Hell of a story. Good luck w/ the interviews.

>Well I've finally made full circle. I thought I'd seen everything that could cause me to loose a job. But I just lost a job thru the "our bank account is empty. Packup and go home. You won't be paid for anymore time you spend here", email. There were problems at the company for the last couple months, but we were all lead to believe that everything was now going great. The company president was giving talks as early as 2 weeks ago about how happy he was about how things were turning around.
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>It's a huge story in Los Angeles because this company "Axium Entertainment" was a payroll service for the entertainment industry. So there's not only a problem with a couple hundred employees, but with thousands of entertainment employees throughout the industry.
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>The best part is that this has nothing to do with the writers strike. It all has to do with an Enron type story. All the newspaper stories I've read about this mention IRS problems. But even that is only the start.
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>The problem with the IRS was that they were turning in fradulent returns for a number of yrs. The one example I've heard in detail is that Resident Aliens don't need to pay FICA taxes. They were reporting several thousand on each return. An audit completed back in Dec showed that at most there were several hundred per return.
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>The problem escalated from there. The owners borrowed mega millions based on the inflated companies worth. And used this money to purchase another company called Chimes. It was an $80 million cash transaction.
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>The problem then got worse when the people who loaned the money got skittish late last yr because they hadn't seen any return on their investment. I thik this is when the IRS problem serviced also. So the lenders have been running the company since late November.
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>The main owner, John Visconti (of course I need to mention that he's a Republican), was not a pleasant person to deal with anyways. But, from the last news I heard, he caused the entire thing to crash on Monday. The lenders demanded to see his Harddrive so they could see some of his shady dealings. He refused. At that point the lenders thru their hands up and said that it wasn't worth it do deal with him. And withdrew all the companies money from the bank account. And shut it down.
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>And that's my story. Gotta run thou, I'm off to a job interview.