http://www.tcoasttalk.com/2009/11/06/vero-fashion-outlets-main-creditor-tries-to-tap-owners-family-trust/ Martin and St. Lucie County News, Comments, Discussion Mon, 22 Mar 2010 08:11:01 +0000 http://wordpress.org/?v=2.7.1 hourly 1 http://www.tcoasttalk.com/2009/11/06/vero-fashion-outlets-main-creditor-tries-to-tap-owners-family-trust/comment-page-1/#comment-28078 Einstein Fri, 06 Nov 2009 15:22:31 +0000 http://www.tcoasttalk.com/?p=8643#comment-28078 How is this a story? A business entity defaulted on a loan. The main owner of that entity, as trustee of his own personal trust, had his trust guarantee the loan. The bank is now collecting from the guarantor. This happens every day when a default occurs. That is why they have guarantors. Now, has that trust been "relieved" of all of its assets by the family in an attempt to avoid paying on the guarantee. For the Taubers sake I hope not. Fraudulent transfer laws are brutal. How is this a story? A business entity defaulted on a loan. The main owner of that entity, as trustee of his own personal trust, had his trust guarantee the loan. The bank is now collecting from the guarantor. This happens every day when a default occurs. That is why they have guarantors. Now, has that trust been “relieved” of all of its assets by the family in an attempt to avoid paying on the guarantee. For the Taubers sake I hope not. Fraudulent transfer laws are brutal.

]]> http://www.tcoasttalk.com/2009/11/06/vero-fashion-outlets-main-creditor-tries-to-tap-owners-family-trust/comment-page-1/#comment-28074 Huh? Fri, 06 Nov 2009 14:35:24 +0000 http://www.tcoasttalk.com/?p=8643#comment-28074 Let's see if I have this straight. They had $158,000,000 last year but it's "changed substantially." Let's say they lost 2/3's of their money so now they're down to say $53,000,000. That would pay off the loan and still leave them adequate money for Pop Tarts and such. Maybe even enough for a trip to Burger King. I'm not usually on the side of banks and lawyers but it sure looks like they should have been able to at least make their payments. Let’s see if I have this straight. They had $158,000,000 last year but it’s “changed substantially.” Let’s say they lost 2/3’s of their money so now they’re down to say $53,000,000. That would pay off the loan and still leave them adequate money for Pop Tarts and such. Maybe even enough for a trip to Burger King. I’m not usually on the side of banks and lawyers but it sure looks like they should have been able to at least make their payments.

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