TW reports USSA possible foreclosure

[sigsilly]

I'm in agreement as well that the bank has a right to protect itself. It just turns my stomache a little that they moved as quickly as they did. Hopefully, Okie common sense and cooler heads will prevail.

An additional loan in August of 2008 of $312K was made to USSA.
They may not be profitable or barely making their expenses.
If that is the case, then that may be the reason the bank moved as fast as they did.
Banks want their money back and won't hesitate to take over a business to insure they do get it back.

 

[joshuasmaximus]

An additional loan in August of 2008 of $312K was made to USSA.
They may not be profitable or barely making their expenses.
If that is the case, then that may be the reason the bank moved as fast as they did.
Banks want their money back and won't hesitate to take over a business to insure they do get it back.

It is possible that they weren't making money in 2008 or maybe they had some expensive project and Mr. Fee wanted to spread some risk to the bank (even rich guys take out loans). That doesn't have anything to do with the financial picture today. I think their new membership model is a good one and if they can make payroll and fight off the bank they could really build something that average Joe's like me can enjoy in addition to Pro's.

From an outsiders prospective, I think the bank moving so quickly against USSA when they had an executive team in place to fill the President's shoes and keep the doors open means that they either have no faith in the financial viability of USSA or they are vultures. Bankers hate risk and have no vision for businesses that don't have proven models so who knows what the F&M officers are up to.

 

[sigsilly]

It is possible that they weren't making money in 2008 or maybe they had some expensive project and Mr. Fee wanted to spread some risk to the bank (even rich guys take out loans). That doesn't have anything to do with the financial picture today. I think their new membership model is a good one and if they can make payroll and fight off the bank they could really build something that average Joe's like me can enjoy in addition to Pro's.

From an outsiders prospective, I think the bank moving so quickly against USSA when they had an executive team in place to fill the President's shoes and keep the doors open means that they either have no faith in the financial viability of USSA or they are vultures. Bankers hate risk and have no vision for businesses that don't have proven models so who knows what the F&M officers are up to.

The bank knows USSA's financial condition and you an I don't. Or anyone here that will make it public.
Business is business. USSA doesn't give out free memberships and the bank doesn't give money away for free.

 

[Michael Brown]

The bank knows USSA's financial condition and you an I don't. Or anyone here that will make it public.

Thus it's probably best to watch rather than type in this scenario and not fomment rumor and speculation given that so many forum members are affected by this.

I generally consider that good manners but I don't think they hand those out much anymore.........

Michael Brown

 

[J3ST3R-M4A3]

Hope everything works out. ETA: Need more steel on south carbine.

 

[Kimber]

The bank indicated in the suit that the death of Thomas Fee constitutes an event of default on the loans.

Clark Brewster, a lawyer representing Fee's family and his businesses, said the loans were not in default before Fee died.

This is from the TW article.

 

[Bravo 3]

This is from the TW article.

This is why it seems way unreasonable for F&M to file a suit in 2DAYS!
I hope a judge puts a choke collar on F&M to give them some time.

 

[BadgeBunny]

I do not pretend to know all the ins and outs about what is going on, but if there was "key man" insurance on Mr. Fee it could be that the bank had to file to protect their interest. Just something to think about.

 

[sigsilly]

Thus it's probably best to watch rather than type in this scenario and not fomment rumor and speculation given that so many forum members are affected by this.

I generally consider that good manners but I don't think they hand those out much anymore.........

Michael Brown

Politeness and personal feelings don't carry much weight with financial institutions when it comes to losses or profits.
Personally, I hope USSA succeeds in overcoming this difficulty.
But after all it's a business.
And I don't think anyone is guaranteeing a profit for them.

 

[finnimus]

I don't find it surprising that the bank officers were not available for comment before the article was published.

I doubt we will hear much from the bank. There's not much they can say b/c of confidentiality.