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From Home Furnishing Business

Furniture Brands Reaches Pension Settlement

The leftover pieces of Furniture Brands International—Furniture Brands Wind Down—has reached a deal with its creditors and the federal Pension Benefit Guaranty Corp

Furniture Brands Wind Down Inc., the remnant of bankrupt Furniture Brands International, has reached a deal with its creditors and the  federal Pension Benefit Guaranty Corp. 

The settlement, which still needs court approval, has the PBGC reducing its claim against the company from $340 million to $300 million.

The company filed for Chapter 11 bankruptcy protection on Sept. 9. Most of its assets were purchased by KPS Capital Partners, which created Heritage Home Group to serve as the new parent company for Lane, Broyhill, Thomasville and other former FBI companies.

Read Entire Story Source: The Daily Journal 

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Robert Mark    6 years ago

So once again the furniture business was easy pickings for venture capitalists to buy and suck out all the cash and have the US taxpayers pay for what Interco put into the pockets of its executives. This has been a long term affair since the 1970's.

Now it is abundantly clear that what appeared to be Scozzafava's horrendous mismanagement was not mismanagement at all. Wasn't anyone on the board of director's wondering why they voted such large bonuses being paid while the company's performance was spiraling downward? The answer is very obvious. They themselves were being paid handsomely to do so.

It is not surprising that Scozzafava wants his business liability insurance paid for by the remains of the company's coffers. So in the world of today, the world of Bain and Mitt, you can steal and have yourself insured for law suits by those damaged employees and stock holders with the funds that should have belonged to those you have damaged!

Wasn't Epperson wondering? Why was he not commenting on this? How so very nice that money was sucked out of the pension funds. What is wrong with our industry trade papers for not delving into this and writing an expose? Pretty soon it will be too late. I wonder who the next big bankruptcy will be.
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