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Jewelcor Inc., Wilkes-Barre, and its four affiliates have been sued by The First National Bank of Boston for more than $100 million.
The suit, filed in Luzerne County Court in Pennsylvania and Hudson County Court in New Jersey, states that the companies, which include Jewelcor Inc., Jewelcor Jewelers, Gruen Marketing Corp., Osaka Trading Co., Suburban Publishers, and Jewelcor Travel Services, had defaulted on their credit agreement.
The bank's suit asks for a writ of seizure that would allow it to take possession of Jewelcor's collateral --including the company's inventory, accounts receivable, real estate and other possessions. The inventory collateral is valued at more than $59 million; the accounts receivable collateral totals $19.36 million, according to court documents.
The loans were made in September, 1988 as part of...