[SCCNY]

"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.

this guy gets it

[Michael I]

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....

does that mean that within 90 days there needs to be zero collected not even one dollar to be called a default? sort of why on deck had people paying $5 a month

[SmartestGuyInTheRoom]

does that mean that within 90 days there needs to be zero collected not even one dollar to be called a default? sort of why on deck had people paying $5 a month

According to Joseph Cole's deposition "The mechanism for default is not making good on payments as arranged under the agreement."

[SmartestGuyInTheRoom]

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.

How nice of you to rejoin us.

No comments on the point I just made? Only addressing the comparison between 1st Global? I think the SEC mentioned that you guys defaulted on those promissory notes to investors too. But keep pulling the wool over everyone’s eyes. I don’t think you guys have a defense since you blatantly lied to investors to induce them to invest. That falls squarely within the parameters of securities fraud.

[Shorebird]

Securities fraud with 1200 victims/witnesses should be a slam dunk. We shall see.

I wonder if anyone involved has or is running to cut a deal with the feds now.

[golf2014]

99.9 percent the fed case is not flawed

[golf2014]

https://www.google.com/amp/s/www.inq...outputType=amp

[Sachip24]

https://www.inquirer.com/business/la...-20200807.html yea its not looking good..

[SmartestGuyInTheRoom]

Bump.

With 1% default rates, Covid shouldn't have killed them, but Par was insolvent in April.
http://www.documentcloud.org/documen...stors-Mca.html

Not looking good.
https://www.inquirer.com/news/par-fu...-20200811.html

[Onepointwhat]

Bump.

With 1% default rates, Covid shouldn't have killed them, but Par was insolvent in April.
http://www.documentcloud.org/documen...stors-Mca.html

Not looking good.
https://www.inquirer.com/news/par-fu...-20200811.html

What's crazy is that broker-dealer was fined $500k by the SEC for something completely unrelated two months later.

https://insurancenewsnet.com/oarticl...0#.XzSQQBNKjs0

https://www.sec.gov/enforce/33-10802-s

[bobepps21]

PAR is done. Gone. Finito. No mas. Adios amigos. The SEC keeps winning in court. The federal charges against Laforte (who everyone knows was running the show with his wife's name on everything because he's a felon with a list of creditors from long island NY to long beach CA) are going to stick. He's looking at 2-4 on the gun charges and the gov't may push for more. My bet is he does more time on the "felon in possession of a firearm" charge than he did for the whole mortgage scam. The SEC's receiver fired everyone and hired a liquidation firm (DSI). PAR's employees will be given the opportunity to interview for their old jobs but it would behoove them to seek employment elsewhere. Even if by some miracle the florida court tosses the case, they are so far gone it will be impossible for them to continue business as usual. How are they going to raise capital after this? No more free steak dinners by their pitchmen. It's very likely, based on laforte's history and family ties, that this becomes a huge criminal matter. Court docs said there are multiple criminal investigations by IRS, FBI, FDIC.

[Shorebird]

Damn! The letter was intense. I still can't figure out who Jimmy was? Everyone is f@cked in this deal.

I always thought that guys at Par were brilliant but now it appears it was all retiree's money they were living off of.

I wonder now if Par ever turned a profit? Doesn't appear so.

[Michael I]

Damn! The letter was intense. I still can't figure out who Jimmy was?

same question. he always claimed he was the owner

[bobepps21]

probably this guy...
https://mugshots.com/US-States/New-J...e.2371630.html

https://www.bloomberg.com/graphics/2...sit-from-gino/

[pcfunder]

Bump.

With 1% default rates, Covid shouldn't have killed them, but Par was insolvent in April.
http://www.documentcloud.org/documen...stors-Mca.html

Not looking good.
https://www.inquirer.com/news/par-fu...-20200811.html

Man what a loser. “I’m sorry to say that coronavirus has caused us to go bankrupt... but GOOD NEWS! If you give me more money I will be profitable again!”. 3 months later gets arrested with multiple illegal guns, plans to leave the country and hide on a small island, millions in him and his wife's bank accounts, multiple houses and cars, and multiple threats to his own merchants about how he’s going to kill them if they bounce on one payment.

[Don Dolla]

Man what a loser. “I’m sorry to say that coronavirus has caused us to go bankrupt... but GOOD NEWS! If you give me more money I will be profitable again!”. 3 months later gets arrested with multiple illegal guns, plans to leave the country and hide on a small island, millions in him and his wife's bank accounts, multiple houses and cars, and multiple threats to his own merchants about how he’s going to kill them if they bounce on one payment.

pcfunder federal

[Emoney]

I'm hearing PAR is done as well.......only time will tell.

[Sachip24]

whoever got funded by them recently made out like bandits especially if it was large amount

[bobepps21]

maybe, maybe not. the receiver will eventually make collection efforts and enforce contract. but he won't be sending gino, jimmy, tony, and vinny to threaten spouses and children and probably won't be as aggressive in court. They won't be paying Fox Rothschild to litigate around country.

[UrsulaHaun]

maybe, maybe not. the receiver will eventually make collection efforts and enforce contract. but he won't be sending gino, jimmy, tony, and vinny to threaten spouses and children and probably won't be as aggressive in court. They won't be paying Fox Rothschild to litigate around country.

Gino was arrested by the FBI last week. https://www.bloomberg.com/news/artic...-loan-sharking

[Don Dolla]

whoever got funded by them recently made out like bandits especially if it was large amount

And the brokers who had commissions pending surely got screwed... they weren't great at paying commissions in fair weather

[SmartAdvanced]

I keep thinking how mind boggling this whole Par thing is. Imagine the operators spent millions of dollars in legal fees what is the biggest law firms, and got unlimited reassurance from Top Top lawyers that nothing will ever ever happen to them.

All these so called “professional experts” on SEC matters were so dead ass wrong. What do you know? The SEC seizes and freezes their asses like a club lion jumps on a freshly killed zebra.

What about all those millions spent on legal advice with the Top of the Top lawyers that “specialize” In these types of matters!?

My solution is as follows: arrest and freeze every single attorney and firm that scams it’s clients. If your legal advice is faulty, why be allowed to charge????

Why are lawyers allowed to scam their clients? Where is the government? FTC? SEC? FBI? CIA?

I don’t get it. How many folks have been scammed by “top lawyers” who milk and bilk you out of millions!

[OC Funder]

I keep thinking how mind boggling this whole Par thing is. Imagine the operators spent millions of dollars in legal fees what is the biggest law firms, and got unlimited reassurance from Top Top lawyers that nothing will ever ever happen to them.

All these so called “professional experts” on SEC matters were so dead ass wrong. What do you know? The SEC seizes and freezes their asses like a club lion jumps on a freshly killed zebra.

What about all those millions spent on legal advice with the Top of the Top lawyers that “specialize” In these types of matters!?

My solution is as follows: arrest and freeze every single attorney and firm that scams it’s clients. If your legal advice is faulty, why be allowed to charge????

Why are lawyers allowed to scam their clients? Where is the government? FTC? SEC? FBI? CIA?

I don’t get it. How many folks have been scammed by “top lawyers” who milk and bilk you out of millions!

Lay off the drugs, son

[Chambo]

I keep thinking how mind boggling this whole Par thing is. Imagine the operators spent millions of dollars in legal fees what is the biggest law firms, and got unlimited reassurance from Top Top lawyers that nothing will ever ever happen to them.

All these so called “professional experts” on SEC matters were so dead ass wrong. What do you know? The SEC seizes and freezes their asses like a club lion jumps on a freshly killed zebra.

What about all those millions spent on legal advice with the Top of the Top lawyers that “specialize” In these types of matters!?

My solution is as follows: arrest and freeze every single attorney and firm that scams it’s clients. If your legal advice is faulty, why be allowed to charge????

Why are lawyers allowed to scam their clients? Where is the government? FTC? SEC? FBI? CIA?

I don’t get it. How many folks have been scammed by “top lawyers” who milk and bilk you out of millions!

Who says they scammed them? How do you know they weren't advised against it, but in a crunch, did it anyway?

Top lawyers aren't going to put their $750/hr rates in jeopardy by knowingly putting out bad advice

[Chambo]

I keep thinking how mind boggling this whole Par thing is. Imagine the operators spent millions of dollars in legal fees what is the biggest law firms, and got unlimited reassurance from Top Top lawyers that nothing will ever ever happen to them.

All these so called “professional experts” on SEC matters were so dead ass wrong. What do you know? The SEC seizes and freezes their asses like a club lion jumps on a freshly killed zebra.

What about all those millions spent on legal advice with the Top of the Top lawyers that “specialize” In these types of matters!?

My solution is as follows: arrest and freeze every single attorney and firm that scams it’s clients. If your legal advice is faulty, why be allowed to charge????

Why are lawyers allowed to scam their clients? Where is the government? FTC? SEC? FBI? CIA?

I don’t get it. How many folks have been scammed by “top lawyers” who milk and bilk you out of millions!

Another thing....just because you pay top dollar for an all star lawyer doesn't mean you are going to have all the decisions go your way. Top notch law firms lose cases everyday.