[abfunders]

Well, I can't say I'm not jealous of the brokers for these deals in theory, but it would be interesting to know what actually happened:

https://www.inquirer.com/news/par-fu...outputType=amp

[Kevin Henry-Seacoast]

Well, I can't say I'm not jealous of the brokers for these deals in theory, but it would be interesting to know what actually happened:

https://www.inquirer.com/news/par-fu...outputType=amp

Jealous of the brokers until the receivers and trustees call them and claw back the commissions on deals..... They can and probably will......

[pcfunder]

It's extremely easy to be "at the top" when your funding horrible deals or offering the merchant way more than they could ever handle. Maybe good underwriting is the key? Maybe brokers should stop finding out who pays the most money and instead find out which company will keep their book alive for years and years? I know its very fairy tale like to think that brokers could ever care about a clients business but things will balance out over time.

[Yankeeman07]

Why would brokers get clawed back - ? They are 1099 Contractors and if the article is correct, most of Par Funding went to a limited number of companies. For all the hype behind Par, it does not appear they had many funded deals

[pcfunder]

Par was in more than half of the deals I saw

[Kevin Henry-Seacoast]

Why would brokers get clawed back - ? They are 1099 Contractors and if the article is correct, most of Par Funding went to a limited number of companies. For all the hype behind Par, it does not appear they had many funded deals

Any trustee/receiver worth their salt can and will chase cash by any means. If you placed a deal for a "subject" company and they defaulted, you can cool believe the trustee/receiver is going to attempt to get the commissions back. 1099 or not.

[Steven_O]

Is it just me... or is everyone they lent money to, "connected" in some way to fraud. Looks to me, like the scam was: 1. Raise money from investors using fake default numbers. 2. Funnel a huge portion of the money to "shell corporations" that they probably had a hand in (which ultimately don't pay). 3. Water it down by funding almost anything that comes in the door (thousands of customers and only 10 held 228M in outstanding receivables).

It looks like it had many moving parts (fraud within fraud)...

Some of these guys have serious talent when it comes to critical thinking. Imagine if they used it for good.

I've said it many times... this is a movie.

[TruCapNews]

Anyone else have clients who got this email??

September 9, 2020
Dear Par Funding Merchant:
We appreciate your patience as of late. Please be advised, that Ryan K. Stumphauzer,
Esq., was appointed Receiver ("Receiver") of Complete Business Solutions Group, Inc.
d/b/a Par Funding and other entities pursuant to a Court order entered in the United
States District Court in the Southern District of Florida on July 27, 2020 and amended
on August 13, 2020. Attached please find correspondence from the Receiver dated,
August 22, 2020.
You have been identified as having a merchant cash advance/factoring agreement
("MCA") with Par Funding. While the court was transferring business duties to the
Receiver, ACH drafts may not have been occurring. Effective Tuesday, September 8,
2020, operations have resumed and the Receiver, along with the assistance of
consultants from Development Specialists, Inc. and employees of the Receivership
Entities, has re-commenced ACH and debit activity in accordance with the MCA and
other collection efforts to enforce the terms of the MCA.
All payments should be directed to the Receiver and the Receivership Entities as the
owners of the rights title and interest in the MCA. Only the Receiver (and his designees)
are authorized to collect on the MCA. If any third party has made any attempts to collect
on the MCA owned by the Receivership Entities, please advise us immediately

So basically par will be pulling again. Making sure lenders know about this because it is going to seriously effect withhold.

[pcfunder]

Is it just me... or is everyone they lent money to, "connected" in some way to fraud. Looks to me, like the scam was: 1. Raise money from investors using fake default numbers. 2. Funnel a huge portion of the money to "shell corporations" that they probably had a hand in (which ultimately don't pay). 3. Water it down by funding almost anything that comes in the door (thousands of customers and only 10 held 228M in outstanding receivables).

It looks like it had many moving parts (fraud within fraud)...

Some of these guys have serious talent when it comes to critical thinking. Imagine if they used it for good.

I've said it many times... this is a movie.

That doesn't really seem too talented to me. They had connections and knew how to swindle people with lies. How hard is that?

[WCC_NYC]

We never had a chance to work with them, ever since I heard they backdoor deals we stayed clear.

What we noticed from merchant statements is that they would get into the deal with PAR and really over lever the merchant to the point that Complete Business Funding came in and did a reverse-consolidation. Did anyone else notice that?

[Steven_O]

That doesn't really seem too talented to me. They had connections and knew how to swindle people with lies. How hard is that?

Sorry... talent shouldve been replaced with Cojones.

[pcfunder]

Sorry... talent shouldve been replaced with Cojones.

Even still? It takes more cojones to not give into temptation and to build a business up the right way. Maybe he has a small package of "cojones" and wanted to over compensate as fast as possible with as little effort as possible. That seems like a more realistic scenario.

[Steven_O]

It takes more cojones to not give into temptation and to build a business up the right way.

You're stating the obvious...

The point is, what they are accused of doing - is the kind of stuff that movies are made from.

[SmartAdvanced]

Stick a fork in em

B&T $91 million>>??

[Keebler]

B&T $91 million>>??

This is what happens when you fund defaults.

https://iapps.courts.state.ny.us/nys...sultsPageNum=1

[BB_Cooper]

Anyone else have clients who got this email??

September 9, 2020
Dear Par Funding Merchant:
We appreciate your patience as of late. Please be advised, that Ryan K. Stumphauzer,
Esq., was appointed Receiver ("Receiver") of Complete Business Solutions Group, Inc.
d/b/a Par Funding and other entities pursuant to a Court order entered in the United
States District Court in the Southern District of Florida on July 27, 2020 and amended
on August 13, 2020. Attached please find correspondence from the Receiver dated,
August 22, 2020.
You have been identified as having a merchant cash advance/factoring agreement
("MCA") with Par Funding. While the court was transferring business duties to the
Receiver, ACH drafts may not have been occurring. Effective Tuesday, September 8,
2020, operations have resumed and the Receiver, along with the assistance of
consultants from Development Specialists, Inc. and employees of the Receivership
Entities, has re-commenced ACH and debit activity in accordance with the MCA and
other collection efforts to enforce the terms of the MCA.
All payments should be directed to the Receiver and the Receivership Entities as the
owners of the rights title and interest in the MCA. Only the Receiver (and his designees)
are authorized to collect on the MCA. If any third party has made any attempts to collect
on the MCA owned by the Receivership Entities, please advise us immediately

So basically par will be pulling again. Making sure lenders know about this because it is going to seriously effect withhold.

Any word on what the Receiver plans to do with the Par merchants who were mid-stream into a Reverse Consolidation?

[Shorebird]

Where are all the Par defenders that were active on here recently?

Crazy that half of the investors monies went to 10 merchants.

[Sachip24]

they did put out a 90 million mca and their second largest client was 35 million mca lol

[Shorebird]

And they wonder why PAR busted out along with all the senior citizens money they allegedly scammed.

I guess there really is no such thing as a free steak dinner.

I wonder if the Gray Bar Motel reservation is coming up.

[Akanner]

Par was in more than half of the deals I saw

Agreed. I saw them in the majority of deals during/after covid

[abfunders]

I just realized the irony here.... Par over-leveraged themselves.

[SmartAdvanced]

I just realized the irony here.... Par over-leveraged themselves.

Micah is this your own vort?

[abfunders]

Micah is this your own vort?

Stayim she'asu.
Inspired by Shorebird and Sachip24

[Shorebird]

Sure, there was so much money coming in from the Senior Citizens that they had to throw it against the wall to see what sticks, now it appears hardly any of it stuck to the walls.

[happyman]

cbsg.PNG

PAR is back to debiting