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Now I'm even MORE pissed off if that's possible:

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PCIntern Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 05:53 AM
Original message
Now I'm even MORE pissed off if that's possible:
Edited on Thu Apr-14-11 05:54 AM by PCIntern
Take a look at this:

http://www.philly.com/philly/news/20110414_Camden_devel...


Camden developer delays repaying DRPA loan
By Paul Nussbaum

Inquirer Staff Writer

The developer of the Victor Lofts apartment building on the Camden waterfront has put off repayment of a $3 million loan to the Delaware River Port Authority because he's short on cash.

The agency lent $3 million to Victor Associates in 2003, interest-free until 2009. The money was part of a $52 million financing package assembled by developer Carl E. Dranoff to convert the historic RCA Victor "Nipper Building" into 341 upscale apartments overlooking the Delaware River and the Philadelphia skyline.

Dranoff, a prominent property developer in Philadelphia and its suburbs, was to start repaying the DRPA in 2009, with monthly installments of $23,259 until the end of 2014, at which time the $2.5 million loan balance would be paid in a lump sum, according to the DRPA loan agreement with Dranoff.

Payments more than 15 days late would put the loan into default, according to the contract. But the agreement also says that Dranoff's obligation to make payments is limited to Victor's "available cash flow."
+++++++++++++++++++++++++++++++

I'm a small business in Philly getting hammered night and day by my creditors for not-much-dough BUT I STILL OWE IT AND HAVE TO PAY PROMPTLY, or I'm in trouble...and I should pay it - it's an "obligation" to which I agreed.

This guy has a AGREEMENT which states that if his cash flow sucks (whose doesn't????) then his obligation diminshes...WTF...BIG WTF?

Tell your mortgage company to put that clause in next time you borrow against your house.

Shit. I can't sleep many nights trying to figure out how to make ends meet and this guy doesn't have to pay if things don't work out for him just the way he'd want them to. Go figure...the rich get richer and note the adjective "prominent"...so's Trump, and he's pulled the same crap and worse as most know around here. Maybe THIS guy should run for President as well. "Prominent" my ass.
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HereSince1628 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 05:59 AM
Response to Original message
1. My gramp's used to say...
If you owe the bank 10K they own you. If you owe the bank 10M you own the bank.

This comes from the old pragmatic principle incapuslated in the phrase: Don't Kill the Goose that lays the Golden Egg.

It has nothing to do with fairness, and there is no doubt that the notion of the 'financials' being "Too Big Too Fail," is the same idea written for a different stage.






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PCIntern Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 06:01 AM
Response to Reply #1
2. the internecine relationships here are sickening...
people I know formed banks so they could lend money to themselves and their friends...I was approached once to take out a loan from one of these so they could show good faith that they were lending to the community at large.
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CanonRay Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 07:46 AM
Response to Reply #1
8. My father told me the same thing when I was a kid
But that was about 1960 and he used lower numbers!!!
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 06:04 AM
Response to Original message
3. recommend -- people really should be very, very angry at the tiered way
we are all treated.
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 06:08 AM
Response to Original message
4. Yeah, they like to claim that small business is the 'backbone' of the ecoomy
and certainly there are more small and medium sized business than there are multi-nationals, but the field itself is rigged AGAINST small businesses.

From one small business owner to another, I feel your pain. Seriously.
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PCIntern Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 06:12 AM
Response to Reply #4
5. Someday I'll post my story...
I'm presently writing a book which incorporates the disaster of trying to run a humanistic, ethical, small business in these United States.
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ixion Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 06:23 AM
Response to Reply #5
6. It's very difficult to do... I operate the same way
and am at a distinct disadvantage for doing so. :(
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Zywiec Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 06:28 AM
Response to Original message
7. "it's an "obligation" to which I agreed"
I'm glad there are still people here that believe that.

:hi:
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PCIntern Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Apr-14-11 09:04 AM
Response to Reply #7
9. Yes, including
the obligation of the entity (school board, municipality, etc.) to pay teachers the pensions into which they paid and had made a deal when they were employed!
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