Thoughts?
7 replies (most recent on top)
1bep, that is simply not true. First goes secured creditors, like Eddie. Next goes the bankruptcy administrators, third goes payroll, pensions, vendors, taxes, and other unsecured debts. Last come shareholders. Given the total lack of equity, there third tier might come up short.
Employees come first in pay and vacation compensation before any creditor. Severance is not a legal obligation of those who take over the Co so do not plan receiving any severance form a BK co.
If I don't see a deposit in my bank account I'll have a word with the people in the cash room and get cash instead.
No problem.
My understanding that in a BK, the debtors come first, then the shareholders..The guys who do all the work come at the very end of a long line.
Lucky to get final pay check
How long have people been warning you???
For real?