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Confirmed: IFC Credit Files Chapter 7

IFC Credit Corporation, Morton Grove, Illinois filing Chapter 7 officially confirmed.

Leasing News will have a full report in Wednesday’s edition showing the 16 creditors claiming $92 Million that pushed IFC into bankruptcy, as well as a synopsis of the full 72 page document (plus PDF copy) showing many other debts not paid, including NorVergence lease settlements with the FTC, as well as First Corp. and Pioneer Capital debts, evidently considered a part of IFC Credit Corporation and not as separate entities. There are issues of leases paid out but not to the creditor, security deposits spent, brokers not paid, residuals double sold, and other indications of “double dipping,” all on the watch of CEO Rudy Trebels, CLP, and CFO Marc Langs. The CoActiv Capital Partners of Horsham, Pennsylvania $2 million complaint also names them as individuals and calls it “fraud.”

There is a meeting of creditors scheduled for September 12, 2009, 12:30pm, Office of US Trustee, 8th Floor, Room 800, Chicago, Illinois.

Look for more creditors to file their claims.

Full story tomorrow.

Copy of Chapter 7 Court Filing:

http://leasingnews.org/PDF/IFC%20BK%20Filing%20short.pdf

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