Thats a legitimate statement. But I'm going by actions. With the facts presented in front of me. I'm naive, and optimistic.
I just read the loan document, I see a 2019 end date.
Is this the same loan that is saying that due to a "Name Change, or Reverse Merger" that the loan is due in Full? I also see that the business and all possessions was used as collateral.
So we were informed that Citizens has filled to collect all money, while Saleen feels that this can be corrected.
I will fault Saleen for not disclosing to the bank the name change. (though we do not know if they did or did not, seems common to do so)
We could fault Saleen for not disclosing a "Reverse Merger" but
How is this any different from getting married and changing you name and moving to a house? If you have a loan in your old name, and now you have a married name, the loan simply updates. If all of the parties stay the same, where is the wrong.
I could understand if the company had a structure change and the business was liable to pay off debt 1st before changing entities.
Simple folk like me -- If i had a business loan for 700K, and made payments regularly. Does it really matter if I move into a bigger building, change my name, become a public company? The business and person who is liable are still the same people? And if you said I defaulted and was liable for all money, I would fight it too!!! And since its a bank they probably do not want to keep the installments so all payments stop and we go to court to hash it out.. In the end nothing has changed and a settlement should be reached. And since there were installments, I probably have an account that has all the money ready to give you when an agreement is made.
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