Heilig meyers liquidating trust
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NEW YORK — Long-gone furniture retailer Heilig-Meyers is still making waves in a fraud case involving asset-backed securities that share some of the same characteristics of the investment instruments that led to the current financial meltdown. The suit contends that the retailer kept two sets of books and used an accounting method that led investors to believe that Heilig-Meyers was more profitable than it was.
The New York Times reported that the amended suit, filed by AIG and other investors against Bank of America in 2003, is set to go to trial in U. The case involves asset-backed securities sold in 1998 that were pools of receivables - the financial contracts of Heilig's customers, who had bought furniture on credit.
The company bolstered its revenue by financing furniture purchases for customers who had few other credit options.Heilig-Meyers is the second furniture chain with Athens outlets to seek Chapter 11 protection this year.Roberds closed its Athens store, 4435 Atlanta Highway, in May and held a liquidation sale over the summer.Richmond, Va.-based Heilig-Meyers filed for bankruptcy protection in 2000 and subsequently liquidated and spun off subsidiary operations.Only Richmond, Va.-based The Room Store, separated from the Heilig-Meyers estate, continues to operate. See the digital edition of Furniture/Today, which allows you to flip through the pages, click on any underlined area to visit a website or send an e-mail, search to find content in the magazine, or share pages with your friends.