Financially troubled TU International Inc. has filled two top operating positions in the company's fourth management reorganization since it was bought by a Dallas concern a year ago.
Thomas M. Maney and Justin Child, directors of TU and officers of Silver Saddle Development Co., a Santa Monica, Calif., land development firm, were named chief executive officer and chief financial officer, respectively, of the Falls Church-based manufacturer of data-processing equipment.
They will "assist directly in the rebuilding of our company," James L. Tarver Jr., chairman of the board, said in a statement.
A company statement described Maney and Child only as "business associates" of Tarver. Neither Maney nor Child could be reached for comment.
TU has been wracked by a severe cash-flow problem that has forced major layoffs. Last summer, First Tarent Inc., a 2-year-old Dallas firm headed by Tarver, purchased 80 percent of publicly held TU for $7 million in notes and property.
Upon the departure in January of former TU chairman Robert N. Veratti, a self-proclaimed corporate troubleshooter, the company said it was ready "to move forward with its operational and capital restructuring program." However, in response to continuing cash problems, it asked another Dallas-based firm with ties to the parent company, Michigan General Corp., to step in and assist with the program.
TU stock, which still is traded over the counter in public markets in New Jersey, lost its listing with the National Association of Security Dealers in December because it failed to file current financial papers with the Securities and Exchange Commission.
In a related announcement, TU said that Edward R. Silansky, its executive vice president, has been named chief operating officer of Terminals Unlimited, TU's principal subsidiary. Bruce C. Gowans and Robert A. Dishaw, vice presidents of Terminals Unlimited, were elected vice presidents of the parent company.