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Ty
Hanson—He is a Believer!!!! Subject: Your newsletter got me a tremendous response! I hope everything has been going well for you and your family
in the year 2003. As you can imagine, it's been quite tough getting
back on my feet from the CMC debacle! As you know, that situation still has
not been resolved in court and I don't think either of us will truly
know what happened until the lawsuit with the sureties is settled.
But, I still stand by Ron Fisher and think it was the sureties that caused the
mess! That situation caused pain and relationships to be severed and
I've always understood that, and I am sorry I couldn't control the situation
more. But, being only an employee for the company I truly was an innocent
bystander. Kit, before I go any further I would like to thank you for
printing my e-mail. The response has been much better than when I originally
sent it myself. I have received 8 calls this morning from brokers
around the country ALL willing to send me business! The top three responses
have been : 3. "I made a lot of money funding challenging deals
with CMC and when it got ugly CMC sent the money (deposits) back to my customer" 2. "Ty, you were ALWAYS honest and upfront about what
you knew at CMC and I have no problem doing business with you or your father again" 1. "Today's economy is tough and I've been looking for
a source to do my tougher credits. I am glad to hear you and your father are
back in business" One
broker sent me an e-mail that was funny but had a serious tone. It read, "I am still bleeding from the
last time I did business with you. Give me a call and tell why I should do
it again". I called him back and we had a great conversation and I will
hopefully see his business soon. Kit,
the great news about our (Bill Hanson and myself) business this time is we fund within 5 business days. Bill
Hanson has his own lines of funds for Fair Isaac's 625 to 700. And we are
basically a super broker to another honest and reputable funding source on
the tougher credits. This funding source is based on a strong interview
with the customer and extra collateral! I wish you and your readers
success in 2003. From
reading your newsletter about all the leasing companies that have gone out of business, I am glad and proud
to say "We're still here!" My Dad (Bill Hanson) also said to say hi
and sends only good thoughts :) See you at the conventions Ty Hanson (No one can complain about your
positive attitude, for sure. The Commercial Money Center and its various
corporations and law suits are not as simple as you (Ty) makes them
out to be. While you (Ty)
were an employee of CMC, Bill
Hanson was listed as the vice-president on the three corporations.
I know you were commissioned, as you have
told us you were receiving
approximately $5,000 in commissions until the operations closed at
CMC. The other side to the story is
the insurance companies are claiming fraud and misrepresentation .
Three have a major suit in the Cleveland, Ohio courts.
It is over $240 million. Bankruptcy may not be able to protect
these claims as fraud and misrepresentation are exclusions. The insurance companies, sureties as you call them, really are fighting over claims to the assets.
The Florida and Nevada matters have been moved to San Diego,
California. Current status is that the Lessees
(about 250 of them) have filed suit in United States Bankruptcy Court
(USBC) for the Southern District
of California against about
20 lenders for usury seeking damages for past payments, voiding the
lease for future payments and voiding the security interest.
In USBC, the issue is whether the case should
be transferred up to Los Angeles.
The central legal issue is whether
the estate of CMC has any future interest in the residuals. These are not all the lessees,
but those who joined the suit. There are many vendors who have claims in the
bankruptcy court. They will have to wait in line after the feds and the state, personal
property tax claims, and employee claims issues. A lot of people were hurt, and it appears it
will get worse. It is true
until the cards started to tumble, many brokers make “good commissions.”
Many attorneys liken the operation to the “Ponzi” conspiracy. There is also the hope commissions
paid the last year of operation may be labeled assets and those brokers
who received payment, may be held liable as they participated in the
alleged fraud and misrepresentations.
People, such as yourself, may have to pay back these monies.
It’s not over until the fat lady starts to sing. On 2/20/03, the Court will hold
a status conference as to this issue and may determine a briefing schedule
as to this issue. I have a Pacer account, but have
not had the time to go through the filings, which are numerous and quite large.
The FBI is investigating fraud charges regarding non-existing Kiosks with
some people who were involved turning states evidence, we are told.
Law enforcement believes several of the officers of the several
corporations involved have more than a questionable past, and were actively manipulating the
situation and hope to prove this in a court of law. They may wind up in jail,
all the officers. As important, least we forget,
there are several employees , sureties, banks and customers
who are finding it slightly more difficult to 'get back on their feet'.
I personally feel sorry for those employees who have CMC on their
resume, and were “innocent” to the goings
on. Editor) |
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