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Published on 11/11/2004 in the Prospect News Distressed Debt Daily.

Maxim Crane Works asks court for examination of pre-Chapter 11 CEO

By Jeff Pines

Washington, Nov. 11 - Maxim Crane Works wants the bankruptcy court to give it the authority to exam the activities of the company's pre-Chapter 11 chief executive officer.

Maxim filed the request with the U.S. Bankruptcy Court for the Western District of Pennsylvania Thursday.

Alfred Bove was the pre-petition president and CEO of ACR Management LLC, Maxim's legal name.

The Pittsburgh-based crane rental company alleged Bove "may have sent one or more unauthorized and inappropriate e-mails to employees of Maxim Crane" and that he may have shared confidential information with competitors.

On Oct. 13, an attorney for Maxim contacted Bove's attorney asking when and where Bove would be available to be interviewed under federal bankruptcy guidelines. As of Thursday, Bove's attorney had not responded to written or requests via telephone, Maxim said.

In October, Bove attempted to have the company's exclusive periods shortened. He also alleged Maxim's current president and CEO, Arthur Innamorato, was driving Maxim into the ground and had directed the board to hire or pay family members for work done for the company.

Maxim filed for bankruptcy on June 14. Its Chapter 11 case number is 04-27848.


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