JUSTICE?: Armstrong’s dilemma seems to deepen and its future darken every time the courts render a decision. Attempting to emerge from its crippling Chapter 11, it has encountered one stumbling block after another. The latest ruling is even more Draconian than preceding judgements.

After years of legal maneuvering, judicial jousting and endless wrangling, the U.S. District Court denied confirmation of Armstrong’s Plan of Reorganization (POR). The company appealed the decision. Earlier this month, the U.S. Court of Appeals for the Third Circuit upheld the lower court’s denial of Armstrong’s POR.

Now the company is considering its options. Will it ever end or is Armstrong the modern day Sisyphus? Of course, there is some hope since the needed tort reform affecting asbestos litigation is on President Bush’s agenda.

STILL GROWING: Home Depot is busting out again. It has entered into a definitive agreement to acquire Hughes Supply for $3.47 billion, including the payment of $46.50 per outstanding share and the assumption of $285 million in net debt. With Hughes, Home Depot Supply (HDS), projects 2006 combined sales will approach $12 billion—an impressive achievement. HDS serves a range of markets, including home builders, contractors, municipalities and maintenance professionals—a $410 billion market.

Hughes Supply, founded in 1928, is one of the nation’s largest diversified distributors of construction, repair and maintenance-related products, with more than 500 locations in 40 states. Home Depot said it will fund the acquisition with a combination of cash on hand and access to debt capital markets through the company’s $4 billion shelf registration, and that the deal will be accretive to earnings per share within its first year.

SEGUE: And speaking of Home Depot, I just received an e-mail from an old friend, Pat Shaw. Remember him? He had been with Carson Pirie Scott and then in the ’70s with World Carpets. “We haven’t seen each other in years,” he wrote. “I sold my stores in Texas and headed up Home Depot’s Expo Design Center flooring division for seven years. I retired a few years ago and have been doing consulting and styling for various manufacturers.” And that led to his return to action.

Danny Partielli of Global Accents, a multi-million dollar supplier of rugs to Expo, asked him to put together a broadloom line and assemble a sales force for his carpet and rugs. Shaw, his wife, Stephanie, and Partielli styled and developed Global’s carpet line, which will be featured in the company’s space at the At lanta Rug Market and at Surfaces. If you are in the neighborhood…

NOSTALGIA: And speaking of old friends, Fred Arnowich, son of the legendary and incomparable Ira Arnowich, told me his father has been ill for the past year and “currently battling various ailments.” The Arnowiches own Redi-Cut Carpets & Rugs in Westport, Conn., which Ira hopes to rejoin soon. He has been in the industry for several decades and many of us still laugh aloud just thinking of his pranks, spontaneous humor and outlandish comic situations.

I could spend hours recounting some of the hilarious evenings we shared and the countless times we laughed uproariously far into the night. He’s recuperating at home right now and needless to say, he would love to hear from some of his old friends. He made so many of us laugh, let’s return the favor and put a smile on his face. Ira can be reached at 718/423-8969.

NEW YEAR THOUGHT: The first step you should take if you want to be successful is to decide what kind of executive you are. Executives fall into three categories: Those who make things happen; those who watch things happen, and those who wonder what happened. Happy New Year!