OK, I saw this article and was immediately curious. If the firm is required _by law_ to give 60 days notice, how would it be that BofA _won’t let them_ pay the workers? I assume they don’t have money in the bank and would be tapping some line of credit to make payroll for the next 60 days. Which is fine for BofA as a delaying tactic. But if this is a statutory requirement, doesn’t that mean that 60 days of payroll will take precedence over any sort of creditor list if they are in BK? If they are not in BK, and have a line of credit with BofA, can BofA simply shut down that access to credit??
We don’t know from the article why the shutdown happened or under what terms? BK, or just liquidation?
