LNT GOB sales seem to leave little for creditors
-- Home Textiles Today, 3/4/2009 8:39:00 AM
New York – Linens Holding Company, the entity that owned now-defunct Linens ’n Things, took in $172 million in sales receipts and tenant allowances from Nov. 23, 2008 to Jan. 3, according to a March 2 filing with the Securities and Exchange Commission.
When going out of business sales began in October, the company had $650 million in secured debt outstanding. A consortium of six liquidators that won the bid to conduct the sales paid Linens $200 million in October with additional amounts to be paid as the GOB sales progressed. Cash payouts go first to secured lenders as well as note holders.
Gene Kalkin was a merchant; the rest of the recent
group were theives - as they were all taught this by
some of the upper management in their final years!
sadday4lnt's - 2009-03-04 19:10:00 EST
group were theives - as they were all taught this by
some of the upper management in their final years!
AMEN to that! Merchants like Eugene W. Kalkin and Norman Axelrod are few and hard between. Gone are the old days, with many memories and so many good times. As for LNT, it will live on in the hearts of so many of us who danced the Electric Slide together over the years...and you know who you are...(T)
A friend of LNT - 2009-03-04 13:11:00 EST
Duh, should anyone be surprised! It's the old axiom, line my pockets
first. What a shame the number of valued employees that got hurt by a
management that just did not have a clue. Gene Kalkin had a great idea
and a fantastic business. Now there was a merchant!
Fred Schwartz - 2009-03-04 12:07:00 EST
first. What a shame the number of valued employees that got hurt by a
management that just did not have a clue. Gene Kalkin had a great idea
and a fantastic business. Now there was a merchant!
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