Value Microcaps Motherboard

[cliffvb]

SVL, I owned Silverleaf back when its ticker was SVR as I recall. They sold timeshares but a much larger percentage of their customers defaulted than had been expected back in 2001. Sales people had been more than happy to write up deals on people that were not qualified (bad credit or inadequate income) to earn commissions. SVR's bankers then cracked down on further loans which eventually forced SVR to default on some senior notes as they had a huge negative cash flow.
They then tightened up on their standards and were able to survive that dark period for the company. At least that is how I remember it. It should be in Edgar filings for the company.