[AlpacaTalk] Re: Contract Extensions
Thank you so much for your questions. Please if there are more
questions from folks, I'd be happy to see if I can answer them. If I
don't have the answer, I will find it!
Yes, it was personally guaranteed by the buyer.
The buyer took physical possession of the animals after the 20% down
but ARI's were not transferred until after the contract was satisfied
in full.
I am of the opinion that the Seller has full rights to recover the
alpacas if the court trustee takes the final balloon payment.
However, the seller no longer has a location to keep alpacas. The
seller has gone out of business. There fore, it has been requested
by the seller that the buyer repay any re-claimed monies. Of which
my friend feels very entitled to do. It was not the sellers fault
that the buyer filed chap 7. Once a debt is satisfied, the court
should not be able to re claim...but the court is un-clear to the
fact that this was a business deal and not personal. The court does
not understand that this is an industry and that we contract as
buyers and sellers in order to protect our selves from situations
such as this. Hence why I am asking for examples of extended
contracts
No, the seller was never listed as an existing creditor at the filing
because, the debt had been paid.
We are trying to get this thrown out by showing that we do contract
and that sometimes extensions are given. That seems to be the catch
that the sellers' attorney is concerned about. The 30 day extension
change the contract due date. The buyer still made a monthly payment
to the seller but the trustee is saying that because of the extension
it makes the payment "preferential"
contracts or letters indicating that contracts have been extended by
seller there is a good chance that the attorney can prove to the
trustee that it is typical and an ordinary course of business for us
as an industry from time to time.
Toni Kester
Spirit Eagle Alpacas
Lakewood, Wa
--- In AlpacaTalk@yahoogro
<info1@...> wrote:
>
> Was the contract personally guaranteed by the buyer?
> Does the contract state that all monies have to be paid prior
> to the alpacas being property of the buyer?
> The seller may have recourse to take back the alpacas in that case.
> Also, was the seller included as an obligation in the bankruptcy?
> With a contract, the seller may have recourse to get the bankruptcy
> thrown out if they were not included as a debt.
>
> ----- Original Message -----
> From: yarnpeddler1
> To: AlpacaTalk@yahoogro
> Sent: Friday, November 07, 2008 1:25 PM
> Subject: [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.....
> >
>
>
>
>
>
> [Non-text portions of this message have been removed]
>
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posted by Chaddo at 2:22 PM
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