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Toward Bankruptcy * USA - Report: Harvey Gainey collected millions in salaries, fees, dividends as his trucking company slid on
The firm may have acted illegally by diverting funds to family members and other insider...
Grand Rapids,MI,USA -The Grand Rapids Press, by Chris Knape -July 30, 2009: -- Gainey Corp. may be a trucking company, but a report conducted on behalf of creditors paints the bankrupt firm as a virtual cash machine for its namesake owners... The report, released this week as part of the company's ongoing bankruptcy case, says founder and CEO, Harvey Gainey, collected millions of dollars in salaries, fees and dividends even as the company flirted with financial catastrophe... Gainey Corp. and five of its subsidiaries filed for Chapter 11 bankruptcy protection last year after being sued for more than $200 million by a lender group led by Wachovia Bank, now part of Wells Fargo & Co... The findings were part of a 73-page document compiled for an unsecured creditors committee that concluded the firm may have acted illegally by diverting funds to family members and other insider while creditors were being left in the cold... Gainey Chief Operating Officer, Carl Oosterhouse, had tried to block the report's release, but Judge James Gregg agreed to allow it in the public record this week... (Grand Rapids Press File Photo - Gainey Corp. and five of its subsidiaries filed for Chapter 11 bankruptcy protection last year)Labels: trucking industry news USA
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