Dayton mint has no plans to reduce workforce, company spokesman says
A Washington-based precious metals company with a minting facility in Dayton filed for Chapter 11 bankruptcy protection April 1 following a $38 million February judgment in a civil defamation lawsuit against the company's owner, according to various media reports.
According to the company web site, Northwest Territorial Mint, headquartered in Federal Way, WA, operates its primary minting facility at 80 East Airpark Vista Blvd in Dayton.
The 118,000 square-foot facility is also home to Medallic Art Company, a subsidiary division of Northwest Territorial Mint, said a corporate spokesman who wished not be identified.
The company acquired the airpark property in 2009, the spokesman said.
In its February story, the Las Vegas Review-Journal (LVRJ) reported that Northwest Territorial Mint owner Ross B. Hansen and an employee, Steven Firebaugh, were sued for defamation by Bradley S. Cohen in U.S. District Court in Las Vegas.
The Seattle Times and Wall Street Journal also reported the same information.
Cohen, who owns Cohen Asset Management in Century City, CA, accused Hansen and Firebaugh of creating web sites -- www.bradley-cohen.com and www.bradleyscohen.com -- with the intention of deliberately trying to ruin his public reputation, comparing him to convicted Ponzi-scheme investor Bernie Madoff, who is currently serving a 150-year prison term, the LVRJ reported.
The LVRJ reported that Northwest Territorial Mint was a former tenant of Washington state property owned by Auburn Valley Industrial Capital, LLC, a corporate affiliate of Cohen Asset Management. The report said Hansen had become disgruntled following a $3 million lawsuit from the landlord in 2010, claiming the property had become contaminated by harzardous material.
The landlord, Cohen's affiliate, won the suit.
Chapter 11 of the federal Bankruptcy Code typically requires a debtor to reorganize its assets as a condition of protection against creditors, the government-based web site www.uscourts.gov states.
While Northwest Territorial Mint is required to submit to the terms of Chapter 11 bankruptcy protection, the company currently has no plans to layoff any workers at the Dayton minting facility, the spokesman stated.
The company, founded in 1984, employs about 200 people, the Wall Street Journal reports.
"There are no plans for reducing the workforce," company CEO Ross Hansen said through his spokesman. "At best, they may be adding jobs as this is a Medallic Art Company facility."
Medallic Art is a subsidiary division of Northwest Territorial Mint that specializes in the production of custom medals and medallions, the company web site states.
The company declined further comment, including whether or not the bankruptcy reorganization will effect employee paychecks.