Laid-off Magnus workers get no pay: File claims like other creditors, bankruptcy judge advises them.

From: AZ Daily Star | Date: August 30, 2007 | Copyright information

Byline: Christie Smythe

Aug. 30--Workers laid off by First Magnus Financial Corp. will have to wait in line with other creditors to receive their final paychecks, a judge ruled on Wednesday.

In the company's first hearing in U.S. Bankruptcy Court, Judge James Marlar denied the company's request to pay more than 5,000 employees nationwide who were laid off on Aug. 16, when First Magnus abruptly stopped writing loans.

"Why do we need to pay any of these people?" Marlar said, addressing the court via videoconference from San Diego. "I understand the humanitarian reasons ...

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