The Lord could surf without a surfboard Christmas

You know, when you run a business like a sailor on a $700 drunk….

The Petition

Twenty largest creditors

Equity holders.

Verification of creditors matrix

Now, you just KNOW that the $507k owed to John Harritt did not slip by the Wine dog. Or Mofo for $728k. (I told you they weren’t getting paid) But I wasn’t expecting to see Mr. Awalt to the tune of $746k. And the Dan Gaudrau I know is a powerlifting guy, a giant of a man…and I believe ex-Marine. Is it the same guy? Stiffed by the Hauptmans? Dude. Now THAT could leave a mark.

A special PBE thanks to Oldtitleguy and his pacer account, and all the gentle readers who keep me supplied with awesome fodder.

9 Replies to “The Lord could surf without a surfboard Christmas”

  1. Sorry, can’t call you dumb. Radical yes. Dumb no. FNF is purchasing Mercury subsidiaries, so I think, and OldTitleGuy will be on this like a duck on a June bug, but I think it could be challenged. Not as much as if they had sold it to FATCO, an existing creditor.

  2. The Creditors list reads as a Who’s Who of disaster!

    Bill Moody a tic under $4 mil.?
    Dan Gaudrau Almost $700K
    and for what?

    Two guys in on the Plano TX BridgeSpan implosion and post nightmare that ensued.

    Funny the two things that keep rising to the surface in our industry Bodies and Crap and yet we expect a different result???

  3. Given the nature of the FNF purchase, and the circumstances surrounding it, I don’t think there will be an impact. What will be fun will be the plan submission(s), which will be down the road a piece.

  4. Same old stuff … same old players … I also beleive that the challenge will happen to pay the miss treated ex employees their: pay, vacation, notary, 401k contributions and commissions.
    Lets hope that this bites the Evil Empire in the rear end and they get to pay for it all. Thats what they get for orchistrating this whole thing …. (oops, thats just my take on it.)

  5. Wikipedia’s definition of Chapter 11 Bankruptcy for PBE’s gentle readers. Doesn’t look good for the unsecured Deferred Compensation creditors:
    When a troubled business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either chapter 7 or chapter 11. In chapter 7, the business ceases operations and a trustee sells all of its assets and distributes the proceeds to its creditors. A chapter 11 filing is usually an attempt to stay in business while a bankruptcy court supervises the “reorganization” of the company’s contractual and debt obligations. The court can grant complete or partial relief from most of the company’s debts and its contracts, so that the company can make a fresh start. Sometimes, if the business’s debts exceed its assets, then at the completion of bankruptcy the company’s owners all end up without anything; all their rights and interests are ended and the company’s creditors are left with ownership of the newly reorganized company.

  6. I just thought of something: Didn’t the Deferred Compensation (unsecured) creditors ever hear of ENRON? Lesson learned to take the money that is on the table and run with it. I doubt they have a chance to recoup their dough – not good.

  7. One wonders what business Mercury is trying to keep operating. We know about the land and the airplane, but what is the revenue stream? Do they still have an interest in DSI? I understand they are doing pretty well with Impact. Future BK docs will tell the tale…..

  8. The revenue stream may be from all the stock that Patty has in FNF …. Or maybe from the Foley Wines?? Hey, maybe its from the Offshore Bank Accounts they set up with the money the owe their EMPLOYEES !!!!

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