Patriot Ford in Copiague driven to bankruptcy protection
Friday, February 6 2004
Facing stiff competition, slipping sales and a troubled automotive industry, Patriot Ford in Copiague is following McDaniel Ford Inc. and Harbor Lincoln Mercury Inc. by filing for bankruptcy protection.
In its Jan. 22 filing with the U.S. Bankruptcy Court's Eastern District of New York, Patriot didn't list the amount of its debt but named Ford Motor Credit Co., Ford's financing arm for dealers, among its major creditors.
The company, owned by Ronald Melworm, is continuing to operate with a stock of new and used vehicles, but it's no longer receiving additional deliveries from Ford.
There's significant debt, said Scott Mandelup, a name partner at Pryor & Mandelup, the Westbury-based law firm that's representing Patriot. They have a substantial number of vehicles, [which] they're still selling.
Mandelup cited a number of reasons for the dealer's many difficulties, including the sluggish, post-9/11 economy, stiff competition from other Long Island dealers and an especially bone- chilling winter that's keeping people at home instead of car- shopping.
