My goodness, do I feel like an oaf. I’ve been blaming the Hauptmans all this time and it was really the fault of CoAmerica and First American Title that all the good title folks of California, Texas and Arizona lost their jobs last week. Wow! That’s embarrassing! It’s good to see that Jerry really cared about the employees. I sooo have to quote this part:
After exploring and then concluding that an orderly shut down was not possible, mainly because we could not ask employees to work when we had no means to pay them, we immediately informed all relevant parties including employees, regulators and First American that 161 locations in California, Arizona and Texas would be immediately shut down.
Uh, Jerry, you didn’t pay them. It’s good to see he didn’t care about financial gain either and was just being a responsible fiduciary for the stakeholders of Mercury Companies. (Hey wouldn’t FATCO be one of those?) Does anybody really think that CoAmerica “unexpectedly declared the entire $40 million immediately due and payable”? Come on Jerry, that’s not how anybody does business, even with the likes of you. Supposedly the FNF deal was worth “millions” more than FAF was offering. Did I misread this thing? It’s only a five million dollar deal. The added value seems to be in the dismissal of the FNF lawsuits. Can’t wait to hear Oldtitleguy and Skip’s read on that one. Everyone else please feel free to ring in on it. I just didn’t see “millions” more than anything FAF was offering.
It’s a ton of reading, but Hell, I’m unemployed, so reading court documents makes it feel like I have a job. I skimmed over the exhibits to the Stock Purchase Agreement and didn’t notice the list of employees retained. Iguessimfired didn’t miss that, probably because their name didn’t appear on the list. I hope it’s not a complete list. And I hope all will be ok for you and anyone else who isn’t on the list. It appears to be backroom staff. You can know that the gentle readers of PBE wish you well. Most of us have been there, or are there right now.
Here’s an interesting take from yesterday’s Inman. Appears to be prior to the court docs flying. We’ll see what today brings. It’s been an interesting two weeks. I’m expecting Scully and Mulder to show up any minute now.