Due to conditions beyond our control, effective immediately we are no longer taking applications.
Those loans where closing documents have been executed will be funded in the normal manner.
I've pasted a screenshot to capture this moment. I figure the web hosting bill will be due soon, and then there will be nothing - anybody want to buy some domain names?
8 comments:
It is offical, FNLC filed for Chapter 11 on Friday
I don't know whether to be happy or sad...as a former employee that was in the august 2007 lay off...I have a lot of friends that I made over the 2+ years I was there...btw does anyone know how I can get in touch with david pham that worked as a underwriter in anahiem ops...please send me an email or something or come to my blog...thanks
The mid and lower level employees get screwed once again by the Henshels!!!
On January 18, 2008, First NLC Financial Services, LLC and its subsidiaries (the Company) filed a voluntary petition for bankruptcy under Chapter 11 of the United States Bankruptcy Code. Copies of the petition (Case No. 08-10632-BKC-PGH) are available at the office of the Clerk of the Bankruptcy Court of the Southern District of Florida, West Palm Beach Division.
What is a Chapter 11 Bankruptcy Filing?
A Chapter 11 filing is a case initiated under the provisions of the Bankruptcy Code that provides a mechanism for a corporation to effect either a reorganization or liquidation of its assets.
Why did First NLC file for Chapter 11 Bankruptcy Protection?
The residential mortgage origination business is in a highly cyclical industry which began to decline in 2006. This industry decline impaired First NLC’s ability to originate loans that it could sell at a profit, which thereby substantially reduced the Company’s cash flows and net income. Despite the best efforts of all the management team, these industry factors have forced the company to seek bankruptcy protection at this time to protect and maximize the value of the assets for all parties concerned. The Company will be winding down its operations as efficiently as possible. Yeah, Right!!!!
Whom do I contact if I have payroll related questions?
You should contact the Payroll Department at payroll@firstnlc.net.
Whom do I contact if I have benefits related questions?
You should contact the Human Resources Department at hr@firstnlc.net.
Why will Wachovia Bank not honor payroll and severance checks issued to me before the Company filed for bankruptcy?
The bankruptcy court did not grant the Company’s request to permit Wachovia Bank to honor payroll checks presented after the petition date. The Company will ask to court to reconsider the issue at a hearing currently scheduled for February 12, 2008. The Company expects that you will ultimately receive these funds, but cannot predict when.
What do I do if I have been receiving severance or other payments and those payments have stopped?
Due to the bankruptcy filing First NLC is unable to continue making payments under any employment or separation agreements previously entered into or pursuant to the WARN Act. If you believe you are owed any additional wage payments or other compensation under any other agreements between you and First NLC, you may file a proof of claim with the United States Bankruptcy Court.
When should I expect to receive information regarding COBRA and how do I sign up?
If you were enrolled in the Company’s group health and/or dental plans, you are eligible to continue your medical coverage under COBRA. You should be receiving a letter from Conexis, the company’s third party COBRA administrator, by the end of January, 2008 which will explain your COBRA options and their costs. If you have not received your COBRA letter from Conexis by the end of January you should contact them directly at 877-452-6272.
Am I eligible for unemployment?
Your eligibility for unemployment is generally determined by your local state unemployment agency, and you must apply for unemployment benefits through it.
I believe I have a claim against First NLC. How do I ask for payment?
The process for creditors to ask for payment is called the claims process. The amount owed to a creditor is called the claim amount. To ask for payment of a claim amount, a creditor must file a form called a Proof of Claim. Filing a form does not necessarily mean you will receive any payment on your claim amount.
NOTE: First NLC cannot advise any individual or entity as to whether they have a valid claim, what action to take in this regard, or whether or not they should be filing a claim.
How does a creditor obtain a Proof of Claim form?
The Bankruptcy Court will send out a Proof of Claim form and the Bar Date Notice to all First NLC’s known creditors. The Company will be sending the claim form and Bar Date Notice to many persons and entities that have had some relationship with or have done business with First NLC, but who may not have a unpaid claim against the company. The fact that you have received this claim form and Notice does not necessarily mean that you have a claim against the Debtors.
What is the Bar Date Notice, and when do I file a Proof of Claim?
The Proof of Claim form will include a notice explaining where the form must be sent, and when the form must be received. The last day a Proof of Claim can be filed is known as the “Bar Date.”
What happens if a creditor misses the Bar Date?
Any holder of a claim who fails to timely file a proof of claim in the appropriate form will most likely not be paid its claim against the Company. Additionally, all claims must be filed against the correct debtor on the correct form or the claim will be barred.
When will I be paid for my Claim?
The estate will go through a process of resolving the claims against the records and asking the Court for a determination of claims as “allowed” or “disallowed.” You will receive notice if the estate does not agree with your claim and will have the opportunity to respond or put your information in front of the Court. This process may take some time due to the volume of claims
What do you call getting screwed, even after a company who continually screwed its employees files for bankruptcy? Being in the employment of the Henshels! What a bunch of crooks these @$$#01#$ turned out to be. Apparently, a phone call with Charles Bryson (former Henshel lackey until this phone call) did not go the way the Charlie would have liked it, on the day that Neal surprised the Anaheim Branch with the "get out of our office space" message. The basics of the whole thing amounted to Charles fighting for his own final paycheck (though he claims he was fighting to get everyone in the office paid...uhhummm). I guess those folks he "saved" from earlier layoffs didn't count on the @$$ kiss factor ending with good ol'Chuck. Well, anywhoo - Chuck B argued with Neal for a bit, and it ended with Chuck threatening lawsuit because California labor laws don't permit the Henshel's to do whatever they want. Neal responded by saying something to the effect of "if you want to sue us, get a lawyer, and come on down to Florida". I guess that was the final straw in the phrase "Doing what is required".
I am hoping that this whole situation does get down and just plain ugly for the Henshels - ALL of them. They deserved what they got as their "house of cards" came tumbling down. Slime like this family needs to be ruined completely. Though I figure since sonny boy is something of a grease ball attorney, they are going to peddle their way backwards and just lay in wait for some other scheme to come their way. EVERYONE, EVERYWHERE Beware of who you do business with!
For those that were in the graces of Chuck B. or the other two scumbags that were running Anaheim, you reap what you sow. Seriously, did you think that by staying in bed with a bunch of "diseased" finance/mortgage whores that you wouldn't catch something nasty?! I mean c'mon, these guys all came from business that tanked because they were in charge there! Not to mention that they were also the ones that these companies faulted for "questionable" decision making. End of story, those screw good people hopefully get screwed! I'll bet Sun Financial is breathing a sigh of relief!
add to the fact that those getting severence from the 11/30/07 lay-off got screwed out of their last check. and anyone that was to receive a package lasting longer than 1/08 is also screwed. you have file a claim in bankruptcy court to get your $$$
I don't think the F*ckers are going to send out W-2's despite it being against the law as well. Figuring that they were breaking the law with their business practices with their clients and especially their employees. I am going to say that it is not a too far gone conclusion that the Henshel family is going to say something like "We are too busy doing what is required (for ourselves), that we should not have to follow Federally mandated guidelines for IRS/HR compliance". Wanna bet? Any takers?
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