Orange County Choppers Headquarters Facing Foreclosure

[Trike Talk News]

The foreclosure action by lender GE Commercial Finance Business Property Corp. claims that OCC missed mortgage payments of approximately $96,400 and $14,000 due on July 1 on 2 loans of $11 million and of $1.5 million used to build the Newburgh, NY headquarters. The Orange County (Industrial Development Agency (IDA) is also named as a defendant in the action, since it owns the property under a payment-in-lieu-of taxes arrangement with Orange County Choppers. IDA gave important tax breaks to OCC in exchange of the company building the headquarters in the New-York State county. The Orange County IDA is not liable for the back mortgage payments because a clause in the lease-back arrangement indemnifies it against default by Orange County Choppers.

OCC lawyer Richard Mahon states that in 2007 the building had an estimated market value of $12 million, but now is worth only $7 million. Consequently, he says that OCC stopped making payments to put pressure on GE Commercial Finance to modify the terms of the 2 loans. Reliable sources tell me that OCC is structured via different independent companies and that assets are substantial and protected. So, don’t assume that OCC or that Paul Senior are broke because their real estate loans are not paid on time…Real estate business as usual, recession style. But it may be more, a 1st step to a Chapter 11 reorganization to adjust to a new economic reality.


source: cyrilhuzeblog.com
__________________

[The Wolf]

Big telly stars skint....Help ma boab!!!!

[skuuter]

Hmmmm....if it Looks Like, Tastes Like, Smells like.....:Bug2:

[tfdeputydawg]

So Senior told Junior the truth. The value of Jr's 20% is 0!

[sgtstumpy]

Wow the big BAD A$$ scary Biker dudes are hiding behind lawyers and contracts and asset shelters. Yep the last of the big independent American Cowboys, The outsiders are lookin like the Citizens and Sheeple. WHAT A JOKE!!!!! PAUL AND PAUL JR ARE DILLETANTS (sp) and should go back to upstate and stop pretending to be men!!!

RS
Sgt Stumpy

[tfdeputydawg]

You do understand this show is like professional wrestling, right
The whole thing is faked:blahblah:
All 3 Tuttles are laughing all the way to the bank!

[skuuter]

You do understand this show is like professional wrestling, right
The whole thing is faked:blahblah:
All 3 Tuttles are laughing all the way to the bank!

...."REALLY".....Oh-No, I'm crushed.......

[Ozarkryder]

In the beginning:

American Chopper (the pilot)- Hmmm. Yet another show jumping on the (at the time) chopper building bandwagon.

(Not much)Time passes:

American Chopper - *Yawn*

American Chopper: Senior vs. Junior - *Snore*

[skuuter]

In the beginning:

American Chopper (the pilot)- Hmmm. Yet another show jumping on the (at the time) chopper building bandwagon.

(Not much)Time passes:

American Chopper - *Yawn*

American Chopper: Senior vs. Junior - *Snore*

Yep, 'bout sums it up.......

[Pittsburgh Biker]

Missing mortgage payments is serious and not a TV script. GE has the right to foreclose and then own the building. Or they can restructure the loan. Restructuring means that GE takes the loss instead of OCC or whoevers name the building is in. Maybe Barney Frank and Chris Dodd can become co-investors in the building and buy it from OCC.

[skuuter]

Missing mortgage payments is serious and not a TV script. GE has the right to foreclose and then own the building. Or they can restructure the loan. Restructuring means that GE takes the loss instead of OCC or whoevers name the building is in. Maybe Barney Frank and Chris Dodd can become co-investors in the building and buy it from OCC.

..........

[John Luciano]

Been to the original OCC . only about 2 hr drive from my house . Back 5-6 years ago when it all started in a little building . saw some of their Junk sorry bikes . They are for the person that wants to spend $ on ART not a motorcycle and POOR art at that. Up close they look terrible .

[Jimsjinx]

I watch them beat things into submission, and "make it fit". That is NOT craftsmanship! All the guys with talent have left!!! jimsjinx

[tfdeputydawg]

There always seemed to be major problem crop up on every TV "build" that threatened to make some mysterious dead line in jeopardy! Always figured that was more of the "not real" stuff and one would think if they were as good as claimed and built the number of bikes claimed, for the prices claimed, there would be no Hiccups! All it did was prove to me even if I had the money for a custom, it would not come from the butchers of OC.

[Old Goat]

I thought it was just me that was having these same thoughts.. Now I see that at least some of you are thinking folks!!!!

[Pittsburgh Biker]

I have no doubt there is friction between the father and sons. If my father, God rest his soul, yelled at me as Sr. does his sons, I wouldn't be speaking to him either. Not being a mechanic, I don't see exactly how buying a prebuilt frame, a motor and transmission, front trees and a seat can be that difficult for someone experienced to install (build). Maybe OCC should hire Zook as a consultant.

[Nana]

I have no doubt there is friction between the father and sons. If my father, God rest his soul, yelled at me as Sr. does his sons, I wouldn't be speaking to him either. Not being a mechanic, I don't see exactly how buying a prebuilt frame, a motor and transmission, front trees and a seat can be that difficult for someone experienced to install (build). Maybe OCC should hire Zook as a consultant.

Zook could teach them all a LOT about being nice to people! There you go, Zook ...... optional career change???? LOL!

[kcchoppers]

The hardest working person at OCC is the UPS driver!!!

[Papa Zook]

Zook could teach them all a LOT about being nice to people! There you go, Zook ...... optional career change???? LOL!

Ive talked to Rick Fairless about the reality TV thing and it is very much controlled by the producers for guess what ratings. He said it is kinda a tough spot to be in in some respects but it sure is good for business. I dont think Sr & Jrs animosity is made up, they both have a huge chip on their shoulder and I wish they would work things out. Im inviting them both to participate here so we'll see if they show up.

[skuuter]

Ive talked to Rick Fairless about the reality TV thing and it is very much controlled by the producers for guess what ratings. He said it is kinda a tough spot to be in in some respects but it sure is good for business. I dont think Sr & Jrs animosity is made up, they both have a huge chip on their shoulder and I wish they would work things out. Im inviting them both to participate here so we'll see if they show up.

"THIS" could be interestin'.......:Popcorn: