Courts Appoint Tweeter Trustee; Approve Circuit Workers' Pay
By Alan Wolf -- TWICE, 12/5/2008
Wilmington, Del. — In separate bankruptcy court proceedings, Tweeter was assigned a trustee who will assume control of the shuttered A/V chain, and Circuit City was given the green light to continue paying some 600 pink-slipped headquarters employees through January.
A federal court here appointed CPA George Miller, a principal of the Philadelphia accounting firm of Miller Coffey Tate, as trustee of Tweeter’s estate under the Chapter 7 bankruptcy code.
Miller is to receive all of the company’s property and records, and ostensibly determine if the stores should reopen to continue liquidation sales.
Tweeter indicated that is has paid all wages and commissions owed to its employees, as well as all lease obligations and 75 percent of the fees it owed its liquidators.
Separately, a federal court in Richmond, Va., approved a motion allowing Circuit City to continue providing some 600 headquarters employees who were laid off last month with pay and benefits through January.
According to a report in the Richmond Times-Dispatch, the committee of unsecured creditors tried to block the move following initial court approval last month, arguing that the $8 million to $10 million in funds should be used to operate the bankrupt chain.
James Marcum, Circuit City’s acting president/CEO, said the ruling helps the nearly 30,000 remaining employees know how committed “we are to returning this company to what it once was,” the newspaper reported.
Elsewhere, Massachusetts Attorney General Martha Coakley earlier this week advised consumers who bought merchandise, gift certificates or warranties from Tweeter to file a Proof of Claim form with the Delaware Bankruptcy Court in order to recover their money. “Our office will continue to monitor this situation,” she said in a statement.
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To Bill Cage, it has been established that Mr. Miller is not concerned with the best interests of the employees. However, he would most definately have records of all employees who received final paychecks on or about December 6th. Contact him again and demand to know if a check was issued to you for your final week of employment. He took the job of trustee, let him deal with the fallout. He's a lawyer, I'm sure he can take it.
motion - 2008-23-12 09:48:00 EST -
tweeter still owes me a final paycheck as i was there to the end yet have not received as of dec. 21,2008 a paycheck...i contacted mr miller , he offer no help.does anyone know who to contact in this matter? do you know how to contact the judge from the bankruptcy?
bill cage - 2008-22-12 09:42:00 EST -
Anybody know what happened yesterday at the hearing?
Distressed - 2008-16-12 08:42:00 EST -
I like the reference to Not Your Average Joe''s in the post below. it is remarkable that someone like Joe McGuire can still get an executive position when his resume consists of being the CFO and CEO of a company driven straight to bankruptcy. that part of Joe''s Tweeter accomplishments is not included on their website. when the CFO thinks it''s a good idea to spend a gazillion dollars to buy Sound Advice then someone needs to call a timeout. it would''ve been cheaper to open a store on Mars. Joe and Judy are horrible business executives and Schultze is a thief but since they all refuse to publicly defend themselves they will continue to be abused by us forever. George Miller was hired to get rid of Tweeter''s remains, his mistake was that he did speak out publicly and has probably made himself a target as well.
motion - 2008-16-12 04:24:00 EST -
(continued) ... "What was the most surprising thing you saw after coming aboard?". His answer was; "That Tweeter should have filed Ch.11 and closed stores 5 years earlier that it did. Tweeter had no money for the past 5 years". So, Thank you Joe, Jeff and Judy for fattening your wallets while screwing us over. Thank you for manipulating stocks while we worked our butts off to make this company great (in futility). Thanks Joe for sitting on your boat after handing Shultze a list of names to fire during the first Ch.11 while totally denying it. Thanks for making sure that Shultze was the one who scooped us up as the dark horse bidder. Thanks for trying to even get Schultze to give you and the other execs a "Bonus" for working so hard during the filing (which was denied by the courts as a ridiculous gesture). Thanks for knowing that we were heading down this road for 5 years and doing what you could to get us deeper and deeper in debt. What out employees of 'Not your avergae Joes', if you see your stores expanding quickly - then going public - ask yourselves how much longer before the same thing happens to you.
Invested too much time in this company - 2008-15-12 07:21:00 EST
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