ALEXANDER MALCOLM MCCARTNEY is currently employed as a Broker and/or Investment Adviser at J.P. MORGAN SECURITIES LLC located at 4732 NW BETHANY BLVD, SUITE G-1, PORTLAND, OR, 97229.
ALEXANDER MALCOLM MCCARTNEY has worked at J.P. MORGAN SECURITIES LLC since November 04, 2013
ALEXANDER MALCOLM MCCARTNEY has 1 Disclosure Event(s).
Date: October 02, 2008 Category: Financial Type: Bankruptcy Disposition: Discharged Broker Comment: I HAD TO FILE CHAPTER 7 BANKRUPTCY BECAUSE OF A FAILED PARTNERSHIP INTEREST IN 2 SMALL BUSINESS FRANCHISES. IN 2007, MY BROTHER AND I WERE SOLE BUSINESS PARTNERS IN MASSAGE ENVY FRANCHISES. IT WAS AGREED, IN AN OPERATIONAL AGREEMENT DRAWN UP BY OUR ATTORNEY THAT I WOULD OPERATE THE BUSINESSES AND HE WOULD PROVIDE THE MAJORITY OF THE SEED FINANCING. BEFORE THE BUILD-OUT PHASE OF THE CLINICS, THE SEED FINANCING WAS PROCURED AND SET ASIDE TO BE USED WHEN NEEDED DURING CERTAIN BUILD-OUT PHASES OF EACH PROJECT. OVER THE NEXT YEAR, I HAD LEFT MY CAREER TO OPERATE THE COMPLETED CLINIC AND OVERSEE THE CONSTRUCTION OF THE OTHER. WHEN IT WAS TIME TO INJECT THE SEED FINANCING FOR THE 2ND CLINIC, MY BROTHER TOLD ME HE HAD DEPLETED THE CAPITAL ON "OTHER THINGS" AND HE WILL HAVE TO FILE BANKRUPTCY. AN IMMEDIATE NEED TO REDUCE COSTS WAS NECESSARY FOR THE EXISTING BUSINESS TO SURVIVE AND TO KEEP ANY CHANCE OF THE OTHER FRANCHISE TO SUCCEED. MY SALARY WAS REDUCED TO JUST MY BARE LIVING EXPENSES, I WAS APPLYING FOR ADDITIONAL JOBS, ANY FUNDS I HAD PUT INTO THE BUSINESS WERE EXTINGUISHED, OUR PERSONAL AND BUSINESS DEBTS WERE UNABLE TO BE PAID, AND MY RELATIONSHIP WITH MY BUSINESS PARTNER BECAME VERY ROCKY. MY PARTNER EVENTUALLY NOTIFIED OUR VENDORS THAT "WE" WILL BE FILING BANKRUPTCY, WITHOUT MY CONSENT, WHICH TRIGGERED LEGAL ACTION. IN LATE 2008, AFTER MEETING WITH SEVERAL PERSONAL ATTORNEYS, THEY EACH MADE THE RECOMMENDATION TO FILE BANKRUPTCY.
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