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CDPR Sued For Securities Violations
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<blockquote data-quote="Ryujin" data-source="post: 8160044" data-attributes="member: 27897"><p>Not never, but you're right that they hardly ever get anything. Secured creditors (banks and other lending institutions) are the first at the trough. They get paid in order of signing. Then come unsecured creditors (suppliers, customers, employees). After that come the shareholders. In my experience the secured creditors do generally drink the trough dry, with even some of them getting nothing.</p><p></p><p>I worked for a computer manufacturer that went bankrupt. One day we were all told to put down what we were doing and go to the front office, because the place was closing. It was payday. In going through the bankruptcy hearings I learnt that the owner/president of the company had put up the first $2.5M to launch the company from personal funds and had registered as a secured creditor. He was the only one who got all of his money back out of the bankruptcy.</p><p></p><p>(Except for me. I'd been working with the design engineers and the owner wanted to rehire me when he opened again, under a new name, so he paid me a portion of what I was owed. I signed receipts for that money, which the owner promptly lost. When I filed for what I was owed with the Labour Board my rep went after the owner, personally (not the limited corp.), because of personal malfeasance. He ended up having to pay me everything that I was owed, in the bankruptcy, including what I had already received due to the lost receipts. The rep said that because <em>HE</em> couldn't support the statement, to the gov't's satisfaction, he owed the money. Total payout was about 1.5 times what I was actually owed.)</p></blockquote><p></p>
[QUOTE="Ryujin, post: 8160044, member: 27897"] Not never, but you're right that they hardly ever get anything. Secured creditors (banks and other lending institutions) are the first at the trough. They get paid in order of signing. Then come unsecured creditors (suppliers, customers, employees). After that come the shareholders. In my experience the secured creditors do generally drink the trough dry, with even some of them getting nothing. I worked for a computer manufacturer that went bankrupt. One day we were all told to put down what we were doing and go to the front office, because the place was closing. It was payday. In going through the bankruptcy hearings I learnt that the owner/president of the company had put up the first $2.5M to launch the company from personal funds and had registered as a secured creditor. He was the only one who got all of his money back out of the bankruptcy. (Except for me. I'd been working with the design engineers and the owner wanted to rehire me when he opened again, under a new name, so he paid me a portion of what I was owed. I signed receipts for that money, which the owner promptly lost. When I filed for what I was owed with the Labour Board my rep went after the owner, personally (not the limited corp.), because of personal malfeasance. He ended up having to pay me everything that I was owed, in the bankruptcy, including what I had already received due to the lost receipts. The rep said that because [I]HE[/I] couldn't support the statement, to the gov't's satisfaction, he owed the money. Total payout was about 1.5 times what I was actually owed.) [/QUOTE]
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