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April 9, 2010

M.W. Sewall auctioned to former leader

By The Mainebiz News Staff

 

A former leader and Sewall sibling was the top bidder Tuesday at an auction for bankrupt M.W. Sewall's heating oil operations.

Edward "Ned" Sewall III, who ran the Bath-based company for 10 years, bid $4.76 million for a portion of the company's assets, outbidding Downeast Energy and TD Bank, among others, according to The Times Record. Ned Sewall left the company in 2007, when his brothers, Philip and Mark, threatened to sue him and ultimately bought him out for $4.5 million in cash and stock. More than half of Sewall's winning bid, $2.69 million, was comprised of buyout money still owed to him, according to the paper. Once the sale closes, Sewall will take control of the company's fuel oil assets, bulk storage facilities and its Bath office building. A separate auction is planned for the company's chain of 11 Clipper Mart convenience stores, scheduled for April 20.

M.W. Sewall filed for bankruptcy last March and was put under the control of a trustee in October. Earlier this year, trustee Mark Stickney fired President Philip Sewall and placed a restraining order against him to prevent him from using proprietary information to establish a competing business.

Go to the article from The Times Record >>

 

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