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July 24, 2007

CEO Used Company Funds To Buy $1M Worth of Trains

According to an article in the Pittsburgh Tribune-Review, the CEO of LeNature's, a company that bottled water, tea and fruit drinks, amassed a huge collection of modern Lionel trains at the company's expense.  CEO Gregory Podlucky wasn't so lucky because he ran LeNature's into bankruptcy.  His huge collection, which is estimated to fill two tractor trailers, will be auctioned off as one lot for the US Bankruptcy Court in Pittsburgh, PA on Aug. 21, 2007.  One bidder, Scott Griggs of Trainz.com, has agreed to buy the collection for $575,000 if no one bids higher.  Public bidding for the collection starts at $590,000.  In the article, Mr. Griggs stated he would start selling the collection on Trainz.com in September if his bid is successful.  The article also states that AmbroseBauer Trains considered making a bid but decided not to because they believe the collection to be worth only $375,000.   View the Pittsburgh Tribune-Review article here.  View the 85 page list of items in the collection here (5MB file size).


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