So according to a story on the net, OCC is using nonpayment of their mortgage to force the bank to restructure their loan. The value of their World HQ has dropped from the $12mm they borrowed to $7mm. The piece alludes to all of the company's assets being protected. Interestingly this piece was on a website that allowed commentary by readers. While most of it was of the type we post here, the one I liked the best was the person who said he was tired of paying H-D Credit what he had to on his bike loan so he was just going to stop paying until they dropped his payments. In December of 2008, facing permanent disability and the loss of nearly $18,000/yr in income, I called my mortgage company about restructuring my loan. The Bush Administration had just put TARP funds on the street. While my bank did not know what the rules were going to be, they did know they were getting a lot of money for helping folks like myself. They took my name and said they'd go in order of the list. I was #5. (sometimes you get lucky) Throughout the process, I insisted that I did not want the government paying my mortgage. I could have applied for principal reduction via that process but all I asked for was a reduction in interest to lower my payment to a manageble amount. I got that. I went from nearlu 7% to 4%. Throughout the 4 months it took for all this to happen, I continued to pay my mortgage. Had my bank said NO up front, I would have continued to pay my mortgage. This is what you do. If you can pay, you pay. As I said above, the article I read indicates that OCC has the money to pay, they are just trying to squeeze the bank into lowering their rate. A rate they were happy to get when they built the OCC World HQ. You may recall, Gov Pataki, county and local officials fell all over themselves praising the Teutels dedication to their community in this venture. As a matter of fact, the County Development Board owns the mortgage on the property and gave OCC significant tax breaks. Bottom line is, since I 1st encountered Paul Teutel Sr at a Bike Show in Laconia NH many years ago and he twisted the judges arms to have my custom FXR declared a radical custom because he didn't like the way that yellow POS softail of his stacked up against my FXR. I had removed the tabs on the neck that were on all FXR's to bolt the fairing to (in the case of an FXRP or FXRT) He and his buddies hounded the judges swearing I'd cut the neck and raked the frame. I had not. What I'd done was build an FXRWG.. Essentially what H-D Inc would build with the Dyna Wide Glide. (sidebar, none other than Paul Bluestein himself took a photo of my bike in Daytona that year)I didn not remember Sr when American Chopper 1st came on. It wasn't until they did a show about him building bikes in his basement and showed that god awful yellow POS softail that I remembered. I would never forget that thing nor what happened in Laconia. In my opinion, this story shows what kind of a man Paul Teutel Sr is. If he can't win honestly, he finds a way to stack the deck. Whereas I had a good shot at a trophy in the custom class (that yellow POS of his won) I had no chance in the radical custom class. Teutel has leveraged every situation he's found himself in. You can call it good business, but I have no respect for it. I was brought up that you play fair and pay your bills. If you've got a problem you work mutually with people to resolve it. I know, I'm a dinosaur and those days are gone along with IKE being POTUS. Just thought I'd tell this tale as to why I enjoy lobbing cowchit at OCC. Now all of you guys who've made your name in business can come at me with knives and tell me how naive I am or whatever, but that's how I feel.
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Topic: Family Feud: American Chopper's Paul Teutel Sr. reportedly sues Paul Jr. (Read 37220 times)