|
|
Article: CSC squeezed by lender demand, economy; Strongsville software company hopes cash from potential investor can bring new life.(NEWS)
- Article from:
- Crain's Cleveland Business
- Article date:
- June 8, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: CHUCK SODER
One of Northeast Ohio's largest software companies is trying to get out of a financial jam sparked by one of its investors and intensified by the recession.
Computer Systems Co. of Strongsville is trying to close an investment that CEO Bill Zimmerman says would let the company pay off a lender that a year ago threatened legal action after Computer Systems would not allow the lender to call in its notes.
The software provider more than a year ago sought the protection of a court-appointed receiver in an effort to avoid a lawsuit from Smith Whiley & Co., an institutional investment advisory firm in Hartford, Conn.
...