GFC is just the latest of the BIG installer companies to go down,
remember Viasource, IFCI, AM Comm, and other companies that got involved with installs that almost went down. A lot of it is bad or over zealous management, but has to do with the ever lowing rates that the MSO's pay along with their ever rising expectations of the contractors. Construction companies look for a 35 to 40 per cent profit margine minimum. Installs your lucky to get 10 to 15. Installs needs to make those 40 % margins. Chapter 11 is a restructure, you won't get previous money but you will get paid on time and in full moving forward from date of going 11. Chapter 7 is a liquidation, no one gets anything untill the court and the credtors board finalizes everything. but untill then everything that was in GFC's office's including owned and leased trucks, belongs to the Chapter 7 court . That is a Federal court, and any thing and everything is under jurisdiction of the Feds.
GFC, one of many
Member #: 2126
Registered: 1996-2001
Posted:
22
Name:
edward reynolds
Name:
Edward Reynolds
Company:
AM Broadband, LLC
Occupation:
Telecommunications Servicing
Location:
Connecticut
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