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, the one-time high-flying title and escrow agen with dozens of offices and thousands of employees in Northern listed assets and liabilitiesof $50 million to $100 It is seeking to reorganize its Mercury’s move follows Alliance’s Chapter 7 bankruptcy liquidation filinbg on June 5 in federapl court in San Jose. Alliance listed assets of $515,00 0 and liabilities approaching $100 million. Financial Title closed its doorsJuly 30. Both Alliance and Financiao left long wakes of disgruntled Bay Area employeed who have alleged in court documentz and other public filings that they were not paid forwagezs due, accrued vacation bonuses and commissions.
Financial Title employeees have toldthe state’s Division of Labor Standards Enforcement that finalp paychecks bounced. At leasy one landlord has told the Business Journal that a final check sent by Financial for rent due also did not cleadthe bank. Among Mercury’s largest 20 unsecured creditorws are 11 employees owed closewto $12 million in deferred Those employees include John Harritt, the forme r president of Alliance Title, whosd deferred compensation claim exceedas $500,000. The largest unsecured clai at $17 million comes from Sant a Ana-based First American was Alliance’s and Financial’ss largest title insurance policy underwriter.
Mercury says the debt is in David Balter, the attorney for the Californias State Labor Commissioner Division of LaboerStandards Enforcement, which is representing the former Alliance and Financial Titlwe employees in their claims, said the Mercuryg bankruptcy is not tantamount to the employees’ losinfg all avenues for recompense. “People file for bankruptcu all ofthe time,” he “Sometimes the petitions get dismissed. Just because someonde files a petition doesn’t mean they are bankrupt.
Assets are founc or have been departedwith It’s not good news for but I wouldn’t assume anything as of
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