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Back in January, when news of the Windsor Marketing bankruptcy filing surfaced, DECD’s Watson said the department “is monitoring bankruptcy proceedings and will aggressively pursue any legal avenues to recover all state funds invested in the company.” The more recent of the company’s state loans — $1.5 million in 2015 for expansion of what’s now a 250,000-square-foot headquarters at 100 Marketing Drive in Suffield, off Rt. 75 — called for the company to maintain 138 jobs. If it maintained an average of 165 employees for 24 consecutive months ending this coming December, then $750,000 of the loan would be forgiven. The next state “job audit” on the company is due next year. A Bankruptcy Court filing this week by Windsor Marketing’s attorney said that “WMG presently employs approximately 125 people with an average tenure of 18 years.” That employee head-count is far below the DECD job targets. Armata said that the DECD targets are based on an average number of employees over time, and this time of year is always a low point. The total should rise in a few months, he said. However, there’s not much of a penalty if the job total doesn’t rise. Even if it’s determined next year that Windsor Marketing failed to maintain a sufficient number of jobs, the penalty would be $9,091 per job below the target for a two-year period — and the penalty would be “first be applied to any outstanding fees, penalties or interest and then against the outstanding loan balance,” Watson said. In other words, the only penalty is to make the company repay faster than originally scheduled. “It is an accelerated repayment of what was already owed,” Watson said. The company is still in possession of assets estimated in the court papers at $15 million, about the same as its liabilities, and it is operating under the supervision of the court for the creditors’ benefit.
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