Now this is the part that is concerning to me....I think we all need to keep in mind that people's lives become affected when someone in the food-chain do not pay their bills in a timely manner......It trickles down to others in the communities they live in.....House payments, vehicle payments not being made, down to putting food on the table for your children.
Leveraging your A/P's off of someone elses line of credit is not very cool in my book especially when you are talking about small community companies that are mom and pop owned who operate on a 30....but to each his own......Sounds like the cart was wayyyyyyyyyyyy infront of the horse on this little project. ST and LT fin. should have been secured a long damn time ago!
I can tell you if I was a CEO and had outstanding bills, I would be working with my vendors to do partial pays if necessary...using the the concept of "Pay when they can" doesn't work with most long-term vendors. I'm sure interest charges are accruing along with late-penalty fees.....In addition, I would not be suprised if work liens have been placed on some of the assets to secure debt payment...hmmmm PN...lis pendens..... anyone..... anyone....???????? :) LOL....IMO
Blimpie's -Bubba
5. Yeah, they owe bills and are past due on some.....DUH!! They are keening aware of past due bills and will pay when they can (gee, I guess thats why they are seeking ST and LT financing which is ongoing.. imo, it will probably happen with consistent, sustainable production)
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