Quote Originally Posted by Paul65K View Post
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!!!