A Franklin-based family of diversified manufacturing and medical companies, LGO Global Sourcing LLC, LGO Medical LLC and NCNJ International Inc., all filed for receivership this week in Milwaukee County Circuit Court and will begin winding down their operations.
All three companies are headquartered at 5695 W. Franklin Drive, and are owned by the umbrella LGO Group International, a company that dates back to 1876.
Milwaukee law firm Beck, Chaet, Bamberger & Polsky S.C. is serving as receiver of the companies. It will solicit bids for the companies, and the winning bids will be determined by the court.
LGO Global, also known as Lakeside Sales, makes offshore aluminum castings for major OEMs in automotive, agricultural, off-road vehicle, recreational and marine applications. As of April 22, the company had $96,000 in cash on hand, $1.2 million in receivables and $1.7 million in inventory. It had $3.1 million in outstanding loans from MB Financial Bank, as well as $2.8 million in accounts payable.
LGO Medical is a global sourcing company that manufactures Class III medical devices. As of April 22, if had less than $1,000 in cash on hand, custom bonds of about $70,000, accounts receivable of about $29,000 and inventory of about $700,000.
According to the LGO Medical filing, “LGO Medical entered into an agreement with the patent holder to manufacture that inventory. At the present time, there are ongoing disputes between LGO Medical and the patent holder which affect the value of that inventory.”
LGO Medical also owes MB Financial Bank about $3.1 million. It had accounts payable of about $26,000 and intercompany payables of about $450,000.
And NCNJ provides global sourcing and distribution for a variety of products, including outdoor, recreational and hardware, under the Ridgeway Manufacturing banner.
As of April 22, NCNJ had $397,000 in cash on hand, accounts receivable of about $250,000 and inventory of about $427,000. It owed MB Financial about $3.1 million, and had accounts payable of about $300,000 and intercompany payables of about $150,000.
Creditors are being asked to file their claims with the court within three months.