Conversion Industries Company

To skeptics, John P. McGrain's financial empire at Conversion Industries was a house of cards waiting for a stiff breeze.

Statordyne Corp., in an effort to distance itself from Conversion Industries Inc., said Monday it has removed Randall M. Gates and Donald B. Clark from its board of directors. Gates is Conversion's chief financial officer, and Clark is the current chief operating officer and former president of the Pasadena merchant bank that helped Anaheim-based Statordyne with its first public stock offering in 1993.

Amex Will Delist Conversion Industries: The American Stock Exchange has decided to move forward to delist the shares of Pasadena-based Conversion Industries Inc. for allegedly providing insufficient disclosure to investors. The decision came after the company argued against delisting at hearings conducted by the exchange. The firm now has five days to appeal the delisting. Conversion's offices were closed Friday. Amex said it halted trading in the company's shares on Oct.

Amex Will Delist Conversion Industries: The American Stock Exchange has decided to move forward to delist the shares of Pasadena-based Conversion Industries Inc. for allegedly providing insufficient disclosure to investors. The decision came after the company argued against delisting at hearings conducted by the exchange. The firm now has five days to appeal the delisting. Conversion's offices were closed Friday. Amex said it halted trading in the company's shares on Oct.

Stock of Pasadena-based Conversion Industries and several of its affiliated companies plummeted Wednesday after the American Stock Exchange said it plans to delist Conversion and its part-owned Beta Well Services. The Amex, citing unspecified disclosure problems, halted trading in Conversion and in Beta on Tuesday, after making its delisting decision. However, both stocks traded in the over-the-counter market Wednesday, where Conversion tumbled $1.19 to close at $1.

Conversion Industries of Pasadena, whose assets have collapsed over the last 12 months, said Wednesday it has borrowed $3.1 million from one of its affiliates. The loan, the latest of several controversial transactions between Conversion and its subsidiaries, was made by CVD Financial, also of Pasadena. It allowed Conversion to repay $2.2 million in bank and margin debt, the firm said.

Statordyne Corp., in an effort to distance itself from Conversion Industries Inc., said Monday it has removed Randall M. Gates and Donald B. Clark from its board of directors. Gates is Conversion's chief financial officer, and Clark is the current chief operating officer and former president of the Pasadena merchant bank that helped Anaheim-based Statordyne with its first public stock offering in 1993.

Conversion Industries CEO Quits: John P. McGrain, 49, said he will leave Conversion because "the adverse publicity I have received as chairman has detracted from shareholder value." The change came two days after the American Stock Exchange decided to delist the Pasadena-based company's stock over disclosure issues. Conversion has operated as a merchant banking firm since 1991, investing in small companies and facilitating public stock offerings for those firms.

The chief executive of embattled Conversion Industries resigned Thursday, two days after the American Stock Exchange decided to delist the Pasadena-based company's stock over disclosure issues. John P. McGrain, 49, said in a statement that he decided to leave Conversion because "the adverse publicity I have received as chairman has detracted from shareholder value."

Conversion Industries of Pasadena, whose assets have collapsed over the last 12 months, said Wednesday it has borrowed $3.1 million from one of its affiliates. The loan, the latest of several controversial transactions between Conversion and its subsidiaries, was made by CVD Financial, also of Pasadena. It allowed Conversion to repay $2.2 million in bank and margin debt, the firm said.

To skeptics, John P. McGrain's financial empire at Conversion Industries was a house of cards waiting for a stiff breeze.

Conversion Industries CEO Quits: John P. McGrain, 49, said he will leave Conversion because "the adverse publicity I have received as chairman has detracted from shareholder value." The change came two days after the American Stock Exchange decided to delist the Pasadena-based company's stock over disclosure issues. Conversion has operated as a merchant banking firm since 1991, investing in small companies and facilitating public stock offerings for those firms.

The chief executive of embattled Conversion Industries resigned Thursday, two days after the American Stock Exchange decided to delist the Pasadena-based company's stock over disclosure issues. John P. McGrain, 49, said in a statement that he decided to leave Conversion because "the adverse publicity I have received as chairman has detracted from shareholder value."

Stock of Pasadena-based Conversion Industries and several of its affiliated companies plummeted Wednesday after the American Stock Exchange said it plans to delist Conversion and its part-owned Beta Well Services. The Amex, citing unspecified disclosure problems, halted trading in Conversion and in Beta on Tuesday, after making its delisting decision. However, both stocks traded in the over-the-counter market Wednesday, where Conversion tumbled $1.19 to close at $1.