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] but was delisted in 2002.
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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]
Securacom received a contract to provide (electronic) security services for the World Trade Center in 1996. The contract was ended in 1998, however.[4]
Trademark Lawsuit
After the company went public in 1997, Securacom was ordered through a court of law, to change its name to Stratesec, due to a 1995 name infringement suit from 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, then known as 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]
The head of the company was Wirt Walker.[9] Marvin P. Bush, a younger brother of George W. Bush, was on the board of directors of the company from 1993 to June 2000.[10]
See also
- Kroll Inc. - the company had an ongoing contract to handle security at the WTC until it went down in the 9/11 attacks.
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 (February 15, 2005). "Trimming The Bushes, Family Business at the Watergate". The Washington Spectator. http://www.washingtonspectator.com/articles/20050215bushes_1.cfm.
- ^ Thomas Petzinger Jr (January 16, 1998). "A Business Lawsuit Should Always Be Strictly Business". The Wall Street Journal. http://www.securacomm.com/pdf/wsj.pdf.
- ^ http://www.altlaw.org/v1/cases/1099498 an opinion by Samuel Alito
- ^ http://www.altlaw.org/v1/cases/1365635
- ^ "Chantilly firm folds under factoring". Washington Business Journal. September 26, 2003. http://www.bizjournals.com/washington/stories/2003/09/29/story2.html.
- ^ Margie Burns (February 26, 2006). "Alito helped Stratesec". http://www.margieburns.com/blog/_archives/2006/2/26/1784217.html.
- ^ Margie Burns (January 20, 2002). "Security, Secrecy and a Bush Brother". The American Reporter. http://www.populist.com/03.02.burns.html.
External links
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