Words in your work?

[Eli]

Bingo..............................X developer now, I sold the company before the 2008 crash.

Score! I use to represent a few of them.


Sent from my Bat Cave!!!

[314joey]

Score! I use to represent a few of them.


Sent from my Bat Cave!!!

I was 49 yo when I sold it and people still ask me how I knew that it was coming, I tell them I'm not that smart, it's better to be lucky than smart.

[Eli]

I was 49 yo when I sold it and people still ask me how I knew that it was coming, I tell them I'm not that smart, it's better to be lucky than smart.

One of our clients filed BK but not because they weren't selling houses. The bank wanted payment of their $72,000,000 LOC in 90 days. Froze all their assets and I spent the next 6-8 months fighting off mechanics liens. It was a mess, the nicest group of people ever and it just sucked. The other is still in business.


Sent from my Bat Cave!!!

[314joey]

One of our clients filed BK but not because they weren't selling houses. The bank wanted payment of their $72,000,000 LOC in 90 days. Froze all their assets and I spent the next 6-8 months fighting off mechanics liens. It was a mess, the nicest group of people ever and it just sucked. The other is still in business.


Sent from my Bat Cave!!!

I was lucky almost everything we did was cash and any LOCs we had to get never had personnel guarantees for any of them, of course we never had any problems, but I'm not risking my stuff.

Any of the properties that needed financing the banks had deeds of trusts on them, they would have gotten the propety/development, but walk-away options for us, hey, I ain't no dummy.

[Eli]

I was lucky almost everything we did was cash and any LOCs we had to get never had personnel guarantees for any of them, of course we never had any problems, but I'm not risking my stuff.

Any of the properties that needed financing the banks had deeds of trusts on them, they would have gotten the propety/development, but walk-away options for us, hey, I ain't no dummy.

They are a very smart group. Not one late payment, they just didn't plan on their bank demand. Otherwise, they would still be here. The same bank did that to another client of mine and not construction related. It was terrible.


Sent from my Bat Cave!!!

[314joey]

They are a very smart group. Not one late payment, they just didn't plan on their bank demand. Otherwise, they would still be here. The same bank did that to another client of mine and not construction related. It was terrible.


Sent from my Bat Cave!!!

I've seen stuff like that happen and yes, it not pretty.

[ChumpChange]

They are a very smart group. Not one late payment, they just didn't plan on their bank demand. Otherwise, they would still be here. The same bank did that to another client of mine and not construction related. It was terrible.

Sent from my Bat Cave!!!

What bank? I can write pages on pages of stories like that. Generally from the major banks.

[Paul65K]

One of our clients filed BK but not because they weren't selling houses. The bank wanted payment of their $72,000,000 LOC in 90 days. Froze all their assets and I spent the next 6-8 months fighting off mechanics liens. It was a mess, the nicest group of people ever and it just sucked. The other is still in business.


Sent from my Bat Cave!!!

Was that the bank or was is driven by tighter government regulation/requirements......I seem to remember the government changing the rules on the banks during the crisis and this drover at least some of that behavior??

[Eli]

Was that the bank or was is driven by tighter government regulation/requirements......I seem to remember the government changing the rules on the banks during the crisis and this drover at least some of that behavior??

It was before the government stepped in, they had no justifiable reason except to say we can renegotiate the terms of the LOC so we are. It was a bad decision on the banks part. They left them crippled by making it so they can't sell their inventory and wanted the money. It went like this, we won't let you sell anything to pay us our $72mm but we want our money in 90 days. The developer filed BK and the bank lost most of the money. It broke my heart. The owners went from making over $250k a year in salary to dipping into their personal accounts to pay their employees. They were just the nicest guys.


Sent from my Bat Cave!!!

[2manymustangs]

I was 49 yo when I sold it and people still ask me how I knew that it was coming, I tell them I'm not that smart, it's better to be lucky than smart.

How could everyone NOT see it coming if they had their eyes open... I bailed out in 2000 when rate sheets from the banks were advertising up to 125% LTV...

You forgot les pendens in your list of terms, I learned that one from Dee Bax/Kaplan's/Scheidegger's...



My work terms :

Vtier
Vlan
4 node rac
release date
incremental code drop
build
ADBA/PDBA
SysAdmin
sy/ord/http/https traffic
Oracle patch
stubbed envrionment
simulated environment
PIE/FIE envrionment