How to Face 63 Angry Creditors

Owing money is the worst. Owing 63 vendors a combined total of $500,000 is an entrepreneur's worst nightmare.

This is the situation I found myself in when I took over as president of a Philadelphia-based multimedia company.

After a month with the company, I discovered that all our vendor payments -- some of which amounted to over $50,000 -- were at least 90 days overdue.

Worse, many of the vendors had turned over our account to debt collection agencies that called daily demanding payment -- some with stern warnings and others with Mafioso-like zeal.

Take Abuse Over Litigation

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