Stratesec
Stratesec (formerly known as Securacom and Burns and Roe Securacom) was a security company founded in 1987 and based out of Woodcliff Lake, New Jersey.[1] The company went public on October 2, 1997 on the American Stock Exchange[2] and was delisted in 2002.
Company history
At IPO in 1997, Securacom listed among its clients Washington Dulles International Airport, Hewlett-Packard, EDS, United Airlines, Gillette, MCI, the World Trade Center, and other facilities including hospitals, prisons, corporations, utilities, universities.[3]
Marvin Bush, son of former US president George H.W. Bush, and brother to former US president George W. Bush, served on the board of directors from 1993 to June 2000.[4]
Trademark lawsuit
After the company went public in 1997, Securacom was ordered to change its name, as the result of a 1995 name infringement suit brought by SecuraComm, a smaller Pittsburgh-based consultancy.[5] The court found a deliberate effort by Securacom to financially "bury" the plaintiff, Ron Libengood, and "take everything he had" by filing a barrage of frivolous arguments against Libengood and his attorneys in multiple jurisdictions. Appellate courts opined that Securacom "tried to prevail by crushing Libengood and his corporation" in a "sweeping attempt to beat a financially weaker opponent through the use of vexatious litigation."[6][7] The company changed its name to "Stratesec" in 1998.[5]
Delisting
Stratesec was delisted from the American Stock Exchange in July 2002 due to inability to make financing payments to ES Bankest, its primary shareholder, and other financial problems.[8]
See also
- Kroll Inc. - Securacom sold security-related equipment to the New York Port Authority for the security of the World Trade Center. Securacom's contract for the sale of equipment was terminated in 1998.
References
- ^ "Securacom Inc. Announces Pricing of Initial Public Offering". Business Wire. October 2, 1997.
- ^ "Stock Market Watch". CNNFN. October 2, 1997.
- ^ "Securacom, Inc. Initial Public Offering Begins Trading on Amex". PR Newswire. October 2, 1997.
- ^ Margie Burns (2005-02-15). "Family Business at the Watergate". The Washington Examiner. Archived from the original on 2009-06-12. Retrieved 2016-02-21.
- ^ a b Thomas Petzinger Jr (January 16, 1998). "A Business Lawsuit Should Always Be Strictly Business" (PDF). The Wall Street Journal. Archived from the original (PDF) on 2005-11-04.
- ^ http://www.altlaw.org/v1/cases/1099498 an opinion by Samuel Alito
- ^ http://www.altlaw.org/v1/cases/1365635
- ^ Hughlett, Roger (September 26, 2003). "Chantilly firm folds under factoring". Washington Business Journal.