.V., of Chihuahua, Mexico. Other major creditors are located in Canada, Hong Kong, Vietnam and across the U.S.
Nashville’s ABF Freight System Inc., the only local company on the list of creditors, is owed $189,000.
This is Nukote’s second trip through the local bankruptcy court. It filed here under Chapter 11 in 1998, when it was a publicly traded company, and emerged in 2000 with private equity firm Richmont Holdings of Dallas as its majority owner.
“There will not be any job cuts as a result of the filing,” said Russell Mack, a spokesman for Richmont. “We will continue to conduct business as usual.”
Nukote is one of the world’s largest remanufacturers of inkjet and laser toner printer cartridges. It currently employs 29 people at its Franklin facility, which local economic development officials used to list as one of the city’s largest employers with a workforce of about 250 as of 2005.
Worldwide, the company employs about 1,100, according to one of its filings yesterday. As recently as November 2007, it said in a press release that it had more than 3,000 employees.
In April, an office-products industry blog reported that Nukote’s status as a major supplier to retailer Office Depot had come to an end, resulting in significant job losses.
Frank J. Wright, with the Dallas firm Wright Ginsberg Brusilow, is lead counsel for Nukote. Craig Gabbert of Nashville’s Harwell Howard Hyne Gabbert & Manner, who was involved in the company’s 1998 reorganization, is serving as local counsel in the new case along with Harwell partner Barbara Holmes.
