Cal-State Lumber Liquidating

Cal-State Lumber Sales Inc., San Ysidro, Ca., has permanently closed and filed for Chapter 7 bankruptcy protection.

In the filing, Cal-State listed assets of $62 million and liabilities of $65.1 million. Of the $62 million in assets, $56.5 million are described as accounts receivable in Mexico.

The firm is not affiliated with Cal State Forest Products, Santa Ana, Ca. Cal-State Lumber, which once had sales of more than $150 million annually and nearly 100 employees, quietly closed its doors several months ago. Just last year, it was rated the

Fibreform ToBuy G-P Mexican Moulding Plants

Fibreform Wood Products, Inc. is negotiating to buy Georgia-Pacific's two recently closed Juarez, Mexico, moulding plants.

"We are now in discussions with Fibreform on possibly leasing the property and facilities to them," said William D. Rose, v.p., Georgia-Pacific. "We can't say for sure how long they will run in the location if purchased."

' largest minority-owned firm in San Diego County and one of the top Hispanic-owned businesses in the U.S.

The two facilities, which have been up for sale since June, annually produce approximately 16 million bd. ft. of solid wood and fingerjoint moulding.

In March, Fibreform's pine division started operations at the IMASA moulding plant in Tijuana, Mexico.

The firm opened in 1984 as a small lumber brokerage in National City, Ca., selling to picture frame and furniture manufacturers in Mexico. As it grew, Cal-State would buy lumber from the Northwest, ship it to its plant in Tijuana, Mexico, and then resell the finished wood products to home centers in the U.S. and Mexico.

Despite Cal-State's closure, creditor Banca Promex will continue to pursue repayment of a $5 million debt owed by Industrializadora Madera de las Americas. a Mexican affiliate of Cal-State.

Banca Promex's 1994 lawsuit alleges that Cal-State may have transferred assets from its accounts to Smartrim, a Reno, Nv.-based firm with corporate offices in San Diego, established several years ago by former Cal-State executives.

The suit said the bank could only find $63,000 in Cal-State's account, despite annual sales over $150 million. It did find $613,000 in Smartrim account balances, despite insignificant sales at the time. Smartrim denies assets were transferred.

Others creditors have given up. Last year, Goldenberg Group, Lynwood, Ca., filed suit saying Cal-State owed the firm $73,000 in unsecured debt for shipments of wood products. "There are no assets to speak of," said Goldenberg credit manager HarveY Rosen. "They're going off the face of the earth, unfortunately."

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