First Brands Founder Blames Lenders for Bankruptcy

Patrick James, the founder of First Brands, an auto-parts company, is being sued for allegedly taking hundreds of millions of dollars from the company.

He says the real problem is the lenders who gave the company money.

These lenders, like Onset Financial Inc., say they are owed over $2 billion and that James lied to them about the company's financial health.

James claims the lenders charged too much money and acted unfairly.

The company's new management found evidence of fake invoices and other tricks used to get more loans.

James denies any wrongdoing and says the bankruptcy advisers didn't directly link him to the fraud.

The company is trying to reassure its lenders after the value of its bankruptcy rescue loan dropped.