With the government’s intent to pursue the assets of the Madoff clan, it would suggest that Abel Reels might be inching closer to receivership. News announced yesterday states the government’s intent to freeze the assets of both Ruth Madoff and her two sons, and their interest in “20 other entities.”

That would suggest the Abel Reels might have their production curtailed, as both Andrew and Mark Madoff are co-owners of Abel Holdings LLC, the firm that owns the company. If you’ve considered owning some of their product, I’d think you’d move smartly.

Details are sketchy and rumors are flying, and forum chatter suggests a connection to the venerable Thomas & Thomas Rod Co, and Sharpe’s of Aberdeen.

Rumors should be taken with a large dose of salt, other than their ownership of Abel, nothing else has been confirmed. Abel Holdings LLC may have bid on other enterprises or expressed interest – I can find nothing that suggests either company is owned by Abel Holdings LLC.

From the Abel Press release (of November 2007):

Andrew Madoff, Abel Holdings LLC lead investor, said, “Abel’s 20-year legacy of unparalleled quality and performance makes it an attractive investment. As I’ve gotten to know the company through this process it has become clear that its most important assets are the people that create these excellent products. We’re thrilled to lend our expertise and join them in building this business and the Abel brand.

“We will work with existing management to help refine all operations of the business, reposition it for growth, and maintain the manufacturing processes that allows Abel to produce the finest fly reels in the world.”

Swanson, with Abel in various capacities since 1994, will continue to run the company day-to-day and assumes the title of president and chief operating officer. Representing Abel Holdings LLC, Madoff will be the CEO.

With the legacy of Poppa Madoff, backorder is out of the question.

Update: The tie in between Sharpe’s of Aberdeen and Thomas & Thomas rods does not involve the Madoff’s or Abel Holdings LLC. Sharpe’s attempted to purchase Thomas & Thomas in 2007, an agreement was reached for the sale of the company, but Sharpe’s became insolvent and was run by the Bank of Scotland.

While making the initial payment for T&T (in the amount of $100,000) Sharpe’s failed to make any other payments nor surrender 10% of their stock to the owners of T&T.

T&T sued them in Ohio courts, but the Articles of Incorporation show T&T’s president remains (as of 11/2008) John Metcalf, who was appointed by Sharpe’s, so the deal has apparently completed. Part of the court record is available including the terms of the purchase and subsequent suit.