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Saturday, March 6, 2010

President of Bankrupt M.W. Sewall Fired

Fired from your own company.....


By The Mainebiz News Staff
A trustee in charge of managing a bankrupt Bath oil company has fired its president and is planning to sell the company's assets.

M.W. Sewall & Co. trustee Mark Stickney has fired President Philip Sewall and has been granted a restraining order and preliminary injunction against him, according to The Times Record.

The U.S. Bankruptcy Court put the company, which sells heating oil and operates convenience stores, under trusteeship in October, after it filed bankruptcy in March. Stickney sought the restraining order against Sewall to prevent him from using proprietary company information to set up a competing business, according to The Forecaster.

The order prevents Sewall from having contact with M.W. Sewall employees, customers, funding sources, vendors or other business prospects without Stickney's written approval, and from using any property belonging to the company, according to The Forecaster.

Stickney also filed an order approving a bidding process to "sell substantially all of (M.W. Sewall's) assets" to pay creditors, according to The Times Record. Stickney's attorney, Gayle Allen, told the paper the order will allow Stickney to determine what assets can be sold.

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