Posted by WDMD on 9/22/08 4:46pm
Msg #264982

Anyone get an e-mail from Metro Financial?

Received a e-mail from Metro Financial staing they were going to try and acquire Title Stream and wanted anyone who has outstanding invoices with Title Stream to accept 10% of all outstanding invoices as payment in full.
Luckily I stopped working with them years ago so they do not owe me anything.

Reply by BrendaTx on 9/22/08 4:56pm
Msg #264983

Wow. 10% of whatever is owed by TitleStream. Amazing. n/m

Reply by MW/VA on 9/22/08 5:11pm
Msg #264984

Wow--this is like a bank failing & offering 10 cents on the dollar. Anyone saying "Depression" yet?

Reply by WDMD on 9/22/08 5:20pm
Msg #264987

The impression I got was that Metro wants to come in and take over existing customers and vendors lists, and operate the business like nothing had changed. Pretty good deal for them if they can get all creditors to accept 10% of outstanding invoices and release the new owners from any previous liabilities.

Reply by BrendaTx on 9/22/08 6:11pm
Msg #264992

I have seen notaries into them for a good deal of $$$

who are trying to take them to small claims.

It looks like it is too late.

Reply by CaliNotary on 9/22/08 7:34pm
Msg #265002

And the really sad part is

that taking 10% might be the best option. 10% of something is better than 0% of something.

Reply by Bedowin/MI on 9/22/08 7:51pm
Msg #265004

Re: And the really sad part is

I got one... and have to agree. 10% is better than nothing but I just can't say it's satisfying... it's not. That's what they want us to say... that it's satisfying.

Reply by Philip Johnson on 9/22/08 8:27pm
Msg #265005

Then tell them you're unsatisfied and that you'll be

satisfied with 100%, but you'll take (whatever #) and be okay with it.

Reply by Bedowin/MI on 9/22/08 8:43pm
Msg #265008

Re: Then tell them you're unsatisfied and that you'll be

Sad to say that I did that already. What else can you do? At least they offered that... Lenders First Choice certainly didn't and neither did Todaro Notary. No telling who else is going to go down in my accounts list here.

Reply by shannon carter on 9/22/08 8:45pm
Msg #265009

Are you out of your minds???!?!?!?! If you take 10% of $125 closing - that's only $12.50 people!!!! How much did the gas, toner, paper cost you to do that closing?? Please reread the letter - it states that if there is not approval from all vendors on the 10% deal, that Metro will not be purchasing Titlestream. That would be great! Titlestream is obviously shopping their company, so let them find a title company that will pay the vendors in full. I have been in this business for over 18 years and I have seen numerous title companies purchase failing title companies and they always close out the books in full. Please don't take the deal and don't take any closings from Metro Title!!

Reply by shannon carter on 9/23/08 10:19am
Msg #265045

Oops, I meant don't take any closings from Titlestream.