This weekend I was visiting my Grandfather again and reading the local Sunday paper. I enjoy reading the local paper of my hometown because it’s small, chock full of ads and occasionally has a gem of an article that inspires me. This weekend was one of those occasions.
As an aside: A friend that works at a larger KY paper and I were discussing the trend, that small local papers are not suffering the same crisis in print that larger newspapers are suffering but that discussion should be saved for a different post.
Somerset Oil was a staple of my childhood, I could count on a piece of candy or a coke in a bottle being slipped to me by the guys who ran the local station where my Mom always stopped to fill-up. Robert and Gomer were just two of the employees of this important business in South Central Kentucky. A while ago I heard a segment on NPR about small scale oil drillers in Tennessee and they lamented the fact that the closest refinery, Somerset Oil, had gone belly up and now they were faced with a longer commute to get their materials to market.
So when I looked at the paper on Sunday and saw that a new owner, Michael Grunberg, had just bought the bankrupt assets of Somerset Oil I was interested. The paper ran a fair profile of the new investor and it seems at first glance a win-win situation if his stated plans follow through.
Stay tuned to this site for a more in-depth profile of Somerset Oil Refinery and its new owner. Now that I’m back in the office I will continue my research and offer my own Executive Briefing on this company which seems to have some potential in these challenging economic times.