JJBIRISH
Butler, PA, USA
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Joined: 10/06/2002
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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
that wouldn't fly or pass the smell test but,
they could sell it to Mrs. Teton, claim it as a minority or woman owned enterprise, get a no/low interest government backed loan and a lot of help from the SBA... she could then say the workers are chronically unemployable and be reimbursed part of their wages through tax credits...
* This post was
edited 10/05/08 08:10pm by JJBIRISH *
Love my mass produced, entry level, built by Lazy American Workers, Hornet
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CSpenceFLY
Macon,Ga
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Joined: 06/12/2006
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This is a prime example of "They are all crooks". I don't feel like typing a lot right now but we are being taken for a ride. From the first "vote" that drove the market down to the second "vote" that "fixed" everything. We are all being screwed. In November, vote for Mickey Mouse. You might not get more done but you will be entertianed.
"You're lucky to be alive my friend."
Quote from the "Do it yourself police" and many others that have known me.
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mking
Indianland,South Carolina
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Joined: 02/14/2006
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LOL!Too many hands in the cookie jar.I think they will be back,and maybe combined with another manufacture.
2006 Dodge Quad-Cab 2500 CTD,4;10 gears,pulling a Forestriver Flaggstaff 831qbss
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mich800
Pontiac, MI
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Joined: 05/30/2004
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topflite51 wrote: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.
It is not unusual. Zion was the bank and the loan was secured by all assets. The bank simply bids in their debt. In a perfect world someone shows up and bids more and the bank gets out clean. This does not happen often because there is a reason for the sale. Now the bank needs to sell off the assets and hope it gets all the debt paid.
And just because it is listed as $6.5 mil in assets does not mean much if no one is willing to pay that. IE, if it was really worth $6.5 Million there would have been someone standing right next to the bank rep on the same day.
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Okie in Wyoming
Wyoming
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Joined: 02/22/2007
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Locals have reported that if they reopen (it is shut down now)they will be making office type trailers for the oil fields, construction sites, etc.
Could not get parts or supplies since past bills were not paid.
TT bumpersticker:
"I go where I am towed to"
Darling Husband
2 Wonderful Dogs
And Me
2007 Dodge 2500 Quad Cab(Diesel)
2005 Komfort 232TS
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Capt Skup
Southern Maryland/Nantucket
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Joined: 05/14/2004
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We bought a new Sunline fifth wheel in 2003, family owned company sold to an "investment" group and now they are gone.
We bought a new Teton fifth wheel in 2006, family owned company sold to an "investment" group and now they are gone.
Hmmmmm.....
We are now doing our research and shopping for a new fifth wheel, which company shall we doom due to our purchase? Jayco, NuWa, Carriage are on our short list.
Capt Skup
AD-1(AW)USN Ret.
Wonderful Wife, 3 beautiful Daughters
"Never get in a battle of wits with an unarmed man"
2008 F-450 Lariat 4x4
2008 Honda Odyssey EX-L
SunlineF281SR
SeaRay215EC
http://community.webshots.com/user/CaptSkup?vhost=community
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topflite51
In The Desert of Nevada
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Joined: 05/13/2004
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Capt Skup wrote:We bought a new Sunline fifth wheel in 2003, family owned company sold to an "investment" group and now they are gone.
We bought a new Teton fifth wheel in 2006, family owned company sold to an "investment" group and now they are gone.
Hmmmmm.....
We are now doing our research and shopping for a new fifth wheel, which company shall we doom due to our purchase? Jayco, NuWa, Carriage are on our short list. Lordy, with that track record, I think I would wait a year or two.
 David
Just rolling along enjoying life
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topflite51
In The Desert of Nevada
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Joined: 05/13/2004
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mich800 wrote:topflite51 wrote: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.
It is not unusual. Zion was the bank and the loan was secured by all assets. The bank simply bids in their debt. In a perfect world someone shows up and bids more and the bank gets out clean. This does not happen often because there is a reason for the sale. Now the bank needs to sell off the assets and hope it gets all the debt paid.
And just because it is listed as $6.5 mil in assets does not mean much if no one is willing to pay that. IE, if it was really worth $6.5 Million there would have been someone standing right next to the bank rep on the same day. The selling of all assets as one lot, eliminated bidders. What is Zion going to do with this equipment: woodworking machines, welding systems, work platforms, a 25-foot by 65-foot paint booth, ventilation systems, monorails and hoists, lockers, office furniture, raw materials, and three patents and three trademarks. As I said before, sounds like they were bailing out a business associate, and after all is said and done, they will be selling it or whatever to that same associate. The names will be changed, to protect all concerned, but they are helping a friend/associate of some kind. Of course this is all JMHO.
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tahiti16
Camarillo, CA
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topflite51 wrote:Lordy, with that track record, I think I would wait a year or two. or at least post here so everyone else knows what NOT to buy! LOL
Reminds me of my mil she worked for several banks over the years but the last 3 she worked for within 6 months at most of here going to work for them they were bought ought and mostly shutdown! First thought when I saw the post from the guy whose wife doesn't know who she works for as Wachovia is battled for!
Ray, Cheryl, Cory & of course Miss Molly the four-legged child
2006 Dolphin 36' F53 V10 6 speed auto 2 slides 7.5 KW genset
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hook47
Olympic Peninsula, WA, USA
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Capt S, take a look at DRV (previously known as DoubleTree).
2008 Chevy 3500HD LTZ 4X4 CC Duramax/Allison & 2007 Mobile Suites 36TK3
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