At one time, the might South Jersey GOP ruled the world. Well, at least in South Jersey. But today, the Atlantic County Republicans are struggling to stay relevant.
Need some examples? They gave away the congressional seat once controlled by Frank LoBiondo. Sat on their thumbs and allowed Jeff Van Drew to win the D2 seat.
The bankruptcy of Formica Brothers Bakery, run by popular GOP freeholder, Frank Formica.
Formica’s problem will likely affect all NJ Taxpayers.
Almost 100 years in business. Formica Bros., best known for “Atlantic City bread”. The bakery business is owned by Atlantic County Freeholder, Frank Formica.
Formica can’t pay back $2 million in loans made through NJ state economic development programs.
- $2 million to the NJ EDA New Jersey Economic Development Authority
- $689,000 to Pleasantville Urban Enterprise Zone, a program from NJ DCA Department of Community Affairs.
NJEDA made a $2.1 million ‘Stronger New Jersey’ Business loan to Formica Bros. after Hurricane Sandy. The loan was secured by a lien on Formica business assets.
Recently, NJEDA received a Notice of Chapter 7 Bankruptcy from Formica representatives: there’s no property available to pay creditors.
The Formica loans. What were they used for?
According to Press of AC, Frank Formica couldn’t provide gross revenue figures for the businesses. Frank Formica took cash disbursements, rather than a salary.
What Caused Formica Bankruptcy?
- Difficult business climate in Atlantic City
- Losing key accounts
- Lawsuits related to on-the-job injuries
All of this, and possibly more, caused Formica to drop out of the Republican primary in the 2019 NJ Assembly race.
Life is now more difficult for Brigantine’s Phil Guenther, Formica’s former running mate. The controversial Mayor of Brigantine, Guenther was not a first choice for Assembly by the struggling South Jersey GOP.