Foreclosure Law Firm Faces Eviction
A Massachusetts law firm that specialized in helping kick people out of their homes is now facing homelessness itself.
Connolly, Geaney, Ablitt & Willard has fallen on hard times after years of working with banks to foreclose on properties. The firm has gone through a series of layoffs and has significantly reduced its 150-person staff.
And now it may be evicted from its headquarters in Woburn.
Its troubles include bouncing checks, not paying employees’ insurance coverage and being investigated for questionable bookkeeping. Robert F. Feige, the chief financial officer, was removed five months ago following “numerous allegations and findings of financial misdeeds,” according to Massachusetts Lawyers Weekly.
But Connolly Geaney’s problems began long before that. At some point, it had to bring in a “factoring firm,” Durham Commercial Capital, to help cover its daily financial operations. Once Durham suspected improprieties, it cut off financing, leading to the first of several downsizings.
The building in which the firm has offices, which was owned by an affiliated company, was foreclosed on in March. Connolly Geaney hasn’t paid rent since then. “They have not paid any rent, and we, of course, are evicting them,” Ronald Martignetti, one of the new owners, said. “We have eviction proceedings going on right now in Woburn District Court to remove them from that building.”
-Noel Brinkerhoff, Steve Straehley
To Learn More:
Tables are Turned for Foreclosure Law Firm (by Brandon Gee, Massachusetts Lawyers Weekly)
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