FAST FACTS:
Scott.Noll@wreg.com
( Atlanta, GA 9/3/2010) WREG On Your Side Investigators have learned that American Shingle has filed for Chapter 7 bankruptcy protection.
The Georgia-based roofing company filed the petition Thursday.
The filing claims American Shingle owes creditors between $10 million and $50 million.
Its assets are estimated between $1 million and $10 million.
There's bad news for customers.
According to paperwork filed with the US Bankruptcy Court, American Shingle claims once administrative expenses are paid, there won't be enough money left to pay-off unsecured creditors.
American Shingle closed its offices nationwide last month, after cashing checks, but not performing work for customers.
Memphis police and the US Secret Service have teamed up on a fraud investigation into the company's practices in the Memphis area.
A spokesman for MPD says investigators have confirmed 20 victims in Memphis with losses exceeding $120,000. He adds that the list of potential victims throughout Shelby County and the region is rapidly increasing.
- American Shingle files for bankruptcy
- Company claims it owes between $10million and $50 million to creditors
- Company closed offices suddenly last month after cashing customers' checks
Scott.Noll@wreg.com
( Atlanta, GA 9/3/2010) WREG On Your Side Investigators have learned that American Shingle has filed for Chapter 7 bankruptcy protection.
The Georgia-based roofing company filed the petition Thursday.
The filing claims American Shingle owes creditors between $10 million and $50 million.
Its assets are estimated between $1 million and $10 million.
There's bad news for customers.
According to paperwork filed with the US Bankruptcy Court, American Shingle claims once administrative expenses are paid, there won't be enough money left to pay-off unsecured creditors.
American Shingle closed its offices nationwide last month, after cashing checks, but not performing work for customers.
Memphis police and the US Secret Service have teamed up on a fraud investigation into the company's practices in the Memphis area.
A spokesman for MPD says investigators have confirmed 20 victims in Memphis with losses exceeding $120,000. He adds that the list of potential victims throughout Shelby County and the region is rapidly increasing.
