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10-19-2017, 10:52 AM #1
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Update on Pearl Lawsuit
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10-19-2017, 12:29 PM #2
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In the court of opinion one can argue anytime someone funds a merchant (first position!) that has ongoing obligations such as suppliers / landlord /employees/payroll in one way or another they are interfering with his cash flow and perhaps risking (to some degree) the merchants prior obligations with new debt.
Marcus Clapman | Business Development | Cresthill Capital
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10-19-2017, 12:40 PM #3
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10-19-2017, 01:16 PM #4
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??
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
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Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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10-19-2017, 02:34 PM #5
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You're trying to say that a 2nd position to the 1st position is the same impact as a 1st position is to their rent or their payroll. I'm saying, no, that's wrong.
You could make an argument if you were to say that the effect a 2nd has on the 1st position is similar to the impact a 1st position has on say an SBA or bank loan, but that's not what you are saying.
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10-19-2017, 04:39 PM #6
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- Dec 2014
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- 14
Rapids stance is funny given the fact they have a broker division of their own and stack on other lenders.....
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10-19-2017, 05:11 PM #7
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10-19-2017, 05:15 PM #8
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- Jul 2015
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- 168
Couple things to keep in mind on this case:
1) Tort laws rely on the UCC but are also very state by state. Each state court system will have different case law and potentially statutory issues dealing with proving a TI claim or a UCC claim. NY is virtually impossible to prove a TI claim in this space it seems for example.
2) Pearl will fight to the death here to defend its business model....expect this to take awhile in the court system...
3) The UCC claim. This could be the real real killer for stackers going forward. The court found here that Pearl and the Borrower likely colluded to interfere with Rapid's contract. It could very well shake out that senior UCC claimants will be able to collect from whatever the stackers collected once a merchant defaulted.
This is definitely the most interesting case to watch IMO.
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10-19-2017, 05:50 PM #9
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I hear ...there may be a list out there of just about every A paper funder doing a 2nd and third ... maybe they will claim it was in error but some have it to many times....
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
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Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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10-19-2017, 07:02 PM #10
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10-19-2017, 07:05 PM #11
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This ends with YSC suing Mantis. Or vice versa.
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10-20-2017, 10:08 AM #12John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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10-20-2017, 10:58 AM #13
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10-20-2017, 10:59 AM #14
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you all do realize that jbrown is the ceo of rapid advance. so making up stupidity is ill advised
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10-20-2017, 11:26 AM #15
Everyone has been poo-poo'ing on this lawsuit, and making light of the dismissal on the previous Rapid suit against Everest. I've known Jeremy for a long ass time, and one thing I can tell you, he is patient and persistent. Rapid has no issue waiting this out a couple years. I've seen him go three to four years out collecting on a merchant, so why would this suit be any different. Rapid is in this for the long haul, not what is happening this month.
Plus, as I mentioned previously, he had Gilbert money behind him. Don't think anyone here has a couple billion in the coffers
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10-20-2017, 11:28 AM #16
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Are we sure Marcus isn't a Russian troll/bot?
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10-20-2017, 11:32 AM #17Eagle Funding Group
Phone: (646) 793-6809
Email: info@eaglefundinggroup.net
Web: www.eaglefundinggroup.net
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10-20-2017, 11:38 AM #18
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10-20-2017, 01:40 PM #19
Should they win, they will probably go after the deeper pockets...the other funders. then, knowing Jeremy and his vindictive streak, might go after a couple choice ISOs just to make a point.
Of course, this all depends on them winning this case. what I wonder is....what if Pearl buckles and settles? Will that still be considered a win?
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10-20-2017, 01:41 PM #20
the only executive in this business that I have ever found to be more vindictive than Jeremy....was Cathy Bass. That woman can hold a grudge for eternity
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10-20-2017, 02:11 PM #21
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Rapid is a strong force but lets not forget In 2015, Capital Z acquired Pearl Capital, Capital Z invested approximately $2.8 billion in over 40 transactions when you count the REALIZED gains they may () have a chest of 5 Billion> (maybe more maybe less)? I just don't want anyone thinking that we have a David and Goliath situation...we talking about 2 MEGA FORCES and each can hold their own!
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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10-20-2017, 02:18 PM #22
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- Dec 2013
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Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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10-20-2017, 02:24 PM #23
- Join Date
- Dec 2013
- Posts
- 4,713
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
覧覧覧覧覧覧覧覧覧覧覧覧覧
Tel: 917-521-6528 | Fax: 212.671.1473
Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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10-20-2017, 02:36 PM #24
Cathy has sung my praises while at Second Source, and then **** on me when at Yellowstone.....so whatcha gonna do? In her mind, I am guilty by association. I've tried to make nice through Glazer, but alas.....
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10-20-2017, 05:56 PM #25
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- Apr 2014
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- Washington DC
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Carl Fairbank
Founder & CEO boldMODE
www.boldmode.com
Carl@boldmode.com
Founder & former CEO of Breakout Capital (sold to SecurCapital in 2019)
www.breakoutfinance.com
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