Our company did work for TAD. We are owed approximate $1,500. for service work. We just received a legal notification that Textron Financial Corp, another creditor that is owed more than $600,000. (in loans), has filed a motion petitioning the US District Court in the Middle District of PA to appoint a receiver.
If granted, the receiver could be given the authority to auction off all of the plant's equipment (loan collateral) in an attempt to satisfy what is owed to Textron. Textron apparently has first priority security to certain plant assets due to loans acquired by TAD, The Walton Johnson Group, and John A Walton in the state of TX.
However, per the filed motion, anyone who objects to this motion has to reply by 5:00pm, Fri 09/24/09.
The Court will rule on any filed objection by 10:00am, Tues 09/28/09, in Courtroom 3 in the Federal Bldg., 228 Walnut St, Harrisburg, PA.
If your union has an attorney representing its members, your union attorney will have to respond to this motion. They may have already received this same notification - maybe not.
If you have apersonal attorney he would likely have to file a similar objection to this motion.
It is Civil Action No. 09-1714 with Judge John E Jones presiding.
I believe if this motion is granted, only Textron will recive any monies for debts owed by the now defunct TAD.