Tracey Edwards ad agency shuts down - won’t pay bills
November 25, 2009
The Union Leader is reporting that ad agency Tracey Edwards has shut down. With an incredible note stating “Unfortunately, there will be no assets for distribution to unsecured creditors, like you,” the letter, addressed “To Whom It May Concern,” said.” and No bankruptcy filing is contemplated because there will be no assets for distribution to unsecured creditors, according to the letter.
Wow, In other words.. there is nothing left.. zilch.. nada.. zip.
This part however is the root of the problem. ““After 20 years and having a successful business and employing many people and doing exciting and great things for our clients, it’s just a sad sign of the times that small businesses are not able to get the support from the banking industry and government the way that larger businesses do,” Tracey said.”
Well there you have it people.
“As of the date of this letter, TEC owes TD Bank approximately $520,111,” the letter said. “The bank has a properly perfected security interest in all of TEC’s assets. Those assets consists of accounts receivable of approximately $102,000 and miscellaneous office equipment worth less than $20,000. There are no other assets.”
So the company is in the hole in or about $398,000 … and because of this 29 employees will lose their jobs.
So you know, $398,000 is less than the average bonus is at a taxpayer bailed out bank. A single individual at a failed bank is getting more than what this company needs to survive.
Little firms like this are the ones that needed the bailouts.. not the banks.
Enjoy the mess.
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