Now that our parent company, FBR, has generated well-needed funds by spinning off some assets and creating a new company (FBR Capital), it appears that they can get back to the task at hand: dumping First NLC to anybody foolish enough to actually pay for this financial burden:
"Friedman, Billings, Ramsey has been busy raising cash after struggling with its subprime home-mortgage business. The sector has been ravaged by defaults on such loans, which target borrowers with weak credit histories, and FBR has been seeking a buyer for its subprime lending unit, First NLC Financial Services.
"Shares of Friedman, Billings, Ramsey have dropped more than 30 percent since late July, when it reported a quarterly loss of $30.2 million. It has reported losses in three of the past four quarters."
I'd love to hear FBR's sales pitch to potential buyers ...
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8 comments:
I am confused. Since the company is up for sale and FBR has no financial responsibily for FNLC at the end of the month, why are we moving into the new location? Who will pay the rent or will we come to work one day and find an eviction notice on our door?
Do you think FBR will be able to convince potential buyers to invest in our future become we come wrapped in a pretty package (new building)? Or are we moving in the new building so daddy and jr can save face with the city and when people visit our new location they will forget that we are a company in financial crisis?
One last question, if we are in financial crisis, how are we going to pay for two buildings?
I don't think daddy gives a damn about anything after he gets into the new building. For a long time, he's had his mind set on T Rex being part of his "legacy." To him, T Rex represents the culmination of FNLC being this great company that he's built up.
Of course, T Rex is really just a house of cards. My guess is that we won't be in the building for more than two months before we're kicked out again.
I wouldn't be surprised if Daddy moves into the new office and immediately announces his retirement before the company falls apart.
If what you are saying has any merit, how many of us will be around or invited to the retirement party? Do you think we will be asked or should I say required to conribute to the retirement gift? Going out in style while the rest of us our disgarded like yesterday's trash.
I feel like a valued employee and want to give 110% every day. With that said, I need to get back to work.
Do you really think that the company will exist July 1, if no one buys it by the end of this month?
I hate to say it feisty but you need to get real.
Feisty's words....
QUOTE-> "I feel like a valued employee and want to give 110% every day. With that said, I need to get back to work." <-QUOTE
Those are the words of the same people who were laid off in March from each of the operation centers that were closed over the past 5 months. As a matter of fact I think they worked at a rate of 500% after that silly "do what we must speech". Each one worked in the hopes that their hard work and unrewarded overtime would make a difference. As it turned out it was all in denial.
Tell me? Will Jeff or (old fart) Neil be there to tell you that "Your 110%" made a difference when one of the lesser executives is standing in front of you telling you that you no longer have a job?
Funny how Neil and company would always visit to tell you to work harder and set goals, but when it was bad news he sends someone else to do the dirty work.
I'm not saying you need to be less of an employee but you need to be wary of these (Henschel type) people. They have no other interest other than their own personal gain.
anon4this
I agree with you. If you would have read the line I wrote right before it said, "Going out in style while the rest of us are disgarded like yesterday's trash."
I think my next sentence has a sarcastic tone to it. Who wants to give 110% to a management team that doesn't appreciate their employees.
How many more people do you think will be laid off in the next couple of weeks to pay for the rent on two buildings? If the company could not afford to pay the bills on one building what makes them think they can pay for two buildings. Since this great team wants to live in a fantasy world, I thought I would let them think their employees were still wanting to give 110%.
Management is more concerned about moving than saving jobs. Who knows I may not have a job on Friday why would I want to give any effort to making this company profitable. When you pack your offices you might want to separate personal property from company property. Then when the pink slips are handed out, it will be easier to walk away. Management is a joke and doesn't care about anyone but themselves and their paychecks. Conceited people should not be in charge of companies.
They should get rid of the top management starting with anyone who holds a management position in Secondary, what a joke those women are. You could not even dynamite Tammy out of her office if you tried. And Leslie...does not like to hear reality. And Joyce the tyrant! What a bunch. Wonder if J is still banking OT surfing the web in the early AM hours. And playing tattle tale on everyone within her eyesight.
Ever thought the ones that are doing the tattling just don't want anyone looking to closely at themselves. But hey with bosses like Tammy and Leslie nothing will ever be done to a tyrant.
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