Title Lender TitleMax Files Chapter 11 In Southern District Of Georgia
From Deal Watch Blog -
TitleMax, one of the largest title-lending companies in the U.S. and a frequent advertiser on Atlanta television stations, filed for bankruptcy in Savannah on Monday...The bankruptcy filing was triggered by the maturity of a $165 million loan from Merrill Lynch Mortgage Capital Inc. and Fortress Investment Group LLC.
Savannah-based TitleMax reported $100 million of debts and $100 million of assets. Several affiliated companies filed for Chapter 11 simultaneous with TitleMax, including CheckMax of Tennessee and TitleMax Funding. Fentress filed a motion for the court to jointly administer the cases...
It is strange how a company would go from netting between $5,000,000 and $8,000,000 per month 2 1/2 years ago to filing bankruptcy.
Well Josh I know the family that is part of Title Max and the word is they are going public which means the stock market and just doesnt make since to me. Somebody would not give them the loan so they take a easy way out in tricking the system is that even legal?
where does this stand now?
titlemax seems to be a desperate type co. I recently tried to get a loan they did not let me know exact terms untill after printing the documentation for me to sign. Once I looked at intrest payments I decided not to take the loan asked for a copy of voided application or voided check they would not provide me with it. I feel very wierd about that but called coporate about the incident I was informed the regional manager would call me back. I really feel places like this prey upon people in need and should be closed down for good. Where is the morality of a co. like this. Sad