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  1. #1
    Member Reputation points: 13 B2csp's Avatar
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    Par??

    Does anyone knows for a fact what is going on with PAR beside all the rumors? We have multiple merchants needing documents from PAR which we requested from them and none of them have been able to reach PAR. We tried to reach out as well to see what was going on but no one is answering the phone.

    Does anyone actually know?

  2. #2
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    Perhaps searching through the court documents you might find the appointed trustee of attorneys working on the case.
    Seacoast Business Funding, a division of Seacoast Bank
    Kevin Henry-VP Business Development
    Kevin.Henry@SeacoastBF.com
    561-623-1872
    www.seacoastbf.com
    Boynton Beach, FL

  3. #3
    Par Funding went into a forced receivership pursuant to a court order in the SEC case. There is also an asset freeze order that encompasses up to $482 million.

    The receiver's name is Ryan Stumphauzer of Stumphauzer Foslio Sloman Ross & Kolaya PLLC. He is now in charge of Par.

  4. #4
    This is the receiver's email address:
    rstumphauzer@sfslaw.com

  5. #5
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    Perfect, they were dirty as can be.

  6. #6
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    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111


  7. #7
    Quote Originally Posted by Yankeeman07 View Post
    Sorry if a stupid question but what will happen with their current fundings will they still be pulling payments from merchants?

  8. #8
    Quote Originally Posted by SCCNY View Post
    Sorry if a stupid question but what will happen with their current fundings will they still be pulling payments from merchants?
    Not a stupid question. The answer is yes although there may be a temporary pause on them while the receiver works out all the proper bank accounts for everything to run through. This is what happened in 1st Global. All those funds will go towards the money owed to the investors. This case is basically the same situation as 1st Global

  9. #9

  10. #10
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    Perfect

  11. #11
    So is Par still able to fund new deals ?

  12. #12
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    Quote Originally Posted by iawia_advanced View Post
    So is Par still able to fund new deals ?
    This is NOT legal advice - BUT - I think common sense prevails - Why would you place merchant with a company that has some deep issues?
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    1-727-291-7890 (Text or Leave Message)
    Office: 727-233-1111


  13. #13
    Quote Originally Posted by SmartAdvanced View Post
    LOL we all knew there was a raid. Of course the people running PAR are going to state that everything is dandy - this is sad.

  14. #14
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    [QUOTE=SCCNY;143690]Sorry if a stupid question but what will happen with their current fundings will they still be pulling payments from merchants?[/QU

    Hmm what happens to all those reverses that are not getting their weekly credit. I don't think they have been pulling debits from merchants accounts from the conversations I have had in the past few days.

  15. #15
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    [QUOTE=Sachip24;143762]
    Quote Originally Posted by SCCNY View Post
    Sorry if a stupid question but what will happen with their current fundings will they still be pulling payments from merchants?[/QU

    Hmm what happens to all those reverses that are not getting their weekly credit. I don't think they have been pulling debits from merchants accounts from the conversations I have had in the past few days.
    I believe in one of the articles it said the trustee has paused all transactions so they can set up appropriate accounts. It would make sense to do so.
    Seacoast Business Funding, a division of Seacoast Bank
    Kevin Henry-VP Business Development
    Kevin.Henry@SeacoastBF.com
    561-623-1872
    www.seacoastbf.com
    Boynton Beach, FL

  16. #16
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    [QUOTE=Sachip24;143762]
    Quote Originally Posted by SCCNY View Post
    Sorry if a stupid question but what will happen with their current fundings will they still be pulling payments from merchants?[/QU

    Hmm what happens to all those reverses that are not getting their weekly credit. I don't think they have been pulling debits from merchants accounts from the conversations I have had in the past few days.
    Agree Do not know what to tell my merchant , debits stopped as well as weekly injections....

  17. #17
    Veteran Reputation points: 118358 Chambo's Avatar
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    [QUOTE=showtime73;143766]
    Quote Originally Posted by Sachip24 View Post

    Agree Do not know what to tell my merchant , debits stopped as well as weekly injections....
    Tell them the truth. PAR was raided by the Feds. Accounts are frozen. the debits may start up again soon, once the receiver is st up and has accounts in proper settings, but, heh, GOOD LUCK with any credits. Highly doubt that'll happen



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