Correction: Hydroswing Ltd. Not in Bankruptcy
April 28, 2011 — In our April 7 and April 14, 2011, reporting about the bankruptcy of Hydroswing, we wrongly identified Hydroswing Ltd. of Preston, Lancashire, England, as the company involved in a U.S. Chapter 7 Bankruptcy proceeding. Hydroswing Inc., a Minnesota corporation located in Marshall, Minnesota, was subject to an involuntary bankruptcy petition filed by certain creditors on March 3, 2011. This bankruptcy proceeding is ongoing. We have no information regarding the financial condition of Hydroswing Ltd., and specifically no indication of any bankruptcy, receivership, or any similar proceeding.
Our reporting also contained the following errors:
- We erroneously attributed certain complaints of customers and suppliers about their experiences with Hydroswing Inc. to Hydroswing Ltd.;
- We erroneously stated that Hydroswing Ltd. was bought by Marshal Parker in 2006;
- We erroneously referred to Hydroswing Ltd. as being in a “state of demise.”
In addition, we reported on statements of customers of Hydroswing Inc. (which in the context of the story could have been read to refer to Hydroswing Ltd.) that Marshal Parker had “bled the company of all its financial assets” and that he “had pulled money out of the company” ; also that Mr. Parker had pursued “aggressive pricing” and that this strategy was one of the main reasons that “the company” lost money, and we may have implied that under Mr. Parker’s control “the company” had a steady decline in the number of its employees. These were characterizations and conclusions that were directed toward Hydroswing Inc. but could have been misunderstood to relate to Hydroswing Ltd. They were not based on facts known to us and should not have been made, and for those reasons were unfair to Mr. Parker.
EAA sincerely regrets the above errors in our reporting of facts and conclusions, and we apologize to Hydroswing Ltd., Hydroswing Inc., and Marshal Parker for any confusion or embarrassment they may have caused.