New Message From Bob

I completely understand your anger at this situation. I am angry about it as well. The payroll was covered, we had the money in the bank and authorized to be paid by ADP on the regular date and as explained to the staff. At the eleventh hour, literally, a BOK executive from New York we had never met before, literally walked into our offices and announced that he was not going to allow the payroll, was sweeping our account of all funds and didn't care what effect it had on the employees. In his own words, he had 'no heart or concerns for the employees', it was 'his money' and the bank was going to make sure it was made whole before anyone else. That is certainly their right as our secured lender, but the manner in which it was done was insulting and overbearing. We nearly came to fists and it came to screaming at each other as it was.
Communications with former staff are sketchy at best right now. Also, we DID get BOK to fund the health insurance payment for another month at least, so that rumor is unfounded.
The wind down crew is being paid by BOK, but not because the bank officials are being nice guys, but because they know that paying the wind down crew to get the collections done, the bills paid, the staff paid, the clients info transferred, the FF&E sold, the landlords negotiated with, etc. .. is a lot easier (for them) and less expensive (for them) than if they had to walk in here cold and do it themselves. Hence that rumor has some truth to it, but it doesn't contain all the facts as to why. It is in the former employees best interests that our skeletal crew stays in place to forward the action on collections, thus satisfying the bank and getting the former employees paid. Without this group in place, with the bank in charge, but clueless, I doubt the payroll would ever be paid because very few collections would be closed because every client would be lawyering up and suing to get their data.
Everyone (with the exception of BOK and a few employees) has been very cooperative and is working with us to get beyond this point. Clients are coming in on regular basis to settle accounts and get their project data as best we can provide it. The wind down team is shrinking every day as people line up jobs, but they have all been troopers and I'm happy to see they are getting good jobs. In fact I hear many of the former employees are getting snarfed up pretty quickly. Wal-Mart, some of the other clients and many of our former competitors have been good about extending interviews and offers to many of our professional staff.
We have already been in communication with the Department of Labor to let them know what happened and what we are doing to get the final payroll covered, but they understand that BOK owns the company and all its assets and liabilities now and as the only secured lender, they have the right to call the shots. I have the word of the BOK executive mentioned earlier that payroll will be covered as soon as we reach a stated milestone in collecting the monies owed. That could take a couple of weeks or a month to accomplish and is going better than I had expected. But I do expect at some point the bank will make the last payroll. They don't need the public black eye they would get by stiffing our employees while they spend a few million to put their name on the new arena across the street.
BSW is no longer my company. It belongs to BOK, all of it. It is their policy, not mine, that is putting their interests in front of your family. I can tell you that a small complement of staff and I are working nearly around the clock to get through this as quickly as possible so as to get you paid. And I think we will get there, but when is not up to me or them. We have clients lining up to clear their accounts in return for their project information so as to keep their programs moving. That much is working in our favor. As to exactly when we might cross the bank's magic and arbitrary line, or when they might otherwise relent, and make the payroll, is not predictable, though I do believe it will happen. It might be two weeks, or a month. But I do think it will be done, for political reasons, not moral ones.
My apologies to you for the hardship this has placed on you. It is not what I intended or support. At this point, all I can do is ask you be patient and let us work on getting it resolved.
Take care, Bob