I just attended, via conference call, the hearing on Express Financial. The unsecured creditors were represented by William C. Price of McGuire Woods. The whole thing lasted about an hour. Here are a few things that came out. There are three funds. I don't know out of which fund the creditors would be paid, but the general fund currently has $1.2 mil. In addition, Express has a number of debtors. The two largest are Financial Freedom and Home Loan Services. They owe Express a total of $1.4 mil. Express has been paying $40,000 a month rent on its Parkway address, and, if I heard correctly, $50,000 a month for telephone and computer hook-up service. It also pays $5,000 a month on (paper) record storage. The issue of destroying records, including computer records, came up. I had objected in writing to this. The representative for the committee of unsecured creditors also objected to the destruction of the records. It was decided that the motion would be delayed for 60 days while it was determined what was on the records.
Ronda Roaring
to post a reply:
login - or -
register