Â From the comments section
ITC is still in operation, Mercury has no control over the assets because of the Alliance BK filing. ITC was owned 80% by Alliance and 20% by 1st am. Oh by the way Patty resigned from Mercury today.
Comment by titleguy â€” July 30, 2008 @ 6:13 pm
Do you think she got her last paycheck? Vacation pay? Does she think this will get the Wine Dog off her ass? For the newbies, go back to December 2007 for the Architectural Digest pictures of Patty’s homes.
From the Wine Dog’s inbox:
Chris White sent an email this morning saying that they were no longer owned by Mercury. You’re right, they are under the control of the Trustee. REDACTED thinks they are trying to get sold, but in this market, to whom? I asked if they had more layoffs, and REDACTED said no, there really wasn’t anyone left. (18 minutes of erased tape) I can’t believe that they pulled out of the hole they were in when I left. Chris White told unintelligible that they were already 1.5 million in the hole, so how much could that have improved?
Yeah, so I protected the author. So sue me. That being said, maybe we should ask the trustee of the bankruptcy case… Dude howzit?
I’m afraid a lot of Financial Title people just found me. I’ve been warning for about seven months on this. I hope y’all had been squirreling away your nuts because that rainy day is here. I’ve been in this business for 32 years and I’ve never seen it this bad. I’ve seen lay offs and I’ve seen staff taking pay cuts and working two jobs and doing their own office janitorial and everything in between. I’ve never seen company after company folding. I would recommend that escrow staff look at picking up as Asset Managers with the lenders who have a lot of failed mortgages. I would recommend title staff look to solid companies that have a real estate department. Companies like Starbucks, Chili’s, Chevron etc. all have real estate departments. Maybe you’ll get lucky and get a coordinator job. Best of luck to all of you, it blows. Trust me, I’m out of work with you.
Which gets us to my final (maybe) comment of the day. When I look at the hits I got today and the organizations and government bodies who have come here for information, I am infuriated at the Bloodless Empire for doocing me. It makes me wonder what are the suits trying to hide? What nest of cockroaches do you not want me to shine God’s flashlight down on? What do I know that frightens the flying corporate monkeys so much that dumping 32 years experience was the preferred decision? What is it that needs to stay buried? Or is that just who you’ve become?
This is bad.Â (not the picture, the situation)Â Lender’s First Choice, done.Â Jerry’s line of credit ran out.Â Something about complying with the terms of the agreement, which required him to keep a certain amount of cash in the bank.Â They pulled the line, game over.
And I have never made so many posts on the same day.
From: Sandi Sigg
Sent: Wednesday, July 30, 2008 10:28 AM
Subject: urgent message from IVY ANDERSON
It is with deep regret that I must tell you that as of close of business Tuesday, July 29th, 2008, Financial Title Company has been closed by its parent company Mercury Companies of Colorado. Mercury is closing all of its companies outside of CO, which also includes AZ, CA, OR, and Utah. As of this moment, all employees are terminated and should remove their personal items now. No files are to be removed or copied in any manner. Files with money in them should also remain as they are now. First American Title has been given stewardship to Financial Title’s trust funds and active files. They have already visited many of your offices this morning and if they have not done so will be doing so shortly.
This event was brought about by Mercury running out of capital to support their operations. They failed to meet the requirements of their creditors thus losing their line of credit. We became aware of this late yesterday afternoon.
Your personnel, insurance and payroll questions should go to Sheri Gustad at 1.303-572-9090 in Colorado.
You can reach me by cell phone at 408-710-5880.
You have have been an incredibly committed and honorable group of individuals and I am so very sorry to see this end like this. I am committed to assist each of you during this transition in any way I can.
Word is they may not be even getting their final checks. Vacation pay -same situation as Alliance Title Company.
I feel like the Perez Hilton of the Title Industry right now. My head is just spinning from all of this buzz. Of course I have some damned good sources. My peanut gallery is the best of the best. Want to join on? Email the winedog at astound dot net with your personal experience. All sources are kept confidential. As a lot of you know, I’ve already lost my job so I’ve got nothing to lose.
Financial Title Company employees have been given 24 hour notice to clean out their desks.
Update: They are locked out. Fatco is on site. I’m guessing no one got their vacation etc. We’ve seen this movie before and we know how it ends. At least now the folks at Financial Title can enjoy Pink Bunny Ears because they’re no longer blocked!!
Update II:Â Anybody heard what’s going on with Investors?
This just in:
—– Original Message —–
From: Jim Hilbun – UTT
To: UTT – Division Presidents; UTT – Department Managers; UTT – All Fee Attorney Employees
Sent: Tue Jul 29 16:50:23 2008
Subject: UTT Ceases Operation – Urgent Message
It is with deep regret that I must tell you that as of close of business Tuesday, July 29th, 2008 United Title of Texas has been closed by its parent company Mercury Companies of Colorado. Mercury is closing all of its companies outside of CO, which also includes AZ, CA, OR, and NV. As of this moment, all employees are terminated and should either remove their personal items now or return Wed. morning for removal. No files are to be removed or copied in any manner. Files with money in them should also remain as they are now. This is a difficult thing to ask of you but as of this moment you have no legal cause to be in the file since you are no longer and employee of UTT.
This event was brought about by Mercury running out of capital to support their operations. They failed to meet the requirements of their creditors thus losing their line of credit. We became aware of this on Friday but were not notified until 4:15 today of our closing.
Your personnel, insurance, and payroll questions should go to Sheri Gustad at 303-892-7883 in CO.
I will be in the corporate office Wed. morning and will answer questions to the best of my ability.
I am sorry to lose a team as great as you have been. I pray we will cross paths again in the near future.
United Title of Texas
Southwest Regional President
The Hauptman’s are at it again!
What’s this “we” shit Kemosabi?
Dinty Moore is keeping a “skeleton” staff here in CoCo County because they don’t want to appear like they run when things get bad and come back when business is good. The Wine Dog has never called them carpetbaggers. (in this blog) I’ve called them carpetbaggers in real time. They are carpetbaggers. When my friends were all on the street with the Alliance Title Company shut down, I told them if there was anything they could do BESIDES go to Stewart, they should. That first full month, they took the REMS. Those guys could do some business. Houston is a bunch of wussies. They are carpetbaggers. I said back in December 2007 that Dinty Moore would just roll up the carpet and go back to Houston until the market picked up that they didn’t have the stomach for down cycles. BUSINESS IS CYCLICAL. DAMMIT! How many times do I have to say that. And I got my MBA from the School of Hard Knocks. Magna Cum Goddamn Laude. But the Alliance crew didn’t have a choice and quite honestly, local management was smart enough to pick them up. Houston wasn’t smart enough to let the ponies run. Too bad. We know what it was all about. And we know who buried what knives in whose back. The Wine Dog has had to pull a few daggers out of her own back.
This just in:
Gale Bode (Mercury Technology EVP) laid off Mitch Tanenbaum (Mercury CTO, Guardian Mortgage Documents CIO, and Jerry’s personal geek). It seems like 15+ years with the Hauptmans really isn’t worth much. Everybody who is left on the 14th floor of 1515 Arapahoe was asked to take a 10% pay cut. We have a pool on when they’ll be forced to shut their doors, my bet was Labor day.
I’m taking Thanksgiving. Patty Hauptman likes to put people out on the streets for the holidays.