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  #1  
Old 10-05-2013, 12:10 AM
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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.

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Old 10-05-2013, 12:52 AM
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Life is always exciting in Clk Man Land... but yeesh, that sounds a little shady at best... definitely talk to a lawyer.
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  #3  
Old 10-05-2013, 01:04 AM
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How can a bank president force you to sell anything? If his bank was holding the note, couldn't you have refi'ed?
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  #4  
Old 10-05-2013, 01:34 AM
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Quote:
Originally Posted by spdrun View Post
How can a bank president force you to sell anything?
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.

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Originally Posted by spdrun View Post
If his bank was holding the note, couldn't you have refi'ed?
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.

Last edited by P.C.; 10-05-2013 at 01:45 AM.
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Old 10-05-2013, 08:15 AM
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'Bank president being fired' sounds like BS to me.

Any way to substantiate this claim- Any news articles to support the allegation ?
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  #6  
Old 10-05-2013, 11:49 AM
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  #7  
Old 10-05-2013, 11:54 AM
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Quote:
Originally Posted by chilcutt View Post
'Bank president being fired' sounds like BS to me.

Any way to substantiate this claim- Any news articles to support the allegation ?
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.
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Old 10-05-2013, 12:07 PM
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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!
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Old 10-05-2013, 12:13 PM
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Good that you actually seek help from a lawyer.
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  #10  
Old 10-05-2013, 07:52 PM
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Quote:
Originally Posted by The Clk Man View Post
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.
you should have already turned the entire matter over to the state attorney general
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  #11  
Old 10-05-2013, 08:04 PM
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Quote:
Originally Posted by t walgamuth View Post
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.
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!
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  #12  
Old 10-05-2013, 08:06 PM
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Originally Posted by spdrun View Post
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.
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  #13  
Old 10-05-2013, 08:43 PM
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Originally Posted by spdrun View Post
How can a bank president force you to sell anything? If his bank was holding the note, couldn't you have refi'ed?
I asked the same question and he said NO.
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  #14  
Old 10-05-2013, 08:45 PM
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Originally Posted by chilcutt View Post
'Bank president being fired' sounds like BS to me.

Any way to substantiate this claim- Any news articles to support the allegation ?
I guess you will have to take my word on this one.
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  #15  
Old 10-05-2013, 08:50 PM
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Quote:
Originally Posted by spdrun View Post
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 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.

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