Closed on the Commercial Building Today
 

Some strange things happened in the last few weeks. As I said in the other thread, the Bank President that forced me to sell the building, was the last bidder on the building. I asked the auctioneer who bought the building and he said he didn't actually know just yet. and after a few weeks of me checking through the grapevine, I found out that the building was passed off to a local investor. I expressed my concerns to the bank and the Bank President was promptly FIRED. I am talking to a lawyer to see if there is anything that can be done.

Life is always exciting in Clk Man Land... but yeesh, that sounds a little shady at best... definitely talk to a lawyer.

How can a bank president force you to sell anything? If his bank was holding the note, couldn't you have refi'ed?

You would have to see the loan agreement and note to find out. If this was a commercial loan, there could have been financial covenants dictating a minimum debt service coverage ratio which perhaps CLK's business wasn't hitting, etc. You can be in technical default on a commercial note and be in a position to have the loan called, even if you are current on payments. Normally a bank isn't anxious to call a note in these circumstances if liquidating the collateral causes a big loss.

Depends. If CLK was upside down on the property and could not/would not offer additional collateral to properly secure the loan, he would have had a difficult time finding another lender to refinance the note, particularly if time was short.

'Bank president being fired' sounds like BS to me.

Any way to substantiate this claim- Any news articles to support the allegation ?

Proof that cash buying rules

There is no reason in my mind to doubt this. It happened here with an unscrupulous bank officer I was dealing with. I took a deal to him to discuss financing and he shot it down then bought the property, which was not on the market at that time. I complained to a more senior officer and not long after that he was gone. I don't imagine I was the only complaintant, but he was gone.

Damn, Robert. I was hoping to say while it didn't work out as planned, at least it was a done deal and you could start moving on. No it sounds like it's just getting started.

Good luck!

Good that you actually seek help from a lawyer.

you should have already turned the entire matter over to the state attorney general

I hope you drove by the property a few times and reported the tiniest violations to the city. Cost the SoB in fines as well as make him lose his job!

I don't have time for that. The best revenge (I hear) is living a good life. It is my policy. Its working so far.

I asked the same question and he said NO.

I guess you will have to take my word on this one. :)

I would not be surprised if some politician is not also tied into this. They know how to make any violations a huge matter until their connection takes title, and then know how to make them go away when the new owner has the right connections.