Tuesday, January 8, 2008

Is There Anybody Out There?

Our friends at the Implode-O-Meter posted an update on the latest misfortunes at Daddy and Junior's Us-First Moneygrab (formerly known as "First NLC"). Apparently, an email was sent out with the following info:

"First NLC (The Lending Center) cut off computer access on Monday night at 7pm EST for all employees. There is no compensation plan in place for 2008. It looks like Tuesday is going to be the day they close up shop. Keep an eye on it early Tuesday, it is probably all over".

Can anybody confirm that this company is finally about to go kaput?

10 comments:

IseeNothing said...

Nope, not true. Company is still in business and actually hiring people to take on the responsibilites of the Anaheim Operations centers.

subprimetimeover said...
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Been there said...

It is my understanding the Anaheim OPs center had been closed....why would they be hiring?

Been there said...

Who sent out the e-mail? It's now Thursday....the e-mail went out on Mondayaccording to the original post. You'd think that if FNLC shut down we'd know about it by now.

Been there said...

It's done...they are filing for BK today!

Jess said...

FNLC shut down today. :)

gotta love it said...
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IseeNothing said...

confirmed. Checks given out on friday. Nobody left but a small team to shut it down.

Anonymous said...

Being a former FNLCer I am thoroughly disgusted with the way management has run FNLC into the ground,frivolously spending money, lower management being too lenient with their subordinates by allowing them to come in late every day & calling in sick at the most inopertune times & taking excessive smoke breaks to the point where the work load falls behind & not picking up the slack when needed, moving to a facility we had no business moving into, hiring additional managers at high salaries before the company was in a better position which made the financial situation worse. Not to mention, all of the worker bees that were laid off in order to make the situation better, instead the company remained extremely management top heavy coupled with the ever decreasing income made the siuation 100 times worse.

Now, FNLC is going to file BK, the question is WHEN & WHAT kind of BK they will file. Management has advised that they have made severance provisions for the employees that remained until 1/11/08 and the transition team.

Here is the tricky part, if they file a Chapter 7 (Liquidation) before they pay the employees what is owed to them (salaries, severance, unused vacation time) then the severance agreements that everyone signed and the unused vacation time will be null & void. FNLC will only be obligated to pay whatever salaries are owed for time already worked. Then, we as creditors would need to fill out paperwork from the Bankruptcy Trustee on the outstanding debt to the employee and since we were employees we would become a preferred creditor and move to the top of the creditor list; however, who know how long it would take the BK Trustee's to disburse they monies owed.

We are supposedly scheduled to be paid on 1/18 if the file BK before then we are SCREWED!!! If they file after they pay us, then all will be golden.

If they file a Chapter 11 (Reorganization) then we stand a better chance of getting everything we have coming to us. However, it is extremely unlikely thaqt this type of BK will be filed.

I have a colleague in the BK industry and has already checked the Federal BK database and thus far nothing has been filed. I will have her continue checking the database daily until 1/18 in order to advise what $$ (if any) we can expect to receive. I will provide an update as I receive the information.

Good Luck to all of my former co-workers, I wish you the best in all of your future endeavors.

Anna Nonymous said...

It's Chapter 11.

http://www.mortgageorb.com/e107_plugins/content/content.php?content.1099