There are a great many companies going through bankruptcies.  As such  
there is typically a surviving entity that has no assets and very  
little in the way of a budget to maintain records.  Some have a  
strategy of shredding all records of the old company to reduce cost.  
Current files on employees, technology and so on are kept in the new  
and surviving entity but they are using this event as a means to  
basically reduce their retention period from the date of the  
bankruptcy going forward.  Shredding is moving at record paces.

Contracts with hostage fees are being walked away from. Storage costs  
are reduced and the surviving entity has a greatly reduced cost basis.  
They are creating new retention schedules with 2008 as year 1 and  
establishing a very short retention period of three years before  
shredding. The only records they will maintain beyond three years are  
those required to be maintained for seven years by the IRS.

Boxes left behind at a storage company after a bankruptcy become  
debris and more and more storage companies are left with these boxes  
and the risk of just destroying them.

Has anyone dealt with this?


Hugh Smith
FIRELOCK Fireproof Modular Vaults
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(610)  756-4440    Fax (610)  756-4134
WWW.FIRELOCK.COM

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