Posted by Luana Lonergan on 1/7/09 5:21pm
Msg #273773

Monte and Stacey Sturgeon

I just rec'd a bankruptcy notice on this couple out of Coppell, Texas. Does anyone have any info on the business name? It only lists their names and ss #'s. Any info appreciated.

Reply by Wendy Guthrie on 1/7/09 5:22pm
Msg #273774

Yes I received the same letter today. It's Titlestream, or it was Titlestream!

Reply by Luana Lonergan on 1/7/09 5:23pm
Msg #273775

Forgive my inability to read before I post. Just found out who they are and fortunately they don't owe me any money, but for those that they do owe money to, it appears they aren't worth anything. Where do they all hide the money??????

Reply by Marian_in_CA on 1/7/09 6:01pm
Msg #273780

Yup, Monte Sturgeon was the President/CEO of Titlestream.

From what I've read, basically everyone that was a vendor for them at some point are getting notices, even those that aren't due any money.

What I'm wondering about is why notaries are included in their personal bankruptcy. Wasn't Titlestream properly incorporated?

Okay... I take that back, they were an LLC. Which still would have given them personal liability protection if they'd kept proper records. The fact that people are *aren't* due any money are getting these notices, too, tells me that TS's business records must have been really messed up or non-existent and they have no idea who nor how much money they owe to people. When that happens, the liability protection goes out the window. Ouch.

Reply by PAW on 1/7/09 9:16pm
Msg #273798

Depending on how the LLC was formed, the principal or principals may not be protected. As for why notaries who aren't owed any money are being notified, it's because that's the way it works. ALL creditors, paid or not, are notified of the proceedings. Why? Because the books may be cooked so that some creditors who are owed don't show up as a payable account.

Reply by Greg Anthony on 1/7/09 10:15pm
Msg #273805

Got the same letter today. Did a few signings for them in 2008. Don't remember any real problems, but it looks as if they got real problems.

Reply by Teddog/CO on 1/8/09 7:21am
Msg #273820

I stopped working for them quite a while ago when they became "slow pay" and had to keep calling them for my check. Guess I made the right call on that one.

Just another thing to keep in mind when you accept jobs. Slow payers are potential "No pays." So always check with Search, ask on the board and check their reputation in Signing Central.

Reply by CopperheadVA on 1/8/09 7:50am
Msg #273822

While many people were reporting no-pay from Title Stream there were several people that said they worked for them often and insisted that they never had a problem receiving payment and would not hesitate to continue to accept work from TS. I don't understand how some are paid regularly and others not at all, but when Title Stream called me several months ago for a job I turned them down due to all the negative pay reports. They said they were now paying off the HUD but I still declined and am glad I did so.

Reply by Teddog/CO on 1/8/09 8:31am
Msg #273829

CopperheadVa

Smart move CopperheadVA. JMO never take a "chance" unless you like drinking Mallox, wasting your time and money.

Reply by Maureen_nh on 1/8/09 8:41am
Msg #273832

While I wish no one ill, I do believe that your response and similar ones from other notaries contributed to their downfall.
Many others contacted title cos and lenders with no pay concerns and I am sure that after many of these questions were raised as to their reliability, they were dropped after contracts were fulfilled.
In almost any business when the vendors aren't paid you soon have no product to sell.

Reply by Linda_H/FL on 1/8/09 10:37am
Msg #273839

I would say their "slow pay/no pay" practices

were the major contributor to their downfall - if they paid no on would have had any complaints against them...

Two years ago when I did two signings for Titlestream for not so great fees but I was just getting started (and still learning here on NotRot) - back THEN they took 60 days to pay me - so I'd say their history and their own business practices, and not forum comments, were their downfall - not notaries. MHO

Reply by Linda_H/FL on 1/8/09 10:38am
Msg #273840

CorrectionL "no on" = "no one"... n/m

Reply by Les_CO on 1/8/09 12:47pm
Msg #273855

Well.....I can't agree that I wish on one ill. I do! I wish ill to all those deadbeat companies out there. May they ALL go belly up! The sooner the better. It's hard enough for legitimate companies to do this business, without having to compete with companies that don't pay their contracted help. I certainly don't lament the demise of company that gets paid by the Title Co/borrower, and then keeps the money owed to the Notary that did the actual closing. May they all suffer long and hard, preferably in correctional facility somewhere.

Reply by Roger Kennedy on 1/8/09 2:08pm
Msg #273863

I too just received a Chap 7 notice. I did not do any work for this SS.