Tweeter Trustee Trying To Reopen Stores
By Alan Wolf -- TWICE, 12/10/2008
Philadelphia — Tweeter’s court-appointed bankruptcy trustee is trying to finalize a deal with liquidators that would reopen the stores for one final clearance sale before month’s end.
Under the plan, Tweeter’s current liquidators — SB Capital, Tiger Capital and Hudson Capital Partners — would re-hire store employees and reopen the chain’s 70 stores in order to resume going-out-of-business sales and to deliver previously-purchased merchandise to customers.
George Miller, Tweeter’s Chapter 7 trustee, told TWICE he is also attempting to resolve issues involving unpaid compensation due employees. Staffers recently received paychecks for the last salary period, as stipulated by the United States bankruptcy court in Delaware, but say they are still owed commissions, stay-on bonuses and/or vacation pay promised by Tweeter under chairman George Schultze.
Should the stores reopen, the liquidation sales would be completed by the end of December to avoid paying an additional month’s rent, Miller said, and temporary workers would be hired to fill in for any Tweeter employees who chose not to return. Staffers are currently being contacted about their interest and availability.
“I’m just trying to open the stores for another week to ten days and close up around Christmas,” said Miller, a principal with the Philadelphia accounting firm of Miller Coffey Tate. “There’s no deal yet, but hopefully there will be.”
Clickhereto read TWICE's complete coverage of Circuit City and Tweeter.
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Motion52 is Jimmy K
Jimmy - 2009-3-2 19:22:00 EST -
It's over. The last stores have been cleaned out and the goods are heading to atlanta. The landlords, vendors, suppliers are reviewing their losses from dealing with Tweeter 3.0. The employees are finishing filing for unemployment, figuring out how to make ends meet and Schultze and his family are skiing in Vail. Happy New Year.
gs - 2008-31-12 17:05:00 EST -
Pray? or file a claim in the bankruptcy court. You
might get something by the end of next year.
Dan - 2008-31-12 13:08:00 EST -
I am still an unpaid Tweeter employee who was there til the bitter end.As of DEc.31st I still have not received my final paycheck.Contacting George Miller was a worthless endeavor as he offered no help whatsoever. Does anyone know how I can get my final paycheck?
Bill Cage - 2008-31-12 07:43:00 EST -
Further proof Schultze is not a nice guy.....
SEC Settles With Two Firms
by James Armstrong, Reporter August 15, 2007
The Securities and Exchange Commission announced on Wednesday it has reached settlements with two prominent hedge fund firms, Schultze Asset Management and Quattro Global Capital.
Schultze will pay $100,000 to settle charges relating to soft dollar practices and failing to provide documents to investigators. Firm founder George Schultze will pay an additional $50,000.
According to regulators, Purchase, N.Y.-based Schultze misrepresented its client commission practices, claiming on at least three different occasions it used commissions only for specific expenses, when in fact those commissions went to a wide variety of things, including George Schultze’s salary.
The firm created a database company known as SAMCO Distributors for no other purpose than to secure soft-dollar payments, the SEC says. Schultze Asset Management incorporated SAMCO and sold the shell firm its database for $1. In turn, SAMCO billed Schultze $100 an hour for access to that database, an expense that was passed on to broker-dealers who made soft dollar payments for supposed research services.
In the course of the investigation, George Schultze allegedly altered the licensing agreement he made for SAMCO and presented it to the SEC’s staff as the original. When investigators pressed him, he later returned about $350,000 in soft-dollar payments to investors and agreed to retain an outside compliance consulting firm.
Quattro will pay a $100,000 civil penalty for failing to disclose holdings. The New York-based hedge fund firm, which is somewhat larger than Schultze, allegedly did not report positions in excess of $100,000. At one point, Quattro had more than $1 billion in assets under management, yet it had never filed a single 13F form with the SEC disclosing stakes larger than $100,000.
Neither Schultze nor Quattro have admitted nor denied any wrongdoing as part of the settlements.
Joe P - 2008-22-12 15:53:00 EST
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