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Focus on Running Your Business

Labor Day Weekend marks the end of Summer for most Americans. For many, it is the last weekend to get away with the family before school starts and Fall gets underway.

Burt & Associates’ staff would like to take this opportunity to wish our clients, associates, friends and family a safe and happy holiday weekend.

Burt & Associates is a SAS-70 Type II Certified commercial collection agency. We are here to help you in any way possible manage your accounts receivable so you can focus on running your business. Call us today and let us show you what we can do for you.

With warmest regards,

Jerry Curtis
President & CEO

Educational Tidbits For Today’s Credit Executive
A Brief History of the Celebration of Labor Day

Labor Day differs in every essential from the other holidays of the year. Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity and well-being of our country.

More than 100 years after the first Labor Day observance, there is still some doubt as to who first proposed the holiday for workers. Some records show it was Samuel Gompers, founder and longtime president of the American Federation of Labor. Other records indicate Peter J. McGuire, general secretary of the Brotherhood of Carpenters and Joiners and a co-founder of the American Federation of Labor, was first in suggesting a day to honor those “who from rude nature have delved and carved all the grandeur we behold.” Many believe that Matthew Maguire, a machinist, proposed the holiday in 1882 while serving as secretary of the Central Labor Union in New York.

The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union. The Central Labor Union held its second Labor Day holiday just a year later, on September 5, 1883.

In 1884, the first Monday in September was selected as the holiday. The Central Labor Union urged similar organizations in other cities to follow the example and celebrate a “workingmen’s holiday” on that date. The idea spread. Through the years, the nation gave increasing emphasis to labor day. The first government recognition via municipal ordinances came in 1885 and 1886. By 1894, 25 states had adopted the holiday. On June 28, 1894, Congress passed an act making the first Monday in September of each year a legal holiday.

The vital force of labor added materially to the highest standard of living and the greatest production the world has ever known. It is appropriate that the nation pay tribute on Labor Day to the contributor of so much of the nation’s strength, freedom and leadership – the American worker.

The Credit Manager’s Q&A Corner

QUESTION: Explain why postconfirmation changes may not be needed in a reorganization plan.

ANSWER: Not all plans proceed as intended. Therefore, the U.S. Bankruptcy Code allows the modification of a confirmed plan before the plan is consummated. Most often, the changes are minor, aimed at correcting technical errors in the plan.

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