Be sure to read the letter from John Chiang attached to the IOU. Five more are on their way to us.
Wednesday, August 5, 2009
Registered warrant
We received our first registered warrant from the State of California today. I've said in the past that the boss didn't want to do business with California, but (surprise!) like many small businesses we swallowed our pride for a payout later. If you were wondering what these registered warrants look like, here you go:
Be sure to read the letter from John Chiang attached to the IOU. Five more are on their way to us.
Be sure to read the letter from John Chiang attached to the IOU. Five more are on their way to us.
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6 comments:
In addition to only paying vendors this way as they claimed initially, we are now seeind these used to pay tax refunds to individuals. Notice the details on how you will actually get to redeem these are missing. Just hang onto it until october, and we'll get back to you on the details later. It inspires confidence.
Can you pay your state taxes with them, or does the state want cash?
Just wait till you get health care from these people...hope is here..hope you get paid that is.
These IOU's don't have a big impact on large companies, but they are devastating to small businesses struggling with cash flow.
Its devastating to big and small...big companies have big cash needs and are getting big "IOU"s in lieu of cash. Reminds me of trying to biz with Venzuela a while back....oh they would pay but they would not let the money out of the country to pay for the goods being imported....took ten years to work off the "funny money" not considering exchange rate loss...good luck Lou.
A company will make your boss an offer for x% of this warrant eventually, like they do to secured creditors of companies going through bankruptcy. Your boss was crazy for accepting this.
Venzuela a while back....oh they would pay but they would not let the money out of the country to pay for the goods being imported....took ten years to work off the "funny money" not considering exchange rate loss...good luck Lou.
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