Saturday, December 24, 2011

The Money Tree is Out of Money, Declares Bankruptcy

As reported this past week by the Atlanta Journal Constitution, the Money Tree is declaring bankruptcy, shutting down half of its locations and presumably throwing all of the workers at those locations onto the unemployment line. Just in time for Christmas.
The Money Tree Inc., a Georgia-based provider of small consumer loans, and several of its subsidiaries have filed for bankruptcy protection, citing the economy and customers’ inability to repay loans.

The Bainbridge-based lender, which filed for Chapter 11 protection in Alabama on Friday, said it would restructure its business and close half of its 92 locations across the Southeast.

The company has 28 locations in Georgia, including branches in Buford, Conyers and Forest Park, according to its website.

The Money Tree was founded in 1987 and expanded into Alabama, Florida and Louisiana in the 1990s. Hurricane Katrina and the economic downturn that began in 2007 were significant setbacks for the lender, the company said in its bankruptcy filings.
You'd think it would be pretty hard to spin this announcement positively, but damn if Money Tree's president didn't try:
Bradley Bellville, the company’s president, said in a news release that the filing was made with “great regret.”

“However, this filing allows The Money Tree to enhance its short-term liquidity while we confront this historically difficult environment for our business,” he said.

Bellville did not immediately return a call requesting comment.
I'll bet he didn't. And a big "bah, humbug" to you too, sir.

Bonus: Here is a completely inappropriate song dedication to Money Tree President Bradley Bellville


  1. Another good riddance. The more of these predatory payday lenders that go out of business, the better.


  2. @gardener1 - yeah, much as I hate to see people losing their jobs, these types of businesses are a scourge. In some ways it was better when the mafia ran the payday loan industry. At least no one who borrowed from them suffered any illusions as to what they were all about.

  3. On the West Coast, the banks pushed through laws limiting the number of pay day loans per year and tightened requirements for this type of loan. The banks then responded to customer demands for this type of loan. They pushed for checking account advances, overdraft "protection," and more.

  4. The problem with TMT is the lying and deceitful leadership of Brad Bellville and his racist right hand man Claud Haynes. There continued practice of lying to loyal employees to put up a diversified company image is all a scam to impress the potential new buyers. Now that the low down dirty Jesica Goodwin has ran away all of the honesty Regional managers of African Heritage. She has left the company and moved on to be a state auditor in the same industry. Come State of GA, what's up with that. I hope the new buyers really dig deeper before they make a final decision to purchase the company and keep Brad and Claud on board to run the new company. Believe me when I say, they will run any new company in the ground as well. Brad when you sell a company, you can't go behind the new buyers back and take their collected payments for yourself. This was tried by Brad just recently in Columbus, GA under the Best Buy Auto branch. Thank GOD there is a honest African American running things for the new buyers and saved their money. By depositing those funds into the new buyers account. Unlike what Brad was telling him to do, hold the $50,000 and Brad was coming to pickup the cash and checks. Since they belonged to BBA and not the new buyers. Whom have taken over BBA for 30 days now. When will this all stop and when will they get rid of these two racist. This will probably save the jobs of many good and loyal employees. Also many of their old employees that they cover and look out for need to be fired. Most of them are stealing from their staff, by not sharing the full bonuses that the entire staff have earned. Just a little insight on what's really going on there. The whole thing needs to just go away. Trustee get off your butt and approve the sale so others lives can go on. Now do everyone a huge favor and let Brad and Claud go away, anywhere, but in the consumer finance industry. Their time has come and gone...