Results 76 to 100 of 143
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02-03-2016, 04:13 PM #76
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They already defaulted on the 1st when they stacked the 2nd. Then they defaulted on the 2nd when they stacked the 3rd. Then the defaulted on the 3rd when they stacked with you. Oh, you mean default with you, because those other lenders are immaterial in your ethical vacuum. Take your lumps for being a Z tier lender and own it.
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02-03-2016, 04:23 PM #77
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02-03-2016, 04:32 PM #78
and here we go let the fun begin... Those are the facts in terms of the defaults. Take the morality and ethics and right and wrong out of it. Legally speaking he did default on each prior advance each time he took an additional stack. That really isn't debatable it is fact
John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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02-03-2016, 04:43 PM #79
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02-03-2016, 04:43 PM #80
For the sake of playing Devil's advocate and to also hear some feedback, they "defaulted on 1st and 2nd position because of the "no stack" clause in the funders agreements correct? If that is what you guys are referring to (and please correct me if I am wrong). That clause was simply created by the funding company's attorneys. There is no regulation in this industry so they could be in default as per the funders contract but does that hold up in court? There is no federal guideline to back the "no stack clause" which I believe is why most funders do not attack it and stacking still occurs. Future receivables could essentially be viewed as infinite so why can't a business owner sell more of their future receivables to someone else? Thoughts? Comments?
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02-03-2016, 04:53 PM #81
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- Dec 2013
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Last edited by mcaguru; 02-03-2016 at 04:55 PM.
Marcus Clapman | Business Development | Cresthill Capital
(High Commissions Payout Group)
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Email: bizdev@cresthillcapital.com
http://www.cresthillcapital.com
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02-03-2016, 04:53 PM #82
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02-03-2016, 04:55 PM #83
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Yes you're technically correct. There are no actual regulations in place and that's why nobody is really accountable for any of their actions. Therein lies the problem. You have the old guard (long established 1st positions funders) crying foul against the new guard (2nd through 5th position stackers) and we're at a standstill.
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02-03-2016, 04:55 PM #84
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02-03-2016, 04:56 PM #85
Remind me Chambo, where do you work again?
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02-03-2016, 04:56 PM #86
what does that have to do wit the price of eggs?
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02-03-2016, 04:57 PM #87
Breach of contract is very vague though. I can add a clause that says if you sleep passed 11am after I give you my money you are in default. They breach the contract right? But it would not hold up anywhere. Just saying there's a very grey area in this industry. If it was that clear cut, 1st position funders would go after everyone behind them and half this industry would crumble.
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02-03-2016, 04:58 PM #88John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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02-03-2016, 04:58 PM #89John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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02-03-2016, 04:59 PM #90
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02-03-2016, 04:59 PM #91
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02-03-2016, 05:00 PM #92
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02-03-2016, 05:01 PM #93
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02-03-2016, 05:02 PM #94
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02-03-2016, 05:04 PM #95
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The penalty just applies to the merchant. He can be ruled in default and the 1st position funder can try to collect the full balance owed. But we all know that would never happen because that action would really put the merchant in default. So the 1st funder is really powerless to do anything but let the merchant continue to pay him back and hope he doesn't default from the weight of the stacks.
The real question is can the 1st funder sue the stacking company for tortious interference if there is a default? That's the gray area. The stacker can say that they have nothing to do with the merchant's contract with the 1st funder and there isn't a non-compete agreement in place between the two organizations so there's really no basis for a lawsuit.Last edited by MCNetwork; 02-03-2016 at 05:19 PM.
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02-03-2016, 05:04 PM #96
Could definitely be, and I find out I am wrong I will apologize publicly on the board, and take back any bad thing I may have said about you.
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02-03-2016, 05:05 PM #97
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- Jun 2015
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02-03-2016, 05:05 PM #98John Celifarco
Managing Partner
Horizon Funding Group
3423 Ave S
Brooklyn, NY 11234
T: (347) 773-3990 | F: (718) 795-1990
Linkedin: Profile
Email: john@horizonfundinggroup.com
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02-03-2016, 05:07 PM #99
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02-03-2016, 05:09 PM #100
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