Update on BK
Talked to a source inside CRI about what is going on. Naturally the answers were yes or no as I did not want to get him in trouble. They have not filed, and he did not know when they were going to file. The lay offs have been extreme and it is just hard to know anything anymore. Accounting dept is basically gone. They are concerned about where the money is coming from in ongoing payroll, but everyone knows that they will get paid from someone on time when it is coming up due.
I have a theory that the lenders who have debts with CRI are in discussions with Goldman/Whitehall. G/W are done with their investment so they are waiting on the lenders to decide what to do. Are the lenders going to let their loans get sold for cents on the dollar, etc.? G/W have nothing more to lose as they have given up on their original investment. Its the lenders who need to make decisions on what they want to do for now.
ps, for all those who said that they did not get paid from CRI, lets caution what you probably are saying. You got paid your wages, but you did not get paid for vacation time accrued. That is probably true, but in a BK, vacation pay is an unsecured creditor just like the office supply company. The BK laws prohibit them from paying you the vacation pay so it is not really CRI's decision. If you did not get paid wages, it was some dispute in pay. You probably will never get money from vacation pay. At Sunterra, employees owed got some stock, like a % on the dollar or a little more, but I sold mine at the $15 share price and was pleased how it turned out.