[AlpacaTalk] Re: Contract Extensions
Oooops, I forgot my signature block! Sorry all, sorry Heather!
Toni Kester
Spirit Eagle Alpacas
Lakewood, WA
--- In AlpacaTalk@yahoogro
wrote:
>
> Hey all,
>
> It's been a while...
>
> I had something pop up that I thought I would ask you guys about...
>
> I'll try to keep it simple as it is a bit dramatic and emotional.
>
> A good friend of mine fell in love with Alpacas and ended up buying
3
> girls. It was a very typical contract, 20% down, monthly payments
> with a balloon at the end.
>
> This gal made the down and the monthly with out a problem. In the
> middle of the year she ended up in a rough situation. Investments
> tanked and she had a serious family illness, her Aunt died...and it
> really goes on and on for this gal. A really rough year for her to
> say the least.
>
> She got to the Balloon, she had the money for it but asked her
seller
> (whom she became great friends with) for a 30 day extension on the
> balloon. The seller agreed and asked for another monthly. That
was
> not a problem. All payments made on time. Well about 30 days
later,
> this gal found herself in a really tough spot financially and she
> ended up filing chapter 7 bankruptcy.
>
> Needless to say, the court trustee is calling the last balloon
> payment a "preferential payment" and has gone to the seller to
> reclaim the monies that were paid. Even though this is contract
and
> typical business for our industry. The seller has retained an
> attorney and is fighting this claim.
>
> What she needs is this....
> The sellers' attorney has asked if anyone else has extended a
> contract for a buyer before. He wants to prove to the trustee that
> this is something that we as an industry would do. Also, he has
> asked if sellers would be willing to write letters stating that
they
> would or have done this for their buyers.
>
> This is something that I believe could happen to any of us in this
> day and age. I also believe that the judicial system does not
> understand the Alpaca Industry at all. If we can help this gal out
> we might be able to help protect our selves in the future by having
a
> claim such as this squashed now and on record. That way if it
> happens to any of us we can go back and say, "Hey look, here is a
> claim that was stopped in the favor of sellers!"
>
> If you are interested in helping please e-mail me privately. Time
is
> as bit of the essence as the sellers' attorney needs to get copies
of
> documents so that he can argue the case with the trustee. If you
> can, please look up any extensions that you have done, black out
the
> name and write a short little letter and send it to me so that I
can
> forward it to my friend.
>
> If you have any question re: this...let me know. I'd be happy to
> help clarify. It is just so tough to watch someone stuggle so
hard.
> She is a good gal with a good heart who really loves her animals.
>
> Thanks guys.....
>
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posted by Chaddo at 10:25 AM
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