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Execs at Chromcraft Revington enter talks to buy firm

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Executives at Chromcraft Revington Inc. are in negotiations to buy the West Lafayette-based furniture maker in a tentative deal that values the company at $5 million.

The firm announced Thursday that “certain members of its management team” are interested in acquiring the company. Chromcraft has entered into a non-binding letter of intent and term sheet with RMMJ LLC, a company led by Ronald H. Hunter, Chromcraft's chairman and CEO, according to a prepared statement.

Under the terms contemplated by the parties, a subsidiary of RMMJ would merge with Chromcraft, with Chromcraft then becoming a subsidiary of RMMJ. They estimate the value of the company at $5 million, with record stockholders receiving cash for common shares in the potential purchase.

The company stressed Thursday that there was no definitive agreement and that the terms could change.

Earlier this month, the firm foreshadowed its intentions to go private by announcing that it would delist its common stock from the New York Stock Exchange, as well as suspend its reporting obligations as a public company.

The company also said on Thursday that it has violated U.S. securities rules by failing to file a 2012 annual report with the Securities and Exchange Commission by an April 16 deadline. The company now expects to file the report on or before May 31.
 

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  1. The deductible is entirely paid by the POWER account. No one ever has to contribute more than $25/month into the POWER account and it is often less. The only cost not paid out of the POWER account is the ER copay ($8-25) for non-emergent use of the ER. And under HIP 2.0, if a member calls the toll-free, 24 hour nurse line, and the nurse tells them to go to the ER, the copay is waived. It's also waived if the member is admitted to the hospital. Honestly, although it is certainly not "free" - I think Indiana has created a decent plan for the currently uninsured. Also consider that if a member obtains preventive care, she can lower her monthly contribution for the next year. Non-profits may pay up to 75% of the contribution on behalf of the member, and the member's employer may pay up to 50% of the contribution.

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  3. So, how much did either of YOU contribute? HGH Thank you Mr. Ozdemir for your investments in this city and your contribution to the arts.

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