Advanced-fee lender files Chapter 11

| 6/25/2002

Commercial Money Center (CMC), a name some truckers will find familiar, is seeking to reorganize under Chapter 11 bankruptcy protection.

The advanced-fee finance company filed Chapter 11 bankruptcy May 30 in the U.S. Bankruptcy Court, Southern District of Florida, although the company is headquartered in Las Vegas and was operated mostly from an office in Escondido, CA. The Escondido office closed in March, and visitors to the Las Vegas headquarters were referred to EZ Asset Management, a repo service on Boulder Highway. All CMC leases are being serviced by U.S. Bancorp.

CMC has been the subject of Land Line articles about truckers losing down payments and fees on unfunded financing deals. Those who did receive financing are paying interest rates as high as 50 percent.

Judge Raymond B. Ray has imposed a July 1, 2002, deadline for CMC to file missing documents, including schedules and statement of affairs. The first meeting of creditors is scheduled 10 a.m. July 9, 2002, at the U.S. Courthouse, 299 E. Broward Blvd., Suite 411, Fort Lauderdale, FL.

The deadline for creditors to file proof of claim (case no. 02-24068) is Oct. 7, 2002. CMC's attorney Bradley S. Shraiberg may be reached by calling (561) 395-0500.
--Rene Tankersley