Re: [AlpacaTalk] Re: Contract Extensions
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 10:44 AM
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