Very Rare ALL WASTE, INC. Working Proof
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Product Details
Company
AllWaste, Inc.
Certificate Type
Working Proof for one of the company's Convertible Subordinated Debenture Bonds
Time Period
1990's
Printer
American Bank Note Company
Format & Approximate Size
This proof is housed in a standard 12" x 8 1/2" cardboard folder. The proof is protected by a clear protective and editing layer which can be lifted away, and is adhered to the folder itself.
Images
You will receive the exact proof pictured as it is the only one of it's kind. The first image shows the proof in the folder with the cover flipped up and the protective/editing plastic layer in place atop the proof. The second image shows the proof with the plastic layer lifted away and out of view.
Guaranteed Authentic
Yes
Additional Details
Fascinating piece of financial history from this industrial cleaning and waste management company!
Allwaste was founded in 1977 by Raymond L. “Bubba” Nelson, Jr. After earning a degree in industrial management from McNeese State University, he had gone to work driving a garbage truck for the family business, Nelson Industrial Services of Sulphur, Louisiana. This enterprise had expanded to 16 trucks by 1971, when it was sold to Browning-Ferris Industries Inc. (BFI) for $2 million in stock. As part of the agreement, Nelson stayed on to run the company, but he later moved to Houston to help Browning-Ferris acquire similar family-owned garbage operations.
While in Houston, Nelson saw an opportunity in industrial waste removal and started Allwaste in 1977 with a single air mover, a powerful industrial vacuum cleaner, mounted on a truck chassis, that he operated himself. Purchased for $85,000 with his BFI stock as collateral, this device was used to remove waste from petrochemical-refinery smokestacks and tanks and steel-mill blast furnaces. “Before, they used buckets and shovels, but air moving cut the time needed to do the job by 80 percent,” Nelson later told a reporter. Nelson soon added electrical utilities to his roster of clients.
Allwaste had a fleet of 14 air movers serving Texas petrochemical plants before the collapse of oil prices in the early 1980s almost swamped the fledgling firm under a torrent of debt. By firing one-quarter of his employees, calling on customers himself, and cutting other expenses, Nelson kept the company afloat until the local economy recovered. Interviewed by Forbes in 1990, he recalled, “The experience taught me that big is not necessarily beautiful in this business. Now we try to have all our locations three or four trucks underequipped. If one location has an onslaught of business, he can call his buddy next door.”
By 1986 Allwaste was operating from five locations in three states. Nelson took the company public in December 1986 in a stock offering that raised about $7 million for Allwaste.
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.
