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MAJOR FORECLOSURES HIT CLAY - Filicon Manufacturing Appears To Be History |
| (05/20/2002) |
| Clay County Sheriff Harold Fields has been moving equipment from the defunct Filicon
Manufacturing Company in Clay, located in an old Rite Aid building. The filter making
company offered to provide 100 jobs to the community, but failed to get off the ground. A trustees sale of Filicon equipment is scheduled on June 3 by the Clay County Bank. The Central Appalachian Empowerment Zone is seeking to recover $121,000. The plant, owned by Manfred Kuentzer, had two to four employees producing filters. Kuentzer has claimed he can get the operation off the ground with further financial support. His company attempted to erect a new building at a site near Ovapa. The Clay County Bank is foreclosing on several other properties after the sudden resignation of bank President J. D. Morris. Morris left his long-term position recently, reportedly after auditors visited the institution. The FDIC web site indicates the Clay bank is among West Virginia banks that may be losing money. Clay's alternative newspaper The Communicator says the Clay bank may be "under scrutiny to eliminate a bunch of bad debt." Sally Cline of the State Banking Commission says information regarding audits or status of state banks is not public information, under law. Some information regarding banks can be obtained on www.FDIC.gov. Interests held by Clay businessman, Clinton Nichols, are being placed on the auction block, including his newspaper The Clay Free Press. Nichols reportedly owns numerous buildings, including the Tales of the Elk Motel and buildings housing the "Dollar Store," a furniture store, among others That sale may be scheduled for July. New bank president Scott Legg, a member of the Clay County Board of Education, has taken over the helm of the bank. The Clay Communicator suggests other foreclosures may occur in the community.
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