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Re: Cablespy- Need info on GFC

GFC filed Chapter 7 in the Federal Court of the 3rd District located in Brooklyn, NY.
As I said in another post here, the checks that were cut on Thurs of last week were meant to be good checks. GFC (now at the control of Cerberus) originally filed Chapter 11 on Thursday morning which allows the company to still function and protects its employees wages until they reorg or liquidate. Something then happened on Thursday night , I have no clue what, which caused them to file the Chapter 7, which for all intents and purposes makes the company cease operations, until the courts come in and start liquidating all of their assets to pay off their creditors. First the secureds (banks), and then whats ever left goes to the unsecureds (vendors, employees). The bankruptcy court may still however pierce GFC's corporate veil and go after the parent company for your owed wages plus interest. I would contact your state labor board and file a complaint, and make sure they account for you as an unsecured creditor in the bankruptcy proceedings..
Also, if you were one of the lucky ones who actually got a check before corp payroll was laid off and you still have it in your possession, immediately take it to a Citizen's Bank, or if there isnt one local, to a check cashing agency, and get cash for it, you should only need two forms of ID to do it. If they cash it for you, thats your money free and clear, and GFC/Cerberus would than be liable for those funds to the bank, not you.
This is CABL.com posting #149443. Tiny Link: cabl.co/mM2x
Posted in reply to: Cablespy- Need info on GFC by DaveRags
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