Loan personal secured usa

Syracuse Blue Print files for Chapter 11 bankruptcy

SYRACUSE - A changing marketplace has forced a 95-year old Syracuse company to restructure. Syracuse Blue Print Co., Inc. filed for Chapter 11 bankruptcy protection in the Northern District of New York Jan. 31. Syracuse attorney A. Sheldon Gould filed the petition on behalf of Syracuse Blue Print.

Brothers Andrew B. Nye and Carl S. Nye II own Syracuse Blue Print. Their father, Carl S. Nye, worked at the company for 60 years before retiring as president and chief executive officer in 1996. He died in 1998. The brothers own equal shares in the corporation.

Andrew has worked at Syracuse Blue Print since 1960 while Carl joined in 1982.

The shift from hand drafting to computers eliminated much of the company's traditional market, wrote Syracuse Blue Print President Andrew Nye in an affidavit filed with the voluntarybankruptcy petition.

"The introduction of digital-document creation and digital reproduction reduced the sales of drafting equipment and supplies to virtually zero," Nye wrote. "The change in the distribution model of printmaking equipment and supplies has created new competitors and higher-priced competition."

David R. Cohn, co-owner of Commercial Art Supply, Inc. located in Syracuse, confirms the radical changes to the commercial-art business and a "substantial loss of revenue." He not only cites the impact of computers, but also emphasizes that over the past 15 years the loss of major corporations like Carrier has reduced the number of corporate clients. Cohn says that when Commercial Art Supply opened in the Syracuse market, the two firms were direct competitors.

"Syracuse Blue Print remained in the blueprint and reprographics business (reproduction of large commercial drawings), while we [Commercial Art Supply] diversified into retail fine arts and wholesale distribution nationwide." The two companies have not competed for at least five years.

Nye's affidavit also blames expansion plans in Watertown and Buffalo for putting a strain on its finances. The company has closed both branch offices.

"The market has gone through a tremendous change," says Nye, "[still] we're very confident we'll get through this."

Prior to the computer revolution, Syracuse Blue Print's sales were 70 percent drafting supplies and 30 percent printing. Now the company's business is 90 percent printing, says Nye.

Computers have taken over the world of design. Architects and others who used to use paper to design, now employ computer-aided design (CAD) programs.

Syracuse Blue Print's bankruptcy court petition lists $273,358 worth of corporate assets under the heading "Personal Property" and unsecured claims of $618,987. No secured creditors are listed in the affidavit. The company leases its 825 E. Genesee St. facility from the Vivian Nye Living Trust Fund. Barbara K. Barry is trustee for the Vivian Nye Trust. Built in 1910, Syracuse Blue Print leases space in a 17,200-square-foot building, according to city tax records.

The Genesee-Irving Leasing Corp. is Syracuse Blue Print's largest unsecured creditor with $147,917 in lease-related debt listed. Andrew Nye is listed as chief executive of the corporation in state filings. Other unsecured creditors include Xerox Capital Service, LLP and XPEDX (see list of top-20 unsecured creditors above). Syracuse Blue Print lists accounts receivable of $183,137 as of Jan. 25.

A $25,000 personal loan from Richard Lowery is among Syracuse Blue Print's largest debts. Lowery's sister Theresa retired from Syracuse Blue Print.

The filing lists Syracuse Blue Print's projected revenues and expenses for the next 30 days following Jan. 31. The company estimated it would take in approximately $205,000 matched by equal expenses. Syracuse Blue Print employs 35 and has a weekly payroll of $20,000. Andrew Nye draws $200 per week and Carl Nye draws a salary of $917 per week.

Syracuse Blue Print's annual revenue for 2003 was $2.6 million, according to the filing.

"We intend to be around much longer," says Nye.

The creditors' meeting is scheduled for March 7 at the Alexander Pirnie Federal Building in Utica. What's owed

* List of 20 largest creditors holding unsecured claims against

Syracuse Blue Print Co., Inc.

Genesee Irving Lease, Inc. ..... $147,917

Xerox Capital Service, LLP ........ $33,087

Tufco Technologies, LP ............. $29,146

Avnet Computer Marketing ........ $27,485

Azon Corp. ................................ $26,231

Richard Lowery ......................... $25,000

XPEDX ....................................... $24,766

Oce-USA, Inc. ............................ $23,455

Haylor, Freyer & Coon, Inc. ........ $19,137

American Express ....................... $17,443

Intelicoat Technologies ............... $14,408

Danka Office Imaging ................. $13,971

Bush & Germain, P.C. .................. $13,140

Bank Card Services ...................... $12,707

CC Converting Ltd. ....................... $11,721

Gould Paper Corp. ......................... $8,489

GMAC Finance ............................... $7,479

Xerox Capital Services, LLP ............ $7,386

Onondaga Bindery Ltd. .................. $5,872

KIP America Corp. ......................... $5,520