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Kelly-Moore Paints Faces Financial Turmoil, Announces Closure Amidst Asbestos Lawsuit

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Kelly-Moore Paints Faces Financial Turmoil, Announces Closure Amidst Asbestos Lawsuit

Kelly-Moore Paints is going to close down all its operations and will put into process a slow and orderly winding down of all its operations and business. CEO Charles Gassenheimer broke the news and said that the company had exhausted all options to turn the situation around. He expressed gratitude to all employees associated with the company and conveyed regret about the closure.

Many facilities of the company including its manufacturing plant in Hurst are being shut down immediately. The company also said it will try its best to fulfill previous orders from existing inventory. Compensation for work done and payment of accrued benefits, including Paid Time Off, will be provided to all employees. The company had last week ordered 700 workers to go on furlough and stopped production at all its manufacturing plants.

“I’m extremely disappointed and saddened by this outcome, as the entire Kelly-Moore team made incredible efforts to continue innovating and serving the unique needs of professional painting contractors,” said CEO Charles Gassenheimer. “The ownership group’s commitment from day one was to fix the business if we could. Sadly, no matter how great the Kelly-Moore team, products and reputation for service, we simply couldn’t overcome the massive legal and financial burdens that have been weighing on the Company for many years.

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“I could not be prouder of what our talented team accomplished under extremely challenging circumstances,” continued Gassenheimer. “My deepest sympathy goes out to our loyal employees, customers, industry partners and the communities where we do business, who have supported Kelly-Moore throughout its long history. Unfortunately, this was the only viable alternative remaining for us after evaluating all other potentially feasible options.”

“Our owners took on significant financial risks in the acquisition last year,” continued Gassenheimer. “Unfortunately, despite their extraordinary efforts after acquiring this distressed business, they simply couldn’t overcome the unexpectedly large challenges, and will be exiting the business.”

Kelly-Moore Paints had been in trouble in the past 30 years as it had to pay more than $600 million as damages for using asbestos in its paints in the past. The practice was stopped in 1981 but the lawsuit continued to pile up draining the company’s capital. Over the past 30 years, the company had to grapple with thousands of lawsuits.

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Asbestos is a carcinogenic substance and has been prohibited since the seventies when its harmful effects were discovered. Although the company has paid over $600 million in the last 20 years, but it still faces liabilities exceeding $170 million in future asbestos-related litigation.

Additionally, the company also faced supply issues after the COVID-19 pandemic. Kelly-Moore was acquired by Pleuger Chemicals in October 2022 and it also inherited the financial liabilities which included millions of dollars of unpaid sales and use taxes. Pleuger Chemicals had appointed Charles Gassenheimer as CEO and tried to bring in strategies to improve the financial health of the company. The company also shifted its headquarters from California to Texas and tried to negotiate a major portion of asbestos litigation claims.

Despite exhausting all alternative options, including neither bankruptcy reorganization nor an in-court liquidation, the company lacks the finances to continue operations. Furthermore, it lacks hard assets that can be sold to provide finances pumped in to be paid to the creditors.

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Also Read: Will You Receive a Share from $6.6M Novant Health Settlement for Private Data Leak?

Manoj Nair: With a decade of news writing across various media platforms, Manoj is a seasoned professional. His dual role as an English teacher underscores his command over communication. He adeptly covers Politics, Technology, Crypto, and more, reflecting a broad and insightful perspective that engages and informs diverse audiences.

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Bank of America Associate Dies with Acute Coronary Artery Thrombus

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Bank of America Associate Dies with Acute Coronary Artery Thrombus

Bank of America (BAC. N) announced on Monday that an investment banker at the organization met his/her ultimate demise. 

While the netizens are searching and speculating about the reason behind a Bank of America employee’s death, it is unveiled that the deceased passed away of natural causes, reported Reuters.

The details were confirmed by the Chief Medical Examiner of the New York Office when he was asked about decoding the possible reasons for the employees’ deaths. An email from the New York Office confirmed this. 

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The organization announced that the person “died of acute coronary artery thrombus.” The alleged disease “causes the formation of a blood clot inside a blood vessel of the heart.”

In the wake of this, the employer organization, Bank of America, announced that it would extend support to the deceased’s family. It further added, “our focus is on doing whatever we can to support the family and our team, who are devastated.”

Identity of the Individual 

Until now, Bank of America hasn’t disclosed the individual’s identity, age or name. 

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Even the deceased’s relatives have not shared the identity of the person, while they continue to grieve about his/her death.

The deceased employee was an important part of the FIG or financial institutions group. The work of FIG is to provide advices to bank clients regarding deals. 

A source familiar with the deceased employee of Bank of America revealed that the employee was to also be “a former member of the U.S. Green Beret special forces.”

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As per another person associated with this matter, the Bank of America employee met his/her ultimate demise on Thursday. 

According to Nairametrics, this tragic death incident follows certain complaints by junior banking colleagues. The complaints comprise working hours of employees being more than 100 hours a week during 2020 and beyond.

Also Read: LVAC Shooting Update: Male Suspect Arrested, Near Las Vegas Gym On Flamingo Road

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New-Age Cheating Explained as IB Paper Leak Got 45K+ Downloads 

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New-Age Cheating Explained as IB Paper Leak Got 45K+ Downloads 

New-age cheating has currently dominated the of media headlines and social media platforms.

In this, students who sat for Class XII board exams for the International Baccalaureate Diploma Programme (IBDP) reportedly learned the question in on a Mathematics paper.

Later, they shared the questions online on social media. Moreover, they assisted students in different time zones who were yet to sit for the exam. 

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According to TOI, on May 1 and 2, the Math exam for two hours was conducted. However, reportedly on May 3, paper leaked news was discovered. 

These annual exams are conducted by IB in three time zones. 

IB has acknowledged the question leak situation due to difference in time zones. However, the country of origin of the leak hasn’t been made public yet. 

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Reportedly, principals in Mumbai alleged that the part was leaked from Turkey. 

Due to the time zone difference, the paper leak is more likely to benefit students in the Americas, Europe, Singapore, and Hong Kong. Moreover, it is less likely to benefit Indian students. 

The highlights of the report added that this is probably the first instance of a paper leak. The Switzerland-based board witnessed this scenario for the first time in its 55-year history, adds FirstPost.

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On Sunday, IB stated that there was no concrete evidence of the spread of the “time zone cheating.” However, they did discover a number of students who were involved in the practice. 

SCMP reported that “the materials were downloaded more than 45,000 times.”

What is the International Baccalaureate (IB)?

International Baccalaureate (IB) is a Switzerland-based board for providing education to students. It was founded in 1968 and is headquartered in Geneva, Switzerland. 

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Its curriculum is divided into 4 programmes for students from 3–19 years. 

1. Primary Years Programme (3-12 years)

2. Middle Years Programme (11-16 years)

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3. Diploma Programme (16-19 years)

4. Career-Related Programme (16-19 years)

India has a total of 210 IB World schools. Chennai, Bangalore, Kolkata, Mumbai and New Delhi have the larger concentrations of schools in India.

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Also Read: Mastermind of Rajasthan JEN paper leak case nabbed after three years

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North Braddock Church Shooting: Bernard Polite Threatened Pastor, Got Arrested

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North Braddock Church Shooting: Bernard Polite Threatened Pastor, Got Arrested

A church service in North Braddock, Pennsylvania was agitatedly disturbed on Sunday. 

A 26-year-old man, who was identified as Bernard Polite, is said to be behind the shooting that took place at Jesus’ Dwelling Place Church. 

Bernard Polite allegedly brandished a firearm during his sermon targeting Pastor Glenn Germany. 

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The shooting incident at North Braddock Church occurred shortly after 1 p.m.  NBC reported that Pennsylvania State Police charged the 26-year-old. 

Video Footage Obtained 

A video clip was obtained by the church’s deacon. Pastor Glenn Germany shared the footage online. In the clip, an alarming moment can be spotted when “the pastor was confronted by Polite, with the firearm visibly aimed in his direction.”

Pastor Germany said, “I was like, this is not happening” to CBS

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In the video, Deacon Clarence McCallister could also be spotted rushing towards the 26-year-old and throwing him to the ground. Deacon revealed that it was his stimulus that worked, as his mind reacted promptly to the pandemonium. 

Prior to this shooting incident, congregants had accumulated at the Jesus’ Dwelling Place Church to participate in the religious proceedings. Pastor Glenn Germany was guiding everyone. 

However, the peace of the surroundings broke out when police entered the church wielding a firearm with alleged intent.

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The attack on Pastor Glenn Germany is a lesson for the world to understand the importance of having strong security measures at in church. The safety of parishioners and clergy personnel should not be avoided at any cost. 

Many houses of worship are equipped with increased security. However, prompt readiness and alertness needs to be emphasized. 

According to TimesNow, congregations and religious leaders were advised by the authorities to continue being proactive and watchful while resolving any potential threats approaching.

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Also Read: LVAC Shooting Update: Male Suspect Arrested, Near Las Vegas Gym On Flamingo Road

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