It is noon Friday, and still no decision from the Judge. As you can appreciate, the client, its employees and owners remain in limbo, and the stress is building.
For reasons unknown, the bank lender who held the operating line, has frozen the account. This effectively shuts down operations.
Maybe the bank is not confident that the Judge will appoint a court appointed receiver?
In the meantime, the monitor, who has a limited scope to simply babysit the secured assets, is acting as if its appointment by the Court as a receiver is a foregone conclusion by talking to my client’s employee’s sorting out who will stay and who will be out of a job.
The monitor, who has been in place since May 19 claims its fees to date are in excess of $50,000.00.
Expensive babysitter.
And people say lawyers are the sharks…………