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08-06-2020, 07:38 AM #1
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08-18-2020, 07:08 AM #2
- Join Date
- Nov 2018
- Posts
- 2
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08-18-2020, 07:44 AM #3
- Join Date
- Mar 2014
- Location
- Florida
- Posts
- 2,976
Par Receivership Web Site
http://parfundingreceivership.com/Dave Lambert, Business Development
dave@fcbankcard.com
Merchant Services Consultant
High Risk Merchant Payment Solutions
SBA 7(a) Loans & Short-Term Funding
T/VM: 727-291-7890
Office: 727-233-1111
Skype: fc-financial
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08-18-2020, 09:47 AM #4
- Join Date
- Jun 2015
- Posts
- 754
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08-06-2020, 10:32 AM #5
- Join Date
- Oct 2014
- Location
- Naples, FL
- Posts
- 476
...this is all really sounding movie'ish...
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08-06-2020, 10:49 AM #6
- Join Date
- Oct 2016
- Posts
- 4,318
Man, so that means Par isn’t able to make reverse consolidation deposits to the merchants to cover the merchants’ MCA debt?
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08-06-2020, 11:05 AM #7
- Join Date
- Mar 2017
- Location
- Nunya
- Posts
- 830
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08-06-2020, 11:45 AM #8
- Join Date
- Jan 2014
- Posts
- 1,378
Correct, no weekly deposits on their reverses currently or debits and no one is in the office to pick up the phone so merchants have no clue wtf is going on. I have feeling this is going to cause a huge mess for anyone currently with Par in their reverses or mca's or have Par in statements and looking for money elsewhere since no one knows how it will play out underwriting a file with Par in statements currently is very gray area
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08-06-2020, 10:55 AM #9
- Join Date
- Feb 2017
- Posts
- 3,450
Hey WCF, what happened to you, where ya been? I was getting worried. We've had lots of action in the last few weeks. Par, AFM ("Slim and Izzy Show"), Dave, SBA discussions, etc etc etc.
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08-06-2020, 02:10 PM #10
- Join Date
- Jan 2018
- Posts
- 519
Hey man Par like totally replied to this thread saying how they are at the top of their game and that like really got me excited!! I totally believe that Par will get out of this legal trouble ASAP! Actually, I'm pretty sure Par is going to individually karate chop every government employee in the face and walk out of the office buildings with a bag of 500 million to fund our merchants and pay us aw3s0me commission on!!!
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08-06-2020, 02:21 PM #11
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08-06-2020, 06:07 PM #12
- Join Date
- Dec 2017
- Posts
- 397
The first thing Par will try to do is ach all their missed daily
payments all at once
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08-07-2020, 11:00 AM #13
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08-07-2020, 11:37 AM #14
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,493
Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426
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08-07-2020, 11:15 AM #15
- Join Date
- Aug 2016
- Posts
- 831
Is roc funding?I think we can finally know if they are the same or different companies.
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08-07-2020, 04:04 PM #16
- Join Date
- Jan 2014
- Posts
- 1,378
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08-09-2020, 02:11 PM #17
- Join Date
- Jan 2020
- Posts
- 11
We have not chimes in because we spend our time working on things and not lurking. For the comments comparing us to 1st Global, just stop. Please do not compare us to 1st Global because the situation is NOT similar. We’ve been paying our investors and we’ve remained legitimate throughout. There’s millions of dollars in ACH’s daily, millions in RTR. For people asking where all these funds are...... it should be self-exploratory. This is strictly a witch hunt.
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08-09-2020, 04:00 PM #18
- Join Date
- Jun 2015
- Posts
- 754
Why y’all keeping illegal weapons in y’all houses, the day the FBI busts in?
When the witch is on her hunt, you probably don’t wanna feed her living meat, right?
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08-07-2020, 07:52 PM #19
- Join Date
- May 2014
- Location
- California
- Posts
- 348
It is a massive securities fraud case. I am curious what is going to happen after the SEC/FBI goes through the books.
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08-08-2020, 11:13 AM #20
- Join Date
- Apr 2014
- Posts
- 781
Indictments to follow
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08-08-2020, 03:44 PM #21
- Join Date
- Jun 2017
- Posts
- 2,049
What was that now?????
https://debanked.com/2020/08/the-sec...he-real-loser/
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08-08-2020, 06:59 PM #22
- Join Date
- Aug 2020
- Posts
- 6
I think you're missing the crux of the SEC's case. The fundamental point they are making is that pursuant to Section 17(a) of the Securities Act of 1933, it is unlawful to obtain money by means of any untrue statement.
Par allegedly told investors that their default rate was 1% and they used it in marketing materials, in person presentations and via email according to the complaint. They also had $300M in litigation. For this to be true, mathematically, they would've needed to fund $30 billion. Given the $600M they consistently claimed they funded, 1% is only $6M in defaults. Lets say their factor rate is 1.5, 1% of $900M is only $9M in defaults. The SEC's case seems pretty rock solid.
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08-09-2020, 11:07 PM #23
- Join Date
- Nov 2015
- Posts
- 6
Par's attorneys told the judge that Par's default rate on a "cash-on-cash" basis was indeed 1.2%. This is going to be one heck of a show. If the basis for the lawsuit and asset freeze was the alleged misrepresentation of the default rate and that turns out to be the actual default rate, (under that methodology anyway), then....
Last edited by UrsulaHaun; 08-09-2020 at 11:15 PM.
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08-10-2020, 12:29 AM #24
- Join Date
- Jun 2015
- Posts
- 754
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08-10-2020, 07:58 AM #25
- Join Date
- Aug 2020
- Posts
- 6
"And the merchant default rates are excellent. Put simply, the merchant cash over cash default exposure is 1.2%. That means that of all merchants receiving $100 in cash from CBSG, only $1.20 (1.2%) is defaulted on."
That also means that their default rate over the RTR is less than 1% since they are using the funded amount. Their math doesn't make sense. With $300M in litigation. I call bull **** and anyone that believes that is delusional.
Not to mention they only included one paragraph about their default rates and no mention whatsoever about the insurance they presumably offered.Last edited by SmartestGuyInTheRoom; 08-10-2020 at 09:16 AM.