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(KHOU Houston)   It takes a special kind of incompetence to fail at running a gun store in TEXAS, about the same level it would take to blame Obama for the bank's decision to foreclose now that you've been in default on your loan for more than a year   (khou.com) divider line 192
    More: Dumbass  
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6245 clicks; posted to Main » on 25 Jun 2014 at 12:28 PM (26 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-06-25 01:31:37 PM  

Farkistanian: I heard the radio interview with him yesterday, so I'm really.....

The host gave him all manner of opportunity to plead his case.  My takeaway was that he had a major falling out with the co-owner.  Something the co-owner did or didn't do affected the loan.  Oh, and as an afterthought, the bank calling in the loan was the result of the Obama administration pressing for more frequent audits of loans to firearm retailers.


The co-owner accused him of surreptitiously recycling spent shells from the range and pocketing the proceeds. The level of income it provided would've affected the terms of the loan, even if the guy had been paying on it.
 
2014-06-25 01:32:10 PM  
img.fark.net

/now i want tacos
 
2014-06-25 01:32:32 PM  

Lifeless: I live in Katy and have friends and acquaintances who worked at this store. This is an embezzlement job, plain and simple. Maybe even a front but I don't have first or secondhand evidence for that.


Well - not to gossip or anything - but, if there is a suspicious fire you could note it here...
it IS getting close to the 4th of July
 
2014-06-25 01:33:06 PM  

Lifeless: I live in Katy and have friends and acquaintances who worked at this store. This is an embezzlement job, plain and simple. Maybe even a front but I don't have first or secondhand evidence for that.


We need a Katy Fark party at No Label... like soon.
 
2014-06-25 01:33:46 PM  

Carthax: Magorn: Skyd1v: Tom_Slick: So an idiot gun store owner bet the farm buying AR-15s thinking they would be banned soon and he would have the only large inventory in the country.  He marked them up 2-3 times their actual value, didn't sell any and defaulted on his loans.

/Never buy guns at any place with the word "Tactical" in its name.

Oddly enough, I watched this *exact* scenario play out here in my state recently.  Couple of guys partnered up, opened a store, and covered the walls with ridiculously overpriced "Tactical Everything".  I went in there once and the cheapest thing they had was a Frankengun Carbine for $1,100.00.  On the way out the door I saw they were also selling .22 Long Rifle ammunition for $.50 cents a round. (that isn't a typo.  They wanted a buck for every 2 rounds ffs.)

They were gone in 6 months.

Granted its probably been 20 years since I bought a box, but I remember when .22 LR was about $0.50 per box of 100 rounds   has the price really skyrocketed that much since?

I still buy bricks of 500 as often as I want at Dick's Sporting Goods for $19.99.  And 20-round boxes of .30-06 for the same price.  I've never gone in and found them out of stock, and they don't limit purchases.  I don't know what anyone's been screaming about -- even at the height of the "I can't find ammo" scare when I went to a gun show and found a 50-round box of .22 for $25.00 (limit 1) and single rounds of .30-06 for $3 each (limit 10), I still bought ammo at Dick's as often as I went shooting -- generally two or three bricks of .22 and 2 boxes of .30-06.  It's stupid hype, brought on by anti-leftist rhetoric.


I am shocked, I tell you, shocked! (that gun fans would toss out lots of lies concerning guns - glad to see you're not one of them!)
 
2014-06-25 01:34:07 PM  

Carthax: Magorn: Skyd1v: Tom_Slick: So an idiot gun store owner bet the farm buying AR-15s thinking they would be banned soon and he would have the only large inventory in the country.  He marked them up 2-3 times their actual value, didn't sell any and defaulted on his loans.

/Never buy guns at any place with the word "Tactical" in its name.

Oddly enough, I watched this *exact* scenario play out here in my state recently.  Couple of guys partnered up, opened a store, and covered the walls with ridiculously overpriced "Tactical Everything".  I went in there once and the cheapest thing they had was a Frankengun Carbine for $1,100.00.  On the way out the door I saw they were also selling .22 Long Rifle ammunition for $.50 cents a round. (that isn't a typo.  They wanted a buck for every 2 rounds ffs.)

They were gone in 6 months.

Granted its probably been 20 years since I bought a box, but I remember when .22 LR was about $0.50 per box of 100 rounds   has the price really skyrocketed that much since?

I still buy bricks of 500 as often as I want at Dick's Sporting Goods for $19.99.  And 20-round boxes of .30-06 for the same price.  I've never gone in and found them out of stock, and they don't limit purchases.  I don't know what anyone's been screaming about -- even at the height of the "I can't find ammo" scare when I went to a gun show and found a 50-round box of .22 for $25.00 (limit 1) and single rounds of .30-06 for $3 each (limit 10), I still bought ammo at Dick's as often as I went shooting -- generally two or three bricks of .22 and 2 boxes of .30-06.  It's stupid hype, brought on by anti-leftist rhetoric.


I've bought three pairs of wading boots at Dicks over the last week.  My wife can't pick a style she likes and she *has* to have a women's boot as they're lighter.   The fishing gear is right next to the shotguns.  But I don't need  another shotgun.

/ Got nuthin...
// Needs another shotgun.
 
2014-06-25 01:34:14 PM  

Plant Rights Activist: kling_klang_bed: 150 people affected?! How big of a farking store is it?! Not even gun shows probably hire that many people. Hell, even the SOFEX people probably don't hire that many people!

it's trickle down math.  By shutting down his store you're not only taking away jobs from his employees but those of the people who make the guns, the people who built the workshop where they make the guns, the people who help provide electricity to the place that makes guns, the dinosaurs that died to fuel the power to make the guns and the people that hunted those dinosaurs 6,000 years ago.


Ok, that makes more sense! And can't forget the local militias and sovereign citizens who depend on those guns, and people who forgot to take their happy pills with their breakfast
 
2014-06-25 01:37:22 PM  

HeadLever: Could it be tied into Operation Choke Point?

Given how little the Obama Administration has been able to progress gun control legislation, this likely seems to be the best way that they can do something behind the scenes.


Small Business Loans of any sort are deemed "high risk" by banks.  Try getting a loan via the SBA at some point in your life and you'll realize being a start up entrepreneur is something of a fallacy if you can't come up with the money yourself.
 
2014-06-25 01:37:56 PM  

Lifeless: I live in Katy and have friends and acquaintances who worked at this store. This is an embezzlement job, plain and simple. Maybe even a front but I don't have first or secondhand evidence for that.


So, he's not a god-fearing patriot being screwed over by Obama?  I hope no-one (in Katy or elsewhere) is fooled into giving this guy a dime.
 
2014-06-25 01:39:17 PM  

tylerdurden217: LeroyBourne: I love the 'we can't discuss details about our bank' angle.  Pay your farking bills, deadbeat.

I thought being an angry fat white broke deadbeat were all tea party requirements. Or is that just a huge coincidence? I live less than three miles from Tactical Firearms in Katy. I don't have an Obama shirt. I need to get one and then go buy a firearm or two. Maybe even an AR-15 and lots of ammo.


When you go in there you should ask them why they don't file for some govt assistance?
/do try and keep a straight face
//that will be important when their heads explode
///slashies!
 
2014-06-25 01:39:23 PM  

Carthax: Magorn: Skyd1v: Tom_Slick: So an idiot gun store owner bet the farm buying AR-15s thinking they would be banned soon and he would have the only large inventory in the country.  He marked them up 2-3 times their actual value, didn't sell any and defaulted on his loans.

/Never buy guns at any place with the word "Tactical" in its name.

Oddly enough, I watched this *exact* scenario play out here in my state recently.  Couple of guys partnered up, opened a store, and covered the walls with ridiculously overpriced "Tactical Everything".  I went in there once and the cheapest thing they had was a Frankengun Carbine for $1,100.00.  On the way out the door I saw they were also selling .22 Long Rifle ammunition for $.50 cents a round. (that isn't a typo.  They wanted a buck for every 2 rounds ffs.)

They were gone in 6 months.

Granted its probably been 20 years since I bought a box, but I remember when .22 LR was about $0.50 per box of 100 rounds   has the price really skyrocketed that much since?

I still buy bricks of 500 as often as I want at Dick's Sporting Goods for $19.99.  And 20-round boxes of .30-06 for the same price.  I've never gone in and found them out of stock, and they don't limit purchases.  I don't know what anyone's been screaming about -- even at the height of the "I can't find ammo" scare when I went to a gun show and found a 50-round box of .22 for $25.00 (limit 1) and single rounds of .30-06 for $3 each (limit 10), I still bought ammo at Dick's as often as I went shooting -- generally two or three bricks of .22 and 2 boxes of .30-06.  It's stupid hype, brought on by anti-leftist rhetoric.


The Dick's near me is about a 50/50 shot on whether they will have .22LR in stock. Everything else is always available.
 
2014-06-25 01:40:30 PM  

kling_klang_bed: 150 people affected?! How big of a farking store is it?! Not even gun shows probably hire that many people. Hell, even the SOFEX people probably don't hire that many people!


He got that figure from the Fox News crowd estimating squad.
 
2014-06-25 01:40:48 PM  

Dog Welder: HeadLever: Could it be tied into Operation Choke Point?

Given how little the Obama Administration has been able to progress gun control legislation, this likely seems to be the best way that they can do something behind the scenes.

Small Business Loans of any sort are deemed "high risk" by banks.  Try getting a loan via the SBA at some point in your life and you'll realize being a start up entrepreneur is something of a fallacy if you can't come up with the money yourself.


Yup.  Banks generally won't even look at you if you don't have a documented three year history of operations.

"I've got a business plan so I'm going to the bank to get a loan to start my business" is the mythology of the bootstrappy set.
 
2014-06-25 01:43:16 PM  

PaulRB: Lifeless: I live in Katy and have friends and acquaintances who worked at this store. This is an embezzlement job, plain and simple. Maybe even a front but I don't have first or secondhand evidence for that.

So, he's not a god-fearing patriot being screwed over by Obama?  I hope no-one (in Katy or elsewhere) is fooled into giving this guy a dime.


http://www.gofundme.com/alcpu4

$1,715 so far.  Only about six million more to go!

/ Suckers.
 
2014-06-25 01:46:13 PM  

HeadLever: If you specialize in more ammo and reloading, that could very well be the case.  Much of this inventory is just not available from the manufacturer's at the moment.  The shelves are sitting bare for this type of merchandise.


That's not for lack of supply in the stream though. People are buying ammo at all-time record levels. Every Wednesday night, a truck pulls into a local Walmart here in Grand Rapids, MI with ammo. They unload the boxes and sell it to the line of customers who've been waiting >2 hours. And it's like that at most gun shops in the area too. The demand seems to be insatiable at the moment.
 
2014-06-25 01:46:17 PM  

Magorn: Skyd1v: Tom_Slick: So an idiot gun store owner bet the farm buying AR-15s thinking they would be banned soon and he would have the only large inventory in the country.  He marked them up 2-3 times their actual value, didn't sell any and defaulted on his loans.

/Never buy guns at any place with the word "Tactical" in its name.

Oddly enough, I watched this *exact* scenario play out here in my state recently.  Couple of guys partnered up, opened a store, and covered the walls with ridiculously overpriced "Tactical Everything".  I went in there once and the cheapest thing they had was a Frankengun Carbine for $1,100.00.  On the way out the door I saw they were also selling .22 Long Rifle ammunition for $.50 cents a round. (that isn't a typo.  They wanted a buck for every 2 rounds ffs.)

They were gone in 6 months.

Granted its probably been 20 years since I bought a box, but I remember when .22 LR was about $0.50 per box of 100 rounds   has the price really skyrocketed that much since?


Cigarettes are $12.00 a pack right now.  Prices have gone up quite a bit in 20 years.  Right now, I think we're just talking about inflation (along with other factors like supply and demand).
 
2014-06-25 01:48:09 PM  

Rent Party: PaulRB: Lifeless: I live in Katy and have friends and acquaintances who worked at this store. This is an embezzlement job, plain and simple. Maybe even a front but I don't have first or secondhand evidence for that.

So, he's not a god-fearing patriot being screwed over by Obama?  I hope no-one (in Katy or elsewhere) is fooled into giving this guy a dime.

http://www.gofundme.com/alcpu4

$1,715 so far.  Only about six million more to go!

/ Suckers.


Some dumb assholes gave him that much already?

My baby nephew who has cancer  is on there right now.  I wish I could take that $1715 and move it over to his fundraiser.
 
2014-06-25 01:48:39 PM  

parasol: if the gas ports aren't lined up properly, are you propelled backwards or just mocked mercilessly


could be either.
If you are on a firing range, the action will not cycle properly if too mush gas leaks if your rings have all the gaps lined up, so they have to be staggered. And a hangfire/misfire that you bring upon yourself could being you a mocking.

In a combat situation, however, you could be propelled backwards by all the incoming fire you are unable to keep at bay.

Oh, god. I've gone Diddy, haven't I?
 
2014-06-25 01:52:26 PM  

vudukungfu: From Philly to Boston: co-owner of Tactical Firearms.

Christ. they named it "Tactical Firearms"?
Really?


I guess you can say that a gun over the fire place is non- tactical? Discuss.
 
2014-06-25 01:56:05 PM  
7 million outstanding in loans?


I can see a guy owing that much after starting up a manufacturing business but not for a regular gun shop.
 
2014-06-25 01:56:28 PM  

paygun: Obama?  You're blaming the best thing that happened to gun sales in all of history, for your gun shop failing?


SO. FARKING. THIS.
 
2014-06-25 01:57:38 PM  

Giltric: 7 million outstanding in loans?


I can see a guy owing that much after starting up a manufacturing business but not for a regular gun shop.


Costs a lot to keep "150" mythical people going.
 
2014-06-25 01:57:47 PM  

Rent Party: Dog Welder: HeadLever: Could it be tied into Operation Choke Point?

Given how little the Obama Administration has been able to progress gun control legislation, this likely seems to be the best way that they can do something behind the scenes.

Small Business Loans of any sort are deemed "high risk" by banks.  Try getting a loan via the SBA at some point in your life and you'll realize being a start up entrepreneur is something of a fallacy if you can't come up with the money yourself.

Yup.  Banks generally won't even look at you if you don't have a documented three year history of operations.

"I've got a business plan so I'm going to the bank to get a loan to start my business" is the mythology of the bootstrappy set.


Well that's why the 7a Loan program exists through the SBA. Banks simply will not loan money to a start-up small business, the risks are just too high for their models and the rewards ain;t great.  So the SBA says to them "meet our guidelines and we will guarantee that loan and buy out 75-90% of the outstanding balance (p&I mind you)"

Which is a pretty much the only reason there is any small business lending at all (which is a good thing since 50% of all Americans are employed by a small business)


Now the Irony that it takes a federal government program to make the boot-strappers version of the American dream possible?

Well that's a discussion for another day
 
2014-06-25 01:59:57 PM  

Ishidan: bmr68: It's in a bad spot. The other problem(s) for the store is that there are many large gun dealers within 15 miles. Academy, WalMart, Bass Pro Shops, Gander Mountain,Carter's Country & 7-8 small gun shops similar to Tactical.

And I'll bet if you buy a gun at Wally World or another "we sell SPORTING GOODS" store, you do not end up on the FBI's "wannabe badass" list.
/fun fact, my phone tried to autocorrect "badass" to "harass"


I buy my ammo from Academy & WalMart, but I buy my weapons at gun shows and fill out form 4473 every time.

What was the point of your retort again?
 
2014-06-25 02:00:05 PM  
"They're outright lies," said Alcede. "We wouldn't have the outreach and outpouring on our side if people thought I was a criminal. People know me, they know my heart and they know my intentions."

They'd probably elect you farking governor...
 
2014-06-25 02:00:32 PM  

paygun: Obama?  You're blaming the best thing that happened to gun sales in all of history, for your gun shop failing?

What's next, it's Hillary Clinton's fault that your cankle store is closing?


This exactly.
 
2014-06-25 02:00:53 PM  

Magorn: Rent Party: Dog Welder: HeadLever: Could it be tied into Operation Choke Point?

Given how little the Obama Administration has been able to progress gun control legislation, this likely seems to be the best way that they can do something behind the scenes.

Small Business Loans of any sort are deemed "high risk" by banks.  Try getting a loan via the SBA at some point in your life and you'll realize being a start up entrepreneur is something of a fallacy if you can't come up with the money yourself.

Yup.  Banks generally won't even look at you if you don't have a documented three year history of operations.

"I've got a business plan so I'm going to the bank to get a loan to start my business" is the mythology of the bootstrappy set.

Well that's why the 7a Loan program exists through the SBA. Banks simply will not loan money to a start-up small business, the risks are just too high for their models and the rewards ain;t great.  So the SBA says to them "meet our guidelines and we will guarantee that loan and buy out 75-90% of the outstanding balance (p&I mind you)"

Which is a pretty much the only reason there is any small business lending at all (which is a good thing since 50% of all Americans are employed by a small business)


Now the Irony that it takes a federal government program to make the boot-strappers version of the American dream possible?

Well that's a discussion for another day


What do you mean?  The gubment is eeevilll, I tell ya.   They've never done anything right.  (C'mon right wing nitwits, where are you now?)
 
2014-06-25 02:03:12 PM  

Mikey1969: "They're outright lies," said Alcede. "We wouldn't have the outreach and outpouring on our side if people thought I was a criminal. People know me, they know my heart and they know my intentions."

They'd probably elect you farking governor...


He's got all that Fox-god-bless-America rhetoric down + he's shady!  Perfect.
 
2014-06-25 02:04:05 PM  
Anyone know what would happen if I tried to shoot .30-30 ammo thru my .32 Winchester special? Tactical answers only please.  .32 Win Special ain't cheap.
 
2014-06-25 02:04:13 PM  

Magorn: Rent Party: Dog Welder: HeadLever: Could it be tied into Operation Choke Point?

Given how little the Obama Administration has been able to progress gun control legislation, this likely seems to be the best way that they can do something behind the scenes.

Small Business Loans of any sort are deemed "high risk" by banks.  Try getting a loan via the SBA at some point in your life and you'll realize being a start up entrepreneur is something of a fallacy if you can't come up with the money yourself.

Yup.  Banks generally won't even look at you if you don't have a documented three year history of operations.

"I've got a business plan so I'm going to the bank to get a loan to start my business" is the mythology of the bootstrappy set.

Well that's why the 7a Loan program exists through the SBA. Banks simply will not loan money to a start-up small business, the risks are just too high for their models and the rewards ain;t great.  So the SBA says to them "meet our guidelines and we will guarantee that loan and buy out 75-90% of the outstanding balance (p&I mind you)"


Even the 7(a) program wants you to have your own assets invested before you're deemed eligible.  "You've mortgaged your house and drained the kid's college fund, so now we'll talk to you."

If you're young and just starting out, you probably don't have those assets to invest.   Capitalism is awesome if you have access to capital.

Which is a pretty much the only reason there is any small business lending at all (which is a good thing since 50% of all Americans are employed by a small business)

Indeed.

Now the Irony that it takes a federal government program to make the boot-strappers version of the American dream possible?

I hadn't thought of that, but what a wonderful point.
 
2014-06-25 02:04:50 PM  

freetomato: Rent Party: PaulRB: Lifeless: I live in Katy and have friends and acquaintances who worked at this store. This is an embezzlement job, plain and simple. Maybe even a front but I don't have first or secondhand evidence for that.

So, he's not a god-fearing patriot being screwed over by Obama?  I hope no-one (in Katy or elsewhere) is fooled into giving this guy a dime.

http://www.gofundme.com/alcpu4

$1,715 so far.  Only about six million more to go!

/ Suckers.

Some dumb assholes gave him that much already?

My baby nephew who has cancer  is on there right now.  I wish I could take that $1715 and move it over to his fundraiser.


Give me the go fund me link, I will send a donation his way.  My nephew as been cancer free for about 3 months, another 9 to go until they will say he beat it!  Without the donations of lots of nice people, my sister would have had a real hard time paying her mortgage and bills.  Childhood cancer always forces at least one parent out of work.
 
2014-06-25 02:06:29 PM  

Um...Yo: freetomato: Rent Party: PaulRB: Lifeless: I live in Katy and have friends and acquaintances who worked at this store. This is an embezzlement job, plain and simple. Maybe even a front but I don't have first or secondhand evidence for that.

So, he's not a god-fearing patriot being screwed over by Obama?  I hope no-one (in Katy or elsewhere) is fooled into giving this guy a dime.

http://www.gofundme.com/alcpu4

$1,715 so far.  Only about six million more to go!

/ Suckers.

Some dumb assholes gave him that much already?

My baby nephew who has cancer  is on there right now.  I wish I could take that $1715 and move it over to his fundraiser.

Give me the go fund me link, I will send a donation his way.  My nephew as been cancer free for about 3 months, another 9 to go until they will say he beat it!  Without the donations of lots of nice people, my sister would have had a real hard time paying her mortgage and bills.  Childhood cancer always forces at least one parent out of work.


Yeah, me too.  Sister just got done with the double mastectomy and a year of chemo thing.  I can spare some shekels for little kids.
 
2014-06-25 02:06:53 PM  

RobotSpider: That's not for lack of supply in the stream though.


Wrong as this is very often the case.  Even ignoring the basic fact that ammo shortage is due to supply not keeping up with demand, right now manufactures are concentrating on trying to supply popular items like 22LR and 223.  Because of this, the supply stream of less popular items have pretty much dried up.  Look at the list of items that are 'overdue' from various manufacturers on Midway, sometime.  That is a perfect example of lack of supply from the manufacturers.

I have been waiting for some reloading components to become available for months.  Mind you, the items that I am looking to buy are things that 90% of all firearms folks never buy.
 
2014-06-25 02:07:07 PM  

vudukungfu: parasol: if the gas ports aren't lined up properly, are you propelled backwards or just mocked mercilessly

could be either.
If you are on a firing range, the action will not cycle properly if too mush gas leaks if your rings have all the gaps lined up, so they have to be staggered. And a hangfire/misfire that you bring upon yourself could being you a mocking.

In a combat situation, however, you could be propelled backwards by all the incoming fire you are unable to keep at bay.

Oh, god. I've gone Diddy, haven't I?


So....for the plot line of my next thriller novel, the idea of having the villain get caught by an excess of gun residue because the gas ports weren't lined up properly just won't work. a misfire might help save the hero who can then mock accordingly....thanks!

/I learn things on FARK
//They pop up during boring meetings
///3
 
2014-06-25 02:11:14 PM  

Magorn: vudukungfu: From Philly to Boston: co-owner of Tactical Firearms.

Christ. they named it "Tactical Firearms"?
Really?

Someday, some person will have to explain to me why  adding rip-stop nylon cordura webbing or a rubber o-ring  to something automatically makes it tactical.   And while we are on the subject, is there such thing as a "strategic" Flashlight or AR-15?


Putting lipstick on a pig is quite the tactical strategy for getting the rubes to part with their money...
 
2014-06-25 02:12:54 PM  

vudukungfu: Plant Rights Activist: Magorn: vudukungfu: From Philly to Boston: co-owner of Tactical Firearms.

Christ. they named it "Tactical Firearms"?
Really?

Someday, some person will have to explain to me why  adding rip-stop nylon cordura webbing or a rubber o-ring  to something automatically makes it tactical.   And while we are on the subject, is there such thing as a "strategic" Flashlight or AR-15?

strategic flashlights provide a comfortable amount of light for you to read maps and organize troop deployments, although the weight and size of the rifle attached to it make it somewhat impractical.

When I was a cop, they had just come out with the "Kel-light" and all the other cops were falling all over themselves trying to get a bigger one than the next guy. Apparently, you could load one big one up with batteries and beat someone over the head with it and do some serious damage. And size matters.
I learned how to tell who had anger management issues (all of them) and how bad, by how big their flashlight was.

For me, being in a confrontation was the last thing I wanted all day long.
So, while I was not like the others, I was great in negotiation situations.


That was one of the first Standard Cross examinations I ever learned, more geared towards suing Bars for the actions of their bouncers than cops but works either way:

Could you identify the item I have marked as Plaintiff's exhibit #1?

And this is YOUR "Maglite " is it not?

The same one you testified you used to help "subdue" my client?

Would you unscrew the top for me?

and would you pour out them contents?

Now that tube, it advertises the fact that it'made of super strong "aircraft grade aluminum" doesn't it?
and inside that tube were 5 d-cell batteries were there not?

 and are you aware hat each d-cell batteries weighs roughly 5.1 ounces?

and are you aware that batteries of this type are called "lead-acid batteries because that is what they are made out of?

And so you testified, that you stuck my client, repeatedly, with a metal pipe filled with more than a pound of lead, to "calm him down" because you "didn't want to hurt him"?
 
2014-06-25 02:16:22 PM  

Rent Party: SpectroBoy: Voiceofreason01: FTFA: "The bank said the gun store's loan is in default, but the gun shop said this is about politics. "We've never missed a loan payment on any of the loans," said Alcede. "


Yeah, no....the bank can't just decide to foreclose because they don't like you, even if it's for "political reasons"

I suppose he can PROVE that he never missed a payment and then sue for wrongful lawsuit.

There's no such thing as a "wrongful lawsuit."  The courts are there to adjudicate disagreements, and everyone has that right.  If the bank says he owes them money and he says he doesn't, then any lawsuit stemming from that would be correct.

My money is on the bank, in this case.


Actually, there is such a thing as an action for "wrongful foreclosure", and many states even recognize "attempted wrongful foreclosure" as a distinct cause of action (usually similar elements as a wrongful foreclosure claim, just the property was never actually resold).  Basically, if the bank didn't honor the terms of the mortgage in foreclosing (i.e. failed to give debtor proper notice of acceleration, etc.), the debtor can sue for damages.

Also, I've seen debtors sue under "vexatious litigation" claims (i.e. in a judicial foreclosure state (such as Florida), the bank knew it didn't have the right to foreclose but did so anyways, debtor sues for damages, punitives, etc.)

/Former foreclosure attorney
//Represented the banks
///We always started every single brief, no matter what form or purpose, with the phrase "[Debtor] has not made payment on his mortgage in over [30/40/50] months."
 
2014-06-25 02:21:54 PM  

holdeestrufs: Anyone know what would happen if I tried to shoot .30-30 ammo thru my .32 Winchester special? Tactical answers only please.  .32 Win Special ain't cheap.


Given the smaller neck diameter of the .30 WCF, you'd be lucky to not blow the case... which is no bueno.  Tactically.
 
2014-06-25 02:22:33 PM  

Rent Party: Magorn: Rent Party: Dog Welder: HeadLever: Could it be tied into Operation Choke Point?

Given how little the Obama Administration has been able to progress gun control legislation, this likely seems to be the best way that they can do something behind the scenes.

Small Business Loans of any sort are deemed "high risk" by banks.  Try getting a loan via the SBA at some point in your life and you'll realize being a start up entrepreneur is something of a fallacy if you can't come up with the money yourself.

Yup.  Banks generally won't even look at you if you don't have a documented three year history of operations.

"I've got a business plan so I'm going to the bank to get a loan to start my business" is the mythology of the bootstrappy set.

Well that's why the 7a Loan program exists through the SBA. Banks simply will not loan money to a start-up small business, the risks are just too high for their models and the rewards ain;t great.  So the SBA says to them "meet our guidelines and we will guarantee that loan and buy out 75-90% of the outstanding balance (p&I mind you)"

Even the 7(a) program wants you to have your own assets invested before you're deemed eligible.  "You've mortgaged your house and drained the kid's college fund, so now we'll talk to you."

If you're young and just starting out, you probably don't have those assets to invest.   Capitalism is awesome if you have access to capital.

Which is a pretty much the only reason there is any small business lending at all (which is a good thing since 50% of all Americans are employed by a small business)

Indeed.

Now the Irony that it takes a federal government program to make the boot-strappers version of the American dream possible?

I hadn't thought of that, but what a wonderful point.


Weirdly enough, the asset-less just starting out 7a borrower is in a better position that the guy who does a mid-life career change.  Yes the SBA wants you to pledge your own assets so you have skin in the game, and does require at lease a 2nd on your house if you own one.  However if but if you don't really have any assets to pledge,  they're still likely gonna give you the loan.

The Pulitzer prize for fiction every year should go to bank loan officers who create the "evidence of cash injection" part of 7a loan applications  'cause they get awfully creative in describing what counts as an "asset" that the borrower pledges to the business

/my first job out of law school was as a contractor for the part of SBA that liquidated the failed loans and purchased them under the guaranty program.
//felt like I learned more about  how to run a business, and most especially all the mistakes businesses make than I could have going through two or three MBA programs
 
2014-06-25 02:23:26 PM  
http://www.gofundme.com/adypjg

Um...Yo and Rent Party - sorry for the threadjack but thanks - his working class parents are really struggling to take time off work to be by his side and pay for a hotel near the hospital which is over an hour from home.

I can't believe the subject jackwad actually expects anyone with a brain to blame anyone but him for his crashing failure.
 
2014-06-25 02:25:23 PM  
Rent Party: Yup.  Banks generally won't even look at you if you don't have a documented three year history of operations.

"I've got a business plan so I'm going to the bank to get a loan to start my business" is the mythology of the bootstrappy set.


Pretty Much

As someone who actually used to  prepare business feasibility studies that got people loans I can tell you that most of these champions of free enterprise have a "business plan"  that looks like this

1) Get Bank loan for 5x more than I need
2) Buy a pimp mobile that shows I am a successful businessman -you know to be successful you have to look successful
3)  Buy expensive threads and bling
4) Open Business
5) Get Rich

Yet they wonder why the  banks ar against free enterprise
 
2014-06-25 02:31:56 PM  
Magorn:

Weirdly enough, the asset-less just starting out 7a borrower is in a better position that the guy who does a mid-life career change.  Yes the SBA wants you to pledge your own assets so you have skin in the game, and does require at lease a 2nd on your house if you own one.

That's sort of sad.


/my first job out of law school was as a contractor for the part of SBA that liquidated the failed loans and purchased them under the guaranty program.
//felt like I learned more about  how to run a business, and most especially all the mistakes businesses make than I could have going through two or three MBA programs


Best way to learn to run a business is to work in several growth targeted ones.  You'll learn not only what to do, but what not to do.

* Gallant keeps a tight reign on spending and demands a solid business case for any investment in new business activities.

* Goofus flies business class cross country and back just to go to lunch with a guy who has no spending authority and limited influence on the buying decision.

etc...
 
2014-06-25 02:32:49 PM  
If you would like to know more about what is actually going on, go read  http://www.gofundme.com/alcpu4 .

But if you don't want to read it, here is a summary.

1. They have loans and the stay current with the payments.
2. In 2012, they buy the land next door on a new short term loan. That land purchase cross collateralized the other loans.
3. The short term loan comes due (last year), time to refinance.
4. One partner refuses to sign the loan refinancing.
5. One year later, all collateral (the land AND the business) is in danger due to foreclosure.

It is alleged that the objecting partner wanted the business to default, so he could buy everything from the bank once it foreclosed.


/definitely Obama!
//everybody's got to have a hobby.
///don't forget the three thing
 
2014-06-25 02:33:47 PM  

freetomato: http://www.gofundme.com/adypjg

Um...Yo and Rent Party - sorry for the threadjack but thanks - his working class parents are really struggling to take time off work to be by his side and pay for a hotel near the hospital which is over an hour from home.

I can't believe the subject jackwad actually expects anyone with a brain to blame anyone but him for his crashing failure.


Just donated $25.  I will give more when I can.  Good luck!

/sorry for the threadjack
//not really sorry
 
2014-06-25 02:34:06 PM  

Magorn: and are you aware hat each d-cell batteries weighs roughly 5.1 ounces?

and are you aware that batteries of this type are called "lead-acid batteries because that is what they are made out of?


No... no no.

You never used this in court.

Someone would have called your BS if you did.

D Cell batteries are all dry cell.  There are no lead acid D cell batteries.
 
2014-06-25 02:34:46 PM  

bekaye: If you would like to know more about what is actually going on, go read  http://www.gofundme.com/alcpu4 .

But if you don't want to read it, here is a summary.

1. They have loans and the stay current with the payments.
2. In 2012, they buy the land next door on a new short term loan. That land purchase cross collateralized the other loans.
3. The short term loan comes due (last year), time to refinance.
4. One partner refuses to sign the loan refinancing.
5. One year later, all collateral (the land AND the business) is in danger due to foreclosure.

It is alleged that the objecting partner wanted the business to default, so he could buy everything from the bank once it foreclosed.

/definitely Obama!
//everybody's got to have a hobby.
///don't forget the three thing


Shall we guess which partner it is that refused to sign?
 
2014-06-25 02:37:24 PM  

freetomato: http://www.gofundme.com/adypjg

Um...Yo and Rent Party - sorry for the threadjack but thanks - his working class parents are really struggling to take time off work to be by his side and pay for a hotel near the hospital which is over an hour from home.

I can't believe the subject jackwad actually expects anyone with a brain to blame anyone but him for his crashing failure.


I just gave the little dude $50.

Get well soon, little man.
 
2014-06-25 02:37:42 PM  

bekaye: If you would like to know more about what is actually going on, go read  http://www.gofundme.com/alcpu4 .

But if you don't want to read it, here is a summary.

1. They have loans and the stay current with the payments.
2. In 2012, they buy the land next door on a new short term loan. That land purchase cross collateralized the other loans.
3. The short term loan comes due (last year), time to refinance.
4. One partner refuses to sign the loan refinancing.
5. One year later, all collateral (the land AND the business) is in danger due to foreclosure.

It is alleged that the objecting partner wanted the business to default, so he could buy everything from the bank once it foreclosed.

/definitely Obama!
//everybody's got to have a hobby.
///don't forget the three thing


Bullshiat.  That link doesn't address the accusations of embezzlement, illegally keeping wild animals and/or livestock (he bought a farking monkey) within a municipal district of Harris county, or that the co-owners have been in court with each other since December to determine who actually owes the bank what, further holding up payments that already weren't being made because of the disagreement before the civil case.
 
2014-06-25 02:38:50 PM  

Um...Yo: freetomato: http://www.gofundme.com/adypjg

Um...Yo and Rent Party - sorry for the threadjack but thanks - his working class parents are really struggling to take time off work to be by his side and pay for a hotel near the hospital which is over an hour from home.

I can't believe the subject jackwad actually expects anyone with a brain to blame anyone but him for his crashing failure.

Just donated $25.  I will give more when I can.  Good luck!

/sorry for the threadjack
//not really sorry


hankblog.files.wordpress.com
 
2014-06-25 02:41:11 PM  

Click Click D'oh: There are no lead acid D cell batteries.


I should say... There are no lead acid D cell batteries that work in flashlights like a Mag like of Kelight.
 
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