Huntco Inc. (Steel Company, Brought Down by Enron)
Huntco Inc. (Steel Company, Brought Down by Enron)
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Product Details
Nicely engraved specimen stock certificate from Huntco Inc. dating back to the 1990's. This document, which contains the printed signatures of the company Chairman of the Board and Secretary, was printed by the American Bank Note Company, and measures approximately 12" (w) by 8" (h).
The vignette features the bust of founder B. D. Hunter.
Images
Historical Context
Huntco Inc. was purchased B. D. Hunter in 1986 through a leveraged buyout. The company was based in Missouri, with offices in Chesterfield. Hunter brought the company public in 1993.
The company processed flat rolled carbon steel and manufactured portable compressed air vessels and compressed air cylinders.
The company had three subsidiaries - Huntco Nevada Inc., Huntco Steel Inc. and Midwest Products Inc.
Huntco sold part of its steel coils production to Enron in June 2001 and contracted with Enron to provide operating and maintenance assistance and to purchase steel coil products from the company, according to Huntco's proxy statement. In addition, Huntco had a 10-year, $5 million loan from Enron, but Enron failed later that same year.
When Enron went bankrupt in December and stopped supplying steel coils, Huntco was forced to scramble for alternatives. At that time, a number of other suppliers became concerned about how the Enron bankruptcy would affect Huntco. As a result, they would only provide steel on a cash basis.
In February of 2002, Huntco Inc. filed for bankruptcy.
Additional Information
Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. All items offered are collectible in nature only. So, you can frame them, but you can't cash them in!
All of our pieces are original - we do not sell reproductions. If you ever find out that one of our pieces is not authentic, you may return it for a full refund of the purchase price and any associated shipping charges.
FAQ
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