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Free Collection Account Quote

From the words of Winston Churchill, “There is nothing wrong with change, if it is in the right direction”. When you want change to come to your outstanding receivables, you want it to come from the right direction. You want knowledgeable professionals to step in and turn those bad debts around and get you your money. At Burt & Associates we are the knowledgeable professionals who are heading in the right direction of turning your outstanding debt into the cash you deserve.

Burt & Associates is a SAS-70 Type II certified and compliant Commercial Collection Agency. Please give me a call today to get us working for you.

Regards,

Jerry Curtis
President & CEO

WHAT’S HOT NOW!

Quote of the Week: “Confidence is contagious. So is lack of confidence. “- Vince Lombardi

Educational Tidbits For Today’s Credit Executive

The Big Three’s Pleas So Far Fail to Win Broad Bailout Support

The Big Three’s CEOs, testifying before Congress, are not getting a sympathetic hearing of their continued pleas for federal bailout money, and it’s thought there isn’t enough support in Congress to wrest $25 billion for the carmakers from the Treasury Department’s $700 billion in financial-rescue money. General Motors Corp., Chrysler LLC and Ford Motor Co. could get access to a $25 billion package earlier passed by Congress, but money is earmarked for supporting fuel-efficiency initiatives. Many are criticizing what they see as a history of focus on short-term profits, short-sighted product development and a bad cost structure. The automakers’ CEOs, Rick Wagoner of GM, Robert Nardelli of Chrysler and Ford’s Alan Mulally, are trying to defend themselves in front of Congress, saying that they were well on their way to turnaround strategies but got broadsided by the credit crisis and the economic downturn, which have prevented consumers from buying cars. Further, taking a broader view, Mr. Wagoner warned congressional leaders that the collapse of the car sector would take three million jobs with it and result in government tax losses of more than $150 billion over the next three years.

Expressing skepticism of the Big Three’s bellyaches is former Massachusetts governor and former presidential candidate Mitt Romney, who said in the New York Times that federal money in the form that the companies are asking for will only encourage more bad management. A bailout, wrote Mr. Romney, would only postpone the collapse of the U.S. auto industry. He stated that letting one or more of the companies to go bankrupt would force them to make the tough decisions necessary to reorganize labor agreements, slash costs and focus more on future technology.

Many feel that a bailout is unlikely, at least until the change of administrations, but the companies are fast running out of time. While Ford says it has enough cash to weather the current turmoil, the CEOs of both Chrysler and GM told Congress that they are running so low on cash that they may not be able to continue operations for long.

The Credit Manager’s Q&A Corner

QUESTION: Explain what vulture funds are.

ANSWER: Vulture funds, also known as vulture capitalists or vulture investors, are investment groups that are prominent in the restructuring of financially distressed and bankrupt companies. Typically, vulture funds buy or sell large pieces of distressed companies’ debt and/or equity.

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