AmQuip Makes Offer for Maxim Crane Works

October 4, 2004 • Albert Bove, president of Anthony Crane Rental (doing business as Maxim Crane Works), Pittsburgh, Pa., and AmQuip Corp., Bensalem, Pa., filed a motion last week contemplating the sale of Maxim Crane Works' assets to AmQuip. Under this plan, all Maxim's assets will be sold at auction for the highest obtainable price, and AmQuip Corp. will act as the stalking horse bidder. The auction is part of the legal procedure that must be followed in order for the assets to be purchased while the company is still in bankruptcy. After confirmation of the Bove/AmQuip Plan, a hearing on the proposed sale and auction will take place within 30 days, and closing will occur within 11 days of the court's approval of the sale.

 

Bove, who has been with Anthony Crane for more than 30 years, said he feared the company could be back in bankruptcy if the right plan was not in place. “If the sale to AmQuip occurs, Maxim Crane will once again be run by crane people rather than accountants, lawyers, and MBAs,” he said. “I know from the very depths of my heart that this is the only way the company can be saved.” Joseph Wesley, founder of AmQuip, said he is confident AmQuip's current management team and Al Bove can restore Anthony Crane Rental to the prominent level it once held.