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This story isn't over yet folks!
The Chicago Sun-Times has an article up stating that Republic Windows and Doors could have shown a $3.5 million profit on their books, but that Bank of America blocked the deal between Republic and Ohio-based American Water Seal, which also does /did business with the bank.
Gellman and a Republic adviser said Republic had investors lined up to pay cash for the assets of Orrville, Ohio-based American Water Seal, with roughly $15 million in sales. That would have boosted Republic's sales to roughly $55 million and allowed it to turn a roughly $3.5 million profit, they said. But Bank of America, a lender to AWS, decided instead to liquidate the company, forcing roughly 100 workers there out of a job without notice, they said.
Bank of America did not respond late Friday.
2 Comments:
BofA as well as all of the other big banks can screw themselves. I hope this news hits mainstream. It's time for the people to take back their money and not give them another dime. I hope the City Council gets their way and votes them out. Credit & Loan sharks with such criminal behavior, pass the fork they are done..!!!
Inspired by your blog, I did a search & noted that the NY Attorney General has just filed a subpoena for Bank of America's executive pay data yesterday. With all of the impending BofA layoffs, I'd like to know who is skimming the cream. Thanks much for your efforts here.
http://www.mycentraljersey.com/article/20081113/BUSINESS/811130344
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