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V. W. Eimicke Associates , Inc.
Westchester D.A. probes Yonkers company's bankruptcy
This is the text of a letter that Eimicke Associates President Alicia Eimicke sent to many investors after the company filed for bankruptcy protection June 1, 2004Alicia EimickePresidentThe following is a letter that V.W. Eimicke Associates President Alicia Eimicke sent to a number of noteholders in early 2002.Alicia K. EimickePresident"*Editor's note: Brooks Klimley, husband of Eimicke Associates Vice President Laura Klimley, Alicia Eimicke's sister.- Alicia Eimicke, 44The company, now headed by Alicia Eimicke, one of Victor Eimicke's daughters, has reported owing more than $27 million to investors.In an affidavit, company President Alicia Eimicke said the business was unable to pay its debts "despite its best efforts," which included the sale of its largest business line in late 2003.Some family members claim they themselves have lost loans totaling over $3 million to the company through trusts and foundations in their names and through personal lending.Two - Victor Eimicke's widow, Maxine Eimicke, and Alicia Eimicke - have filed for personal bankruptcy.Daughters Laura and Alicia Eimicke appeared at debutantes' balls at the Metropolitan Club, in 1976 and 1979, respectively, marking their formal entry into society.Alicia went on to graduate cum laude from Harvard University.Alicia Eimicke served as executive vice president under her father.After Victor Eimicke's death and Alicia Eimicke's ascension to president, ownership was divided 50-50 between her and her sister, Laura Klimley.In January 2002, Alicia Eimicke maintained that the business was still prospering, according to her letter sent to investors announcing a new $2 million debenture round offering 15 percent interest.The holiday card business had met sales targets, she wrote."Our expanded Call Center, as well as our new Web site (www.eimicke.com) both contributed greatly not only to revenue increases, but profitability increases, as well," her letter continued, without elaborating.An "aggressive" mailing and telemarketing campaign was planned for the year, she added.By the time Alicia Eimicke sent out her letter early in 2002 seeking $2 million in loans, the company was already $20.9 million in debt.In 2003, things got worse.A subsidiary of The Taylor Corp., a Minnesota-based supplier to Eimicke Associates, had stopped shipping product to the company because it was owed $1 million, according to an account of what happened that was filed in bankruptcy court by the creditors' committee.By the end of the year, Eimicke had sold the larger of the company's divisions, its greeting card business, to Taylor for $8 million.Despite the debt load and the loss of the greeting card business, Eimicke continued to seek buyers of company debentures in 2004 before the business went to bankruptcy court.Alicia Eimicke accepted the money.Six months later, whatever support Eimicke hoped to have had vanished.The creditors' committee told the bankruptcy court it believed that she and other members of the family had been running a pyramid scheme to defraud investors.
press release title
Westchester County District Attorney Janet DiFiore announced that Alicia Eimicke (DOB 4/19/61) of 255 West 94 th Street, New York, New York, the former President of V.W. Eimicke Associates, Inc., was sentenced today to five years probation on her March, 2008 guilty pleas of Grand Larceny, Scheme to Defraud and violating the Martin Act.
As a condition of Eimicke's sentence an upfront amount of $1,000,000.00 in restitution has been paid with an additional $126,000 to be paid through and as a condition of her probation. She also will have to perform 250 hours of community service to be determined by the Court. In September, 2000, Alicia Eimicke took over the management of V.W. Eimicke Associates, Inc., a business forms supply company founded by her father. Since 1994, the business had been insolvent but kept afloat by offering a 15% rate of return on bonds sold to family and friends. Alicia Eimicke continued and increased the bond program. From March 15th, 1999 to June 1 st, 2004, the defendant directly or indirectly, through people who had already invested, convinced investors, from as far away as Arizona and Michigan, to purchase new bonds based upon the false understanding that business operations could sustain that high rate of return. Eimicke consistently refused to disclose the company's true financial condition, maintaining that their investments were secure. Alicia Eimicke
Personal Bankruptcy: "Personal Bankruptcy" - Study: Bankruptcy-law overhaul failing
journalnews.com - This is the text of a letter that Eimicke Associates President Alicia Eimicke sent to many investors after the company filed for bankruptcy protection June 1, 2004 It is my unfortunate task to inform you that the Company was forced to seek protection
Corporate Gift Sales Slow Down
But another corporate greeting card cataloger, The Eimicke Collection, enjoyed double-digit holiday sales growth, says president Alicia Eimicke.
Although she won't reveal the Bronxville, NY-based company's annual sales, she says: "We met all our budget figures." Eimicke contends that the slashing of corporate budgets helped her company. "If anything positive came out of Sept. 11 - at least for our business - it was that those companies that usually buy corporate gifts decided to scale back and instead send greeting cards," she says. In addition to mailing more heavily to customers, "this year, we'll go with more tried-and-true lists, and stick with what we know works," Eimicke says. Despite the company's success during holiday 2001, Eimicke expects the economic recovery to be slow, so she's planning on single-digit sales gains this year. "But at the same time, we are looking for a bottom-line profitability increase in double-digits," she adds, "which we accomplished in '01."
Laura Klimley, her sister Alicia Eimicke, and their mother Maxine Eimicke were officers at V.W. Eimicke Associates in Yonkers, a direct marketing company founded by Maxine's husband, the late Victor W. Eimicke.Alicia Eimicke, who was president at the company, and Maxine Eimicke, a director, filed for personal bankruptcy after the business failure.