Latest from DDN

I just received this from DDN:

I am writing to update you on our efforts here at DDN regarding the payment of inspectors and contractors for work performed. I understand the impact that DDN’s inability to pay has caused for you and your families, and I am aware of the hardship it has caused. I deeply apologize for this pain. The few of us still working here on your behalf without compensation face similar hardships; and I personally face the possibility of declaring bankruptcy in the future.

As I previously indicated, I regret that our bank was unable to clear funds to cover the December 15th and January 1st payments. DDN’s bank credit line was abruptly cut off without prior warning that would have allowed us to plan for and cover your payment(s). In addition, some un-cashed checks from the prior payables batches also were not cleared by the bank. All checks that we sent to you were written and processed when our credit line was up and running. They were sent out in good faith and would have cleared if they had been presented for deposit prior to the bank cutting off the line. At no time did we ever knowingly mail a check to any of our service providers that we thought would not be cleared by the bank.

As you know, DDN systems tracked the services rendered by, and the associated amounts owed to, its inspectors and contractors. The company has record of the services provided by each of you. So there is no need to send invoices to the company as there is no one here to process them. For the payments that were not cleared by the bank, DDN has added those amounts back to the amount owed to you. This information is being kept for any future settlement payments made. As a result, the Forms 1099 that the company processes for calendar year 2009 will not include any amounts that were not cleared by the bank.

Under the direction of our bank, a few remaining members of the management team are now working long hours every day to collect outstanding invoices from clients and to try to liquidate the company assets so that we can satisfy the bank’s claim and pay as much of our obligations to both inspectors, contractors, and all other unsecured creditors. Despite these best efforts, we do not anticipate being able to pay our remaining debts in-full. Under direction from the bank, we must repay the secured creditors (including the bank) first before we will be allowed to pay the balance of the unsecured creditors, including inspectors and contractors, as required by law and contract.

I know that several of our competitors are still working in the construction inspection industry including Granite Loan Management, Trinity Inspections, and Northwest Construction Control. Some of our old clients have moved their business to those providers. I believe they all have web-based ways for you to apply to provide inspection services for their clients.

I will provide another update of our progress on February 15th or before.

Doug Stuart
P.O. Box 708146
Sandy, UT 84070-8146

I got this too. What a shame

sounds like he’s trying to do the right thing

they only owe me about $200, i know they owe others substantially more

DDN has never done anything wrong to me. I see no reason to believe that they are not trying their best to do the right thing. Sounds like just another company in financial ruin. I pray for them.

Agree. I replied in like kind.

I hope Frank can refrain from posting. DDN was fine to work for.

The bottom line is the bank gets its money first. So I highly doubt that any contractors or inspectors will get paid. The bank knew they were in finiacial trouble that is why they stopped the line of credit to minimize there loses. If the bank knew then the owners of DDn knew before they hired inspectors to due work. It is called a balance sheet. This is a sorry but you won’t get your money letter. If they were going to pay they would not be working for free with long hours. Doesn’t make sense more like they were ordered to by the judge or the bank trustees in leiu of prosecution.
Just my 2 cents

DDN was an evil company who pitted one inspector against another for substandard payment for services and most likely kept some home inspectors in business who had no business being in business in the first place, good riddance.

Damn, I am in agreement:shock:… Is the sky falling yet?:wink:

Who knows where this could lead? :mrgreen:

I agree 100% They took inspections away from me and gave them to a cheaper inspector in the middle of the build.This was a few years ago and I refused to do business with them.

Good riddance is right!!!