The hits just keep on coming…

From: Sandi Sigg
Sent: Wednesday, July 30, 2008 10:28 AM
To: FTC-ALL-California
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.

Ivy

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.

9 Replies to “The hits just keep on coming…”

  1. Email is from today at 10:30 but they were locked out this morning. I wonder if any of them got the email.

    My phone has been ringing off the hook all day. I feel so bad for my former co-workers. As of a couple of hours ago they hadn’t heard if or when they will get paid.

  2. At least one major lender is stopping payment on checks and pulling all the biz…….don’t know if they’ll pause and reconsider FATCO or just keep moving. All very interesting.

  3. When Alliance shut down, I believe all checks were delivered via FedEx. As of this post, my wife hasn’t received anything….ugh. We certainly aren’t counting on receiving PTO/commission/notary pay.

  4. what happens at MTS? Are there a bunch of pissed off people overseas with financial info on US customers, with no method for enforcing US law? Any ideas?

  5. Alliance – FedEx paycheck, no vacation, no commissions. Checks valid for 24 hrs. DO NOT DEPOSIT – CASH IMMEDIATELY (even if you need to pay a fee).

  6. How rude. These people are plying with other’s livelihood and they close down via form letter? Totally classless.

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