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! |
