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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 118257
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I have owned a concrete pumping business for 25 years. During

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I have owned a concrete pumping business for 25 years. During the recent recession the value of our equipment has plummeted. We were making $52,000 equipment payments prior to the recession. Since the recession we have been making "interest-only" payments of $10,000-$14,000. Wells Fargo Equipment Finance (our lender) has been pressuring us to sell off equipment at pennies on the dollar. Shouldn't they have to take some of the loss as well? Wells Fargo received $25 billion in stimulus money - shouldn't that money help our situation? Another interesting fact is that Wells Fargo is now running our chief competitor, Brundage-Bone Concrete Pumping. Is this a conflict of interest? I truly appreciate any information you can provide.
Submitted: 6 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 6 years ago.
I am afraid that they are not responsible to take your loss. If you borrowed their money, then you are liable to take the responsibility to pay it all back. It is not a conflict if they have acquired the business through foreclosure because that other business was likely in your same boat and couldn't pay the bills and they will likely move to take your business as well for non-payment of the loans. The only possibility for you to consider to try to get them to take less in repayment is a filing for chapter 11 and restructure your debt.

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