This deserves a repost: Not only are they not taking - TopicsExpress

This deserves a repost: Not only are they not taking responsibility for the chemical leak (by some bogus claim of frozen water damage), they are filing for bankruptcy in a means that enables them to pay back the owner of Freedom Industries before their debts to others, which are substantial. - Colleen The lender in a debtor-in-possession case generally gets first priority when it comes time for the debtor, in this case Freedom, to pay money back. Under the bankruptcy code, when there is DIP financing from a DIP lender, 99 percent of the time, they get priority over all the other creditors, said Bob Simon, a prominent bankruptcy lawyer with the Pittsburgh firm Reed Smith. Youre putting your money in at risk, and the debtor is not going to have a lot of options, so the bankruptcy clerk permits the DIP lender to get priority over all the other lenders. Freedoms proposed lender is a company called WV Funding LLC. That company does not exist in West Virginia, according to business records on file with the West Virginia secretary of state. Pennsylvanias secretary of state also has no records online for it. The DIP agreement has places to sign for Freedom Industries and for WV Funding by Mountaineer Funding LLC. Mountaineer Funding was incorporated with the West Virginia secretary of state on Friday. Its one listed member is J. Clifford Forrest, Freedom Industries owner. Freedom Industries files for bankruptcy - News - The

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