|
COPYRIGHT 2005 Newsday
Byline: James Bernstein
Sep. 26--In 1962, Joe Baumoel quit a top engineering job at Liquidometer, an aircraft instrument parts company in Long Island City, to start his own business.
Baumoel, with three children and what he remembers as a "very large" mortgage, began his new venture by working out of the basement of his Jericho home.
Today, the company that resulted from those efforts, Controlotron Corp. of Hauppauge, manufactures gauges that measure the level of liquids in pipelines, with 125 employees and annual sales of about $18 million. At 77, Baumoel is president of what he describes as a "very profitable" privately held company.
But he stands to lose it all.
A judge has ruled that he has violated the terms of a 2002 divorce agreement that called for sale of the business and a division of the proceeds with his former wife.
Last week, Baumoel was ordered to serve a 30-day jail sentence after the judge held that he was in contempt of court for failing to sell the company in an "expeditious" manner. Though he was to begin serving his sentence Friday, his attorney, Alexander Potruch of Garden City,...
Read the full article for free courtesy of your local library.
|
Bookmark this article
Print this article
Link to this article
Email this article
Digg It!
Add to del.icio.us
RSS
