L.K. Comstock & Company, Inc.
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Timeline
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| 1970s - Comstock makes the first of two merger attempts to become a public company. The first attempt, with L.E. Meyers, another electrical contracting company that had gone public in 1968, is designed to raise capital 1) to satisfy rising needs for larger projects and, 2) to allow the Scharfe family to withdraw equity in the firm. The merger is never consummated due in large part to the differences in corporate direction. |
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| 1971 - Comstock, in a joint venture with Fischbach & Moore, Inc., is awarded the contract for the first segment of the Washington Metropolitan Area Transportation Authority system. |
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| June 1971 -
Comstock acquires the balance of the shares of an engineering firm known at the time as Consolidated Comstock, Inc. The engineering company is subsequently renamed L. K. Comstock Engineering Company, Inc. |
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| 1971 - Comstock purchases two companies: 1) Jacobs Electric Company, a Long Beach, Calif., firm active in the nuclear field at that time, and 2) Kern Electric Company of Albany, Ore., to enter the pulp paper market. |
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| 1972 - Comstock buys the James Bond Electric Company of Los Angeles, which specializes in installing and maintaining printing press equipment. It also purchases Faust Electric, a Houston-based firm, and opens an office in San Francisco along with L.K. Comstock & Company Engineering Company to handle it western operations. |
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| 1975 -
George F. Nicol is elected president, a position he holds until his retirement in 1979. Charles L. Scharfe, Jr. is named vice chairman of the board of directors and chief executive officer. |
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| Late '70s - Comstock escalates it role in building new power plants and rehabilitating and maintaining existing plants. Over the next 15 years the company will build more than two dozen new power plants in the Midwest. |
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| April 1978 - Comstock initiates its second merger attempt with E.D. Ernst, a Washington, D.C.-based electrical construction company. |
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| November 1978 -
Within six months after the merger with Ernst, Scharfe and the other former shareholders of Comstock institute a lawsuit to rescind the merger, citing Ernst’s misrepresentation and omission of crucial financial information prior to the merger. Shortly after the rescission lawsuit is commenced, Ernst files for bankruptcy protection. Two years later, after long, intense and time-consuming legal battles, Comstock emerges relatively unscathed. |
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