Copyright held by The John Cooke Fraud Report. Reprint rights are granted with attribution to The John Cooke Fraud Report with a link to this website.
We’ve said it before; we’ll say it again. Nobody is immune when it comes to financial shenanigans. Most unfortunate, however, is the ripple effect which often pulls innocent victims into a harsh undertow.
Such was the reality that most recently affected our printer. When a large publishing company (not us … we’re just a small publishing company) went belly-up and filed bankruptcy, they skipped out on a debt (somewhere, we’re told, approaching half a million dollars) to the printing facility that published the company’s weekly periodicals and collected on a 45-60 day billing cycle. Each week a $50,000 job went out — and a $50,000 check came in, covering the magazine that had been printed eight weeks earlier. When the bankruptcy was filed, the printing company went into a financial tail-spin. Not even the strongest companies can recover from such a massive financial blow, and the family-owned printing concern was no exception. Even though they’d run a successful company for over thirty years, this was a storm they could not weather. Layoffs were extensive, the company credit line was maxed out, checks began to bounce and the end was inevitable.
And when we called to see if our (JCFR) job was off the press yet, we were met with a nasty surprise. The doors were locked, nobody was taking calls and our job was sitting in a pile with a number of other uncompleted projects. Luckily we’re a small enough company, working on a job-by-job basis, and we could weather the storm. So while we may be late, we are here. Our sympathies go, however, to many other less-fortunate entities that succumbed in the wake of the original riptide.
© Copyright 1997 Alikim Media