Posted by No/ta/ry/2u on 9/22/08 9:04pm
Msg #265012

TitleStream - Metro title

No way will I accept 10% and say paid in full yeah right

Reply by Ruthie Frizzelle on 9/22/08 9:29pm
Msg #265016

10% is an insult.
But how will you get them to pay you?
I've sent letters and emails and faxes?
What can we do?

Reply by PAW on 9/23/08 7:19am
Msg #265027

10% of something is better than 100% of nothing

If this goes through bankruptcy, you may not get a penny. Even major creditors may only be getting 10% (or less). The absorbing company doesn't want (and probably can't afford) to acquire the debt along with the limited assets. We'll have to see how this plays out.

Reply by shannon carter on 9/23/08 9:21am
Msg #265034

Re: 10% of something is better than 100% of nothing

Metro Title is offering 10% to vendors within the purchase of the company. When you purchase a company, you not only take on the accounts receivable but also the accounts payable. They must pay all vendors owed IN FULL unless you are stupid enough to only take 10%. DON'T DO IT!!!!!!!!!! Again, don't be fooled with the 10% or nothing deal. Titlestream owners are going to walk away from this company scott free and probably with a little money in their pockets. I don't want to be the only one holding the bag here. I would rather them file bankruptcy than only get 10% of what's owed to me.

Reply by Kevin/Ct on 9/23/08 9:44am
Msg #265037

Re: 10% of something is better than 100% of nothing

This is not entirely true. When puchasing a company the buyer has the option of buying either the stock of the corporation/membership certificates of the LLC...or the buyer can purchase the assets of the corporation/LLC only, and leave the debts with the seller. As long as the assets are not encumbered by liens or other security instruments, the buyer can take the assets free and clear of the liabilities.

Reply by Sylvia_FL on 9/23/08 1:41pm
Msg #265053

Re: 10% of something is better than 100% of nothing

Exactly Kevin
This is what has happened with Lehamn Brothers. Barclays bought the assets only.

Reply by MW/VA on 9/23/08 1:45pm
Msg #265055

Re: 10% of something is better than 100% of nothing

Good thing Harry deleted your other message where you gave out the guys home address & phone no. I don't know how much you're owed, but I doubt it would cover the cost of a lawsuit.

Reply by BrendaTx on 9/23/08 1:56pm
Msg #265058

Re: 10% of something is better than 100% of nothing

Fwiw – I think it’s okay to give out the guy’s information…just not to suggest that people bombard him with phone calls and visits. I would think that is harassment under the Fair Debt Collection Act.

Jmho….but I do understand why lots of notaries are angry. I have seen numbers for Titlestream such as

$10,000 owed (scheduler/ss type company)

The rest are notaries…
$1,000 owed
$1,800 owed
$500 owed

On the other hand…the writing has been on the wall since 2005 …blatantly so.