Business Services Industry
Troy Design buys SES on installment plan; Price could top $15m over 10 years.(Simplified Employment Services Inc.)(Brief Article)(Statistical Data Included)
Crain's Detroit Business, June, 2002 by Snavely, Brent
Auburn Hills-based Simplified Employment Services Inc. was sold for a $250,000 down payment, plus an agreement to make additional payments based on sales that could reach $15 million over 10 years, according to court documents. After filing for Chapter 11 bankruptcy last July 9, SES' reorganization plan, which called for the sale of the company, was approved April 24 by Judge Walter Shapero of U.S.
Bankruptcy Court in Detroit. The order confirming the sale was approved May 24. SES, which processed payroll and managed benefit plans for corporate customers, once was the largest company of its kind in Michigan. The company filed for bankruptcy protection several weeks after 40 Internal Revenue Service agents raided SES' corporate headquarters and shortly after...
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