43
Moliterno says the closing of company no reflection on ability to run port authority
By Ed Runyan
YOUNGSTOWN
With his long list of volunteer, government and private-industry credentials, John Moliterno would seem to be the perfect fit to lead the Western Reserve Port Authority, a government entity whose evolving mission is to promote job creation.
Its longstanding mission has been to run the Youngstown-Warren Regional Airport.
Moliterno was chairman of the port authority in a volunteer role many years ago and also was president of the Youngstown-Warren Regional Chamber, one of the Mahoning Valley’s other big economic-development organizations.
But after leaving the chamber in 1997, he began to earn his living in the printing industry as president of the Pegasus Printing Group, then added leadership roles in two other businesses – Postal Mail Sort in 2004 and Phoenix Media in 2005.
The truth is, however, his days in the printing industry are coming to a close, just as the printing industry itself becomes smaller.
Throughout this year, Moliterno and his partners at Pegasus Printing have been shutting down the Industrial Road facility, he said during an interview last week.
“We’re settling our obligations as we go along. We are closing the company,” he said.
Moliterno, of Girard, said the closing of Pegasus Printing is typical of what has happened in the printing industry.
Ten years ago, there were many printing companies in the Mahoning Valley; today there are very few. He said the reasons are the downturn in the economy and changes in the printing business.
Pegasus printed lots of brochures and catalogs, but most companies today have online catalogs, and direct-marketing of printed advertisements through the mail have been greatly curtailed.
One big reason is the increased cost charged by the U.S. Postal Service. “Now companies scale back. Politicians don’t send out as much direct mail. [Pegasus] survived a lot longer than most.”
Pegasus Printing has faced several lawsuits in recent years, but Moliterno said that’s not an indication that bankruptcy is in the offing for him.
Last September, former employee Randall Hetrick of Canfield filed suit against Pegasus Print Group, also known as Customer Printing Inc., naming Moliterno and two business partners as defendants. Hetrick says he was not paid what the company owed him. Another former employee, William Donahue of Hubbard, filed a similar suit June 11.
In April, Judge R. Scott Krichbaum entered a judgment against Pegasus, Moliterno and business partner Urban Olmi of Canfield, in favor of creditor Leffingwell Capital of Canfield for $177,848.
Moliterno said he and his partners have handled the closing of the company in a responsible way, helping former customers and employees.
“All we’re trying to do is take care of our obligations. I’m not afraid of any of this. I’ll deal with it straight up. We don’t want to short anybody or mistreat anyone,” he said.
When asked if bankruptcy is possible, Moliterno said, “I haven’t even thought about it. I’ve had no conversation with a bankruptcy attorney.”
Moliterno added that the closing of Pegasus doesn’t mean he’s unable to help other companies prosper in his role as port authority director. “We’re not the first company to close here. It’s too bad when it happens. I have a 40-year history in this Valley.”