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OMC bankruptsy report

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noah

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OMC bankruptsy report

On 08 Jul 2003 18:04:51 GMT, reg (Gfretwell) wrote:

My neighbor just came over and gave me the next installment in his saga of
Daniel Griffin v OMC. He has kept up the paperwork to remain in the debtor
list. The latest (9 lbs of paper) development is that he was named as a
defendant in the new case of Bank of America v everyone else on the list. BOA
is the principal debtor, holding lots of commercial paper in OMC and they ae
moving to exclude everyone else since there is not enough money to satisfy
their liens. Dan is keeping up the battle but it looks like he will go the way
of all of the other vendors, dealers and customers who lost their ass in this
debacle. It appears the only liabilities that will be honored will be the ones
Bombardier was forced to take in the sale and some of them may be in trouble.

Unfortunately, that is a common occurance in bankruptcy. Everybody
loses, unless you're a smart CEO with an "Early Exit Plan". Sorry to
hear it.

Courtesy of Lee Yeaton,
See the boats of rec.boats
www.TheBayGuide.com/rec.boats

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