Ansonia's Master Industries is in court-ordered receivership

Ansonia's Master Industries, Inc., is having apparent financial difficulties - and was just recently ordered into receivership.
In February, Avon Lake, Ohio-based Polyone Corporation was awarded a $311,679.62 judgment against Master in Darke County Common Pleas Court. In April, Sabic Innovative Plastics obtained a default judgment in the same court against Master Industries in the amount of $89,568.56. Sabic temporarily had a "lock order" permitting it to shut down the business, presumably for sale. However, that judgment was superceded by a Montgomery County Common Pleas Court Order granting a multi-million dollar judgment for National City Bank against Master Industries. The same court also appointed Chikol Equities, Inc. of Dayton to act as receiver.

The Montgomery County Common Pleas Court on June 2, 2009, granted National City Bank judgments against both Master Industries and James Brogden as follows:

• Count 1: against Master Industries Inc. in the amount of $2,301,283.53
• Count 2: against Master Industries Inc. in the amount of $56,733.69
• Count 3: against Master Industries Inc. in the amount of $176,879.92
• Count 4: against Master Industries Inc. in the amount of $553,918.29
• Count 5: against James Brogden in the amounts of: $2,301,283.53; $56,733.69; $176,879.92; and $553,918.29 

James Brogden is either the current of former CEO of Master Industries. He is currently listed as the owner of a residential home in Piqua, Ohio - and owns real estate in Miami and Darke County. And according to the Montgomery County judgment, he is personally liable for an approximate $3 million judgment to National City Bank.

The phones are still being answered at Master Industries, as a man there confirmed the receivership and identified the court from which the receiver was appointed.

The Master Industries website is still up - and describes the business as ...

Founded in Detroit in 1950, Master Industries designs and manufactures injection molded products for the demanding automotive OEM market and other "first tier" suppliers. In addition, we serve a number of industrial OEM markets, including HVAC, Computer Hardware & Peripherals and more. Today, we operate two facilities totaling 55,000 square feet. These facilities in Ansonia and Piqua, Ohio are both conveniently located near the intersection of the 1-70/I-75 corridors.