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10-K - INTERNATIONAL BALER CORPibal10k12513.htm
XML - IDEA: XBRL DOCUMENT - INTERNATIONAL BALER CORPR33.htm
EX-32.2 - CERTIFICATION - INTERNATIONAL BALER CORPex322.htm
EX-31.2 - I, WILLIAM E. NIELSEN, CERTIFY THAT: - INTERNATIONAL BALER CORPex312.htm
EX-32.1 - CERTIFICATION - INTERNATIONAL BALER CORPex321.htm
EX-31.1 - I, ROGER GRIFFIN, CERTIFY THAT: - INTERNATIONAL BALER CORPex311.htm
EXCEL - IDEA: XBRL DOCUMENT - INTERNATIONAL BALER CORPFinancial_Report.xls
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v2.4.0.6
Commitments and Contingencies
12 Months Ended
Oct. 31, 2012
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

(7) Commitments and Contingencies

The Company in the ordinary course of business, is subject to claims made under, and from time to time is named as a defendant in legal proceedings relating to the operations of its business, including the sale of its products. The Company believes that the reserves reflected in its financial statements are adequate to pay losses and loss adjustment expenses which may result from such claims and proceedings; however, such estimates may be more or less than the amount ultimately paid when the claims are settled. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity.

On August 26, 2010, the Company was served with a wrongful death lawsuit filed by the Estate of a former employee who was fatally injured in a workplace accident while an employee of the Company. The accident occurred in September 2008. The Plaintiff has demanded $2,500,000 to settle this claim. The Company intends to vigorously defend this case and has contacted its liability insurance carrier to request defense and indemnification of any losses incurred in connection with this lawsuit. A motion to dismiss the Complaint was granted without prejudice in January 2012, allowing the Plaintiff the ability to file an amended Complaint. There has been no activity related to this lawsuit since January 2012.