Door manufacturer prepares to open in former O'Sullivan building

Structured Equity Advisors, of Newport Beach, Calif., has announced in a press release that "it obtained a judgment against all O'Sullivan claims and in favor of all SEA counterclaims including return of the $1.5 million earnest money deposit plus interest and SEA's attorney fees related to the defense of this action."

The court rendered the judgment in a case that began when SEA alleged that O'Sullivan "breached the contract between SEA and O'Sullivan" by not accepting its bid to purchase the manufacturing facility in Lamar, Mo.

The court's judgment also says that O'Sullivan's trustee was "under the direction of Wachovia and that the issue might have been avoided altogether had Wachovia instructed its trustee differently."

The press release, dated Sept. 30, quotes SEA chief executive officer, Robert Duncan as saying, "the court ruled in our favor and against O'Sullivan and Wachovia in virtually every aspect of the lawsuit." A phone call to Duncan failed to reach him, but he left a message at the Nevada Daily Mail deferring all further inquiries to Evan Daniels, president and chief executive officer of Polymer-Wood Technologies of Dallas, Texas.

Daniels said the $1.5 million returned by the court was "our money, we put it down as a good faith deposit," on the building in Lamar. Daniels also said it will take some time before any of the money will be realized.

According to Daniels, 1900 Gulf Street Partners, a wholly owned subsidiary of Polymer-Wood Technologies, has owned the building in Lamar for a little more than a year and is in the process of completing its plan of starting a manufacturing business in the 1.2 million square -foot facility.

"We've spent a lot of money buying it and maintaining it and getting investors involved," Daniels said. Daniels' Gulf Street group has spent "a tremendous amount of money getting to this point," he said.

It has taken more time than anticipated because of the economy, he said. "Bank financing just dried up." He also said that his group is being very creative with their financing options. People are starting to let some of their money out, he said, but he wouldn't commit to a timeframe for when financing would be in place and a new business would be up and running in Lamar.

Polymer-Wood Technologies manufactures commercial, fire rated, interior doors according to Daniels and that is what the Gulf Street group plans to produce in Lamar. A combination of things makes the old, O'Sullivan facility attractive for the group.

Daniels said that the town of Lamar has been good to them. "We're anxious to be there." Initially, the new facility may employ as many as 100 workers, and that could expand to as many as 400 in the future. "We intend to hire local first," Daniels said.

The facility suits us because of the "location" Daniels said. "Within 500 miles you have 85 percent of the business distribution for the country." He also stated that the rail lines, one of them running beside the facility, were important. And "the existing workforce is a draw," because of their skill set.

Though Daniels would not give any specifics on when, he did say, "this is the right place." Polymer-Wood Technologies has been trying to finish financing "so it can buy equipment and bring manufacturing back to Lamar."