May 7, 2012
May 7, 2012
Two Oregon businesses have just filed for bankruptcy.
By Oregon Small Business Association
Portland’s HemCon Medical Technologies Inc., makes bandages for wounded warriors. With only 65 employees, HemCon had revenues of $73 million four years ago. But for more than six years, it has been the target of a patent-infringement lawsuit by Marine Polymer Technologies Inc., a bandage-maker from Massachusetts. The lawsuit has been complicated, and twice rulings have been given in HemCon’s favor, especially since HemCon has reformulated its products to clarify that they do not infringe on any of Marine Polymer’s patents. But Marine Polymer just won on its final appeal, and HemCon is once again liable for huge damages. Whether it will be able to keep operating is unclear.
Lumber Products company is filing for Chapter 11, though it expects to be able to pay unsecured creditors. The Tualatin-based business was founded 75 years ago by Ernest Hall, who saw a need for wholesale distributors in the millwork business. Meeting that need brought Lumber Products to number 22 on Oregon Business magazine’s list of the state’s largest privately owned businesses, and two years ago the business was estimated to have revenues between $150 and $250 million. It has since fallen to number 32 on the list of largest private companies in Oregon.
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