Posted by Cheryl Elliott on 1/3/04 5:06pm
Msg #532

It's Official....Instafi.com BK Notice Sent to All Debtors

I've just received a PROOF OF CLAIM of BK filing by instafi.com f/k/a Axiom Mortgage, Inc.:

The sudden and significant increase in interest rates in August 2003 resulted in significant losses for the company...The increase, coupled with a downturn in the level of loan refinancing activity over the past several months, created a significant decline in cash flow, which led to the layoff all all employees and its shut down in December....(no mention of the class action lawsuit by previous employees).

Total assets approximately $1.3mil, liabilities approximately $38.2mil, folks, the writing is on the wall. Outstanding judgments total about $700K, these are not collectable given the ratio of Assets/Liabilities. Like I said, experience is what you get when you don't get paid!

Reply by Anonymous on 1/4/04 8:07pm
Msg #542

Instafi.com owed me $5000 that I will never see! I am so angry. Live and learn I guess is the motto here!

Reply by Anonymous on 1/5/04 11:33pm
Msg #551

...........& I was feeling bad over the $350 they owe me. You certainly have my sympathy & you're right-I hope I've learned something-although I'm not sure how we really tell who the bad guys are!

Reply by Cheryl SB/CA on 1/6/04 10:04am
Msg #554

I hope you file a claim....maybe you'll get back $.10 on the dollar, which is better than nothing, and chalk it up to experience. I will not allow a vendor to be "in to me" for more than $300 going forward. Market is too volatile now.

Reply by DBethany on 1/12/04 1:10pm
Msg #601

I am also owed almost 5,000.00. I'm filing my claim and hoping for the best.