[Funder Mark]

http://lending-times.com/2017/06/19/...D4mIOiWQ%3D%3D

[J.Celifarco]

wow that sucks

[Transactionsolutions]

VERY strange article. People have been saying for weeks that this deal was falling apart but I find it hard to believe its because of software subscriptions and a water-mane break. That might have delayed the deal going thru but I think theres a much bigger reason.

Hopefully CAN found another source to move forward with

[Jess]

VERY strange article. People have been saying for weeks that this deal was falling apart but I find it hard to believe its because of software subscriptions and a water-mane break. That might have delayed the deal going thru but I think theres a much bigger reason.

Hopefully CAN found another source to move forward with

Yes-just silly article.Deal stuff is nonsense. However, it would be prudent for everyone using colonial for syndication to verify that SFS has a back up server.....

[funding pro]

Reading it again, it almost sounds like CAN's restructuring team or bankers are the ones leaking this out to cover their own behinds in pointing fingers at the deal not getting done. Otherwise like Trasaction said, what would a company's building's water mane breaking have anything to do with this type of deal closing...

[funding pro]

Agreed the article comes across as very odd. Not sure how you can pit this deal falling apart on SFS considering they are very much active and recently had their deal with Capify go through what appeared to be pretty seamlessly. All the while CAN is...well right where CAN is right now. It seems to me whoever is handling this thing from the CAN side is just doing a terrible job. Should have been done a long time ago.

[Jess]

Agreed the article comes across as very odd. Not sure how you can pit this deal falling apart on SFS considering they are very much active and recently had their deal with Capify go through what appeared to be pretty seamlessly. All the while CAN is...well right where CAN is right now. It seems to me whoever is handling this thing from the CAN side is just doing a terrible job. Should have been done a long time ago.

Yes-Cans portfolio sales process was a comedy of errors. Same team but brought in restructuring guys who don't know the business. It's on wells fargos dime. No equity value left. No one believes the "lending times" ridiculous blog article.

[Funder Mark]

No one believes the "lending times" ridiculous blog article.

Looks like you are correct

http://debanked.com/2017/06/dubious-...ing-unfounded/

[WestCoastFunding]

This is PR, propaganda, damage-control by CAN's creditors.

[Jess]

This is PR, propaganda, damage-control by CAN's creditors.

lol. Wells fargo is not sending PR to some stupid blog. Merchants should now be offering to settle at 10 cents on the dollar with Can. Incompetent restructuring process. But restructuring firm is not incentives to get it sold. The longer they drag it on the more they get paid. Merchant should offer 5 cents on the dollar next month.

[funding pro]

The longer they drag it on the more they get paid.

Couldn't be more accurate. This is what happens when interests aren't aligned.

[Jess]

Couldn't be more accurate. This is what happens when interests aren't aligned.

exactly....what are they doing. THEY ARE NOT FUNDING but need to hire staff to track cash

1. To report to vp (what is vp doing?)
2. VP report cfo (what is cfo doing)
3. CFO report to restructuring officer.

I'm sure Wells doesn't care-they will get out whole. Accel/QUED other equity investors get zero-unless they through more cash to keep CAN alive while they (QED especially) try to raise a new fund. Couple of MCA companies being propped up by investment firms (pe and credit) so the losses don't impact fundraising. They will throw $20M down the drain to keep alive so they can raise another $300M fund.

[funding pro]

Funniest part in all of this is the last line "A message left for Lending Times about their reporting on SFS had not been answered by the time this story went live." who in his own article claims he attempted to get comment from either source.

Clickbait "journalism" from whoever SmallBusinessLending.io folks and this guy running with it.

[Jess]

HA! a friend who was recently laid off from ondeck just told me Can is now looking for a Treasury analyst "to provide daily cash flow data" for operations to investors and lenders........hmmmm perhaps this is something they should have figured out....say 8 MONTHS ago...at this point they probably wouldn't even notice if merchants stopped their ach. Guess the due diligence process didn't go so well.....go figure. He's applying anyway since he needs a job.

[MCNetwork]

At least the writer got the water damage part right