Great comments from henshelsforjail (love the username) today got me thinking about a potential problem former FNLC'ers may face during the next few months. I'm talking about the possibility of our W-2 forms being delayed or not being sent at all. This was something my team discussed when we were laid off a few months before the company went bankrupt. Given the fact that many of us had problems signing up for unemployment benefits due to erroneous bookkeeping, it wouldn't surprise me if this nasty W-2 business is swept under the rug, at least until the last possible minute.
To put things into perspective, I earned money from four different entities in '07, including a brief stint collecting unemployment after Daddy and Junior sent me on permanent vacation. Not surprisingly, three of the four W-2's have already been sent to me. Guess who the fourth is?
Here's the thing - I don't like to wait until the last minute to file taxes. I either WANT MY REFUND RIGHT NOW or I want to have some time to pay my amount due before April 15th. I imagine many of you feel the same way. Hell, I bet there are some of you that are expecting a refund and could really use the cash since, y'know, First NLC isn't around to deposit that paycheck into your bank account twice a month.
Has anybody received their W-2 yet? Right now, I'm not expecting much, other than one final screw job by Daddy and Junior. On the other hand, at least I didn't foolishly and arrogantly run my company into the ground, so I guess I have that to be thankful for!
Thursday, January 31, 2008
Monday, January 14, 2008
The Online Post Mortem
All that's left of firstnlc.com and thelendingcenter.com is this statement:
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?
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?
Sunday, January 13, 2008
BANKRUPT!!!!
It's all over. Daddy's and Junior's assets are being liquidated. FBR has declared bankruptcy on its subprime mortgage operations. The deal with Sun won't be closed.
Hey Junior - can't wait to see your resume! If you and Daddy mishandled your personal finances as badly as your business finances, we'll be seeing you in the unemployment line soon enough.
And yeah - I bet you WOULD file for unemployment.
Finally, this three-ring circus has been shut down as the clowns have been kicked to the curb.
HAH HAH HAH!!!
Loads of links:
At last, FBR did "what was required" and cut this sorry company loose. Good-bye and good riddance.
Hey Junior - can't wait to see your resume! If you and Daddy mishandled your personal finances as badly as your business finances, we'll be seeing you in the unemployment line soon enough.
And yeah - I bet you WOULD file for unemployment.
Finally, this three-ring circus has been shut down as the clowns have been kicked to the curb.
HAH HAH HAH!!!
Loads of links:
At last, FBR did "what was required" and cut this sorry company loose. Good-bye and good riddance.
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?
"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?
Monday, December 17, 2007
The Latest News...And It Ain't Good for FNLC
Our friends over at the Mortgage Lender Implode-O-Meter say things are looking dire in Boca Raton:
"Have we seen the last of First NLC? It's anybody's guess, but recent posters on Last NLC (note: thanks for the shout-out) seem to be convinced, if not actually happy about it.
"Layoffs and branch closures have been going on some time now, the most recent of which came to our attention when it was reported here that another 100 employees were let go and the Anaheim, CA office was also being consolidated to their East Coast headquarters. Calls to the offices still listed on CityTownInfo.com revealed only 2 locations still receiving calls: Anaheim, CA's answering system is still on, and the headquarters in Boca Raton, FL. The company's web site now shows just one location - Boca Raton. For those tracking the numbers, that represents 24 offices nationwide, and now, approximately 725 of 1,350 employees gone in the consolidation.
"Concerns over the company's continued viability stem largely from losses reported in their parent company's 3rd quarter financial statements. On 10-25-07, Reuters reported that FBR Group (Friedman Billings Ramsey Group, Inc.) realized write-offs of $90 million associated with the sale of securitized loans, and an additional loss of $67 million from the sale of mortgage-backed securities. A company press release of the same date revealed the following additional losses:
"Have we seen the last of First NLC? It's anybody's guess, but recent posters on Last NLC (note: thanks for the shout-out) seem to be convinced, if not actually happy about it.
"Layoffs and branch closures have been going on some time now, the most recent of which came to our attention when it was reported here that another 100 employees were let go and the Anaheim, CA office was also being consolidated to their East Coast headquarters. Calls to the offices still listed on CityTownInfo.com revealed only 2 locations still receiving calls: Anaheim, CA's answering system is still on, and the headquarters in Boca Raton, FL. The company's web site now shows just one location - Boca Raton. For those tracking the numbers, that represents 24 offices nationwide, and now, approximately 725 of 1,350 employees gone in the consolidation.
"Concerns over the company's continued viability stem largely from losses reported in their parent company's 3rd quarter financial statements. On 10-25-07, Reuters reported that FBR Group (Friedman Billings Ramsey Group, Inc.) realized write-offs of $90 million associated with the sale of securitized loans, and an additional loss of $67 million from the sale of mortgage-backed securities. A company press release of the same date revealed the following additional losses:
- "an economic loss of $17.2 million(2) associated with restructuring and operating costs at First NLC Financial Services (FNLC), of which $15 million was incurred prior to the agreement announced in July to sell FNLC to an affiliate of Sun Capital Partners (Sun Capital), and
- "a $27 million valuation loss relating to the portfolio of conforming and non-conforming loans originated by FNLC and for which FBR Group took ownership under the Sun Capital sale agreement, reducing the value of those loans to $203 million.
"FBR Group announced its plans to sell an 80% share in First NLC to a Sun Capital Partners affiliate on 7-26-07, as part of a recapitalization plan to enable the struggling sub-prime lender to continue operations and satisfy a negotiated settlement of this employee class action lawsuit which received preliminary court approval in late September. The transfer to Sun Capital is expected to be completed by 2007 year end."
Pretty soon, they'll be running this company out of the family's garage.
Here are some additional notes from The Truth About Mortgage:
- According to sources, First NLC Financial Services plans to close 24 branches nationwide, shuttering their operations on the west coast and cutting more than 100 jobs in the process.
- It is believed that only six retail branches will remain open, along with an operations center at its headquarters in Boca Raton, Florida.
- I’ve been told that most of the 100-odd employees at its loan center in Anaheim, California have been laid off as a result of the migration to the east coast.
- In August, First NLC laid off 645 employees, or nearly half of its 1,350 member work force as the mortgage crisis continued to deteriorate.
- First NLC is one of the top non-prime residential mortgage lenders in the nation, originating over $7.4 billion in mortgage loans in 2006.
FBR bought the subprime lending unit in 2005 for $101 million and arranged a sale this summer to an affiliate of private equity firm Sun Capital Partners.
Tuesday, December 11, 2007
Gone Daddy, Gone
Rumours are flying that First NLC shut down this past Friday. I haven't received confirmation yet - it may be only another ops center that has closed. Whatever the case, my sympathy goes out to the few working folks who were just let go during the holiday season.
Of course, if the company has been closed for good, my overwhelming joy is reserved for the the execs that ran this company into the ground - they have finally attained complete and total failure. Couldn't happen to a nicer group of selfish, arrogant a-holes. You get what you deserve. Life just handed you a "doing what is required" card. I hope you all lost your a$$es in stock while being blackballed in this industry.
Of course, if the company has been closed for good, my overwhelming joy is reserved for the the execs that ran this company into the ground - they have finally attained complete and total failure. Couldn't happen to a nicer group of selfish, arrogant a-holes. You get what you deserve. Life just handed you a "doing what is required" card. I hope you all lost your a$$es in stock while being blackballed in this industry.
Monday, December 3, 2007
More Shutdowns
Chicago's call center has been shut down - no surprise. Rumors of additional shutdowns (what's left to shut down at this point? The vending machines?) continue.
I thought I'd share this comment from a former FNLC'er that was posted a couple of days ago - this person is also happy to see upper management flailing. Enjoy:
I'm a former FNLCer and laying me off was the best favor FNLC ever did for me. I, now, work for a company that has a bright future and employees, including me, are happy and don’t live in fear. It's such a refreshing change. I read people's blog entries and frankly I'm amazed and a bit confused as to why people still choose to continue to work for them...especially in light of all that has happened. FNLC's senior management (a.k.a. the Hxxxxxs and their kiss a$$ lackeys) are the worst so-called “management” team I’ve ever seen and the company is obviously going down the tubes. I hope you do realize senior management doesn’t care anything about you, your family or your well being. I do understand how difficult the job market is but it is possible to move on. Most of the employees I had the pleasure of getting know during my time at FLNC were good hardworking people. Have faith in yourself! But, in spirit of the holiday season, I want to say "thank you" to Mr. Hxxxxx and all of his minions for laying me off. No doubt it was challenging for me at first but I prevailed! I take comfort in knowing the Henchel’s company is failing while I am growing professionally and am financial better off than I was work for your sad excuse of a company. It really is sad to have such ill will toward a group of people but this particular group doesn’t deserve anyone’s compassion or respect since they never bothered to give either to any of their employees. I am a person that does believe in karma. What goes around comes around. Mr. Hxxxx and all your minions, keep that in mind!
I thought I'd share this comment from a former FNLC'er that was posted a couple of days ago - this person is also happy to see upper management flailing. Enjoy:
I'm a former FNLCer and laying me off was the best favor FNLC ever did for me. I, now, work for a company that has a bright future and employees, including me, are happy and don’t live in fear. It's such a refreshing change. I read people's blog entries and frankly I'm amazed and a bit confused as to why people still choose to continue to work for them...especially in light of all that has happened. FNLC's senior management (a.k.a. the Hxxxxxs and their kiss a$$ lackeys) are the worst so-called “management” team I’ve ever seen and the company is obviously going down the tubes. I hope you do realize senior management doesn’t care anything about you, your family or your well being. I do understand how difficult the job market is but it is possible to move on. Most of the employees I had the pleasure of getting know during my time at FLNC were good hardworking people. Have faith in yourself! But, in spirit of the holiday season, I want to say "thank you" to Mr. Hxxxxx and all of his minions for laying me off. No doubt it was challenging for me at first but I prevailed! I take comfort in knowing the Henchel’s company is failing while I am growing professionally and am financial better off than I was work for your sad excuse of a company. It really is sad to have such ill will toward a group of people but this particular group doesn’t deserve anyone’s compassion or respect since they never bothered to give either to any of their employees. I am a person that does believe in karma. What goes around comes around. Mr. Hxxxx and all your minions, keep that in mind!
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