Hurricaner
Hurricane Utah
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Joined: 02/17/2007
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Kind of interesting to me that Zion, who I assume had the original loan that defaulted, bought the whole operation. Or did I read that wrong? I wonder what there plans are?
Sam
Sam & Kari
Hurricane, Utah
2004 34' Damon Challenger 315
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topflite51
In The Desert of Nevada
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Joined: 05/13/2004
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Hurricaner wrote:Kind of interesting to me that Zion, who I assume had the original loan that defaulted, bought the whole operation. Or did I read that wrong? I wonder what there plans are?
Sam Sounds like they were bailing out a business associate.
 David
Just rolling along enjoying life
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Rubiranch
Salt Lake City, UT
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Dick A wrote:Well,... perhaps now that the attention starved children have had their little tantrum we can resume discussing the original topic.
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JALLEN4
OHIO
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Joined: 10/02/2003
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topflite51 wrote:Hurricaner wrote:Kind of interesting to me that Zion, who I assume had the original loan that defaulted, bought the whole operation. Or did I read that wrong? I wonder what there plans are?
Sam Sounds like they were bailing out a business associate.
The major lien holder will always enter a bid at a Sheriff's Sale near the real value of the mortgaged asset. Should they not and someone entered a bid for one dollar without a competing bid they will lose their position.
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John S.
Northern Virginia
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I think there will be more of these issues coming. I know there is one major manufacturer on the ropes right now and CC just "resized" and received a huge influx of cash from the investor who bought the company and got a big bank loan as well. The money is almost half of the total cost to buy the whole company. Now you have others out there with just horried sales and huge losses. I fear if they do not turn around by the end of this quarter they will have run through all their cash and the credit markets will not be king to them at that point.
John
2001 42' Foretravel U320
2007 Bornfree 24 Painted
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topflite51
In The Desert of Nevada
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Joined: 05/13/2004
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JALLEN4 wrote:topflite51 wrote:Hurricaner wrote:Kind of interesting to me that Zion, who I assume had the original loan that defaulted, bought the whole operation. Or did I read that wrong? I wonder what there plans are?
Sam Sounds like they were bailing out a business associate.
The major lien holder will always enter a bid at a Sheriff's Sale near the real value of the mortgaged asset. Should they not and someone entered a bid for one dollar without a competing bid they will lose their position. Well aware of what the major lien holder entering a bid is about, it is the being sold as ONE lot that is most unusual. Have been to quite a few equipment auctions of defunct operations and I don't recall ever seeing that happen. It is, as I said most unusual.
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D & M
Laurel, MD
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Thier website says the plant is closed during the weeks of 4th of July and Christmas.
Looks like someone needs to update that a little bit
Dave  & Mary 
Isabel (a cuddly little Boston)
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Dick A
Spokane
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Hayes
Grand Prairie, TX
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Hmmmmm....If Zion Bank and the Teton owners were friends, Zion bought $6.5 mil worth of mortgaged equipment for $1 mil, then they turn around and sell it back to the Teton owners with a little markup, write off the loss and Teton can get back in business when the economy improves with little investment.....Hummmmm?
Hayes
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topflite51
In The Desert of Nevada
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Hayes wrote:Hmmmmm....If Zion Bank and the Teton owners were friends, Zion bought $6.5 mil worth of mortgaged equipment for $1 mil, then they turn around and sell it back to the Teton owners with a little markup, write off the loss and Teton can get back in business when the economy improves with little investment.....Hummmmm?
Hayes Sounds like it.
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