[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.

[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?