PTC Alliance retiree asks court to postpone bankruptcy case, objects to stockholder treatment

By Caroline Salls

Pittsburgh, June 15 - PTC Alliance Corp. retiree Elaine Jefferson objected to the company's bankruptcy filing in connection with the proposed treatment of employee stock holdings and asked the court to postpone the Chapter 11 case, according to a letter filed Thursday with the U.S. Bankruptcy Court for the Western District of Pennsylvania.

In her letter addressed to bankruptcy court clerk Theodore S. Hopkins, Jefferson asked the court to allow more time for investigation.

Jefferson said during her employment with PTC, the company controlled any liquidation of the employee stock holdings.

"Therefore, it seems inherently unfair that those same officers can now seek bankruptcy as a method of righting the wrongs of what appears to be gross mismanagement," Jefferson said in the letter.

Jefferson also said PTC financial packages "have been provided to cherished employees," while others have been advised that they are not entitled to any distribution for their old common stock interests.

PTC Alliance, a Wexford, Pa., manufacturer and marketer of welded and cold drawn mechanical steel tubing, fabricated parts and precision components and chrome-plated steel bars, filed for bankruptcy on May 10. Its Chapter 11 case number is 06-22110.

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