Yuengling's Ice Cream Corp (YCRM)

[work-n-hard]

I think it's important to read the entire filing. Folks tend to seize on what confirms their own biases.
And I'm not claiming to be a loan expert in the least. But I do know the Mid Penn was not the only one involved in 1 of the 2 loans.
And I'm sure that nobody here believes that Mid Penn just up and walked away from a Million Dollar loan default. That is to say, that the Intellectual Property comes nowhere close to that value, as evidenced by the failure of the attempted restart of YIC.
I know that they seized David Yuengling's house last June and that would have already applied to the SBA for their portion of the loan guarantee.
That said, the SBA is not going to just walked away from the loss. If not repaid, it gets turned over to the Treasury Dept for collections.

It being the intent that the following liabilities shall not be assumed by Creditor: (Creditor being Mid Penn)
a) All liabilities of Debtor; and
(b) All liabilities or indebtedness or obligations owing by Debtor to Guarantor. (Guarantor being SBA)

Page 2
https://www.sec.gov/Archives/edgar/data/1624517/000168316824000296/yuenglings_ex1001.htm


https://www.nerdwallet.com/article/small-business/sba-loan-default-know-cant-pay

I think we need to wait and see what is put out in the way of numbers by the company.
Remember, the filings told of a Cancellation of Debt by Mid Penn Bank and that was the only thing it said.
Only by Hub posters, did anyone say Debt Free.