Framed Picture auction

Published 12:00 am Tuesday, November 17, 2009

At auction, family ‘bought back’ its Batesville company

By John Howell Sr.

The “Foreclosure Auction” advertised for Framed Picture Enterprise November 12 rid the company of surplus equipment, and “the Brucker family bought back the company,” company president Ed Brucker said Monday.

“WF Lending, Inc. (formerly known as FPE Acquisition Company) is pleased to announce the successful conclusion of a public auction of all assets in which it had a security interest and made part of the operations of Framed Pictures Enterprise, Inc.,” Brucker family attorney Reid D. Evensky said in a statement released Monday.

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“WF Lending, Inc. was the successful bidder,” he said.

WF Lending Company was created in October 2008, according to paperwork filed with the Mississippi Secretary of State. Edward Brucker is registered agent; his sister, Ruth Brucker is vice president and director; Evensky is secretary

Auction signs posted at the factory on Highway 6 last week, and a newspaper advertisement declaring a “Foreclosure Auction” at the facility, created concern among employees and Batesville residents whose city government assisted the company with a recapitalization loan through its Revolving Economic Development Fund.

“It has been previously announced that a required recapitalization affecting the assets and operations of Framed Picture Enterprise, Inc. was necessary to streamline and expand production, and to consolidate a poster-framing operation formerly located in Memphis,” Evensky said in a statement released Monday.

“The absolute good news story is that the Brucker family has decided to stay in Batesville,” Evensky said.

“WF Lending, Inc. fully expects that the operations will continue and remain one of the most important employers in the greater North and Central Mississippi community,” according to Evensky.

The work force at Framed Picture Enterprise fluctuates between 180 and 200, Brucker said.