[isaacdstern]

Word on the street is all executives have either been fired or resigned and that they have stopped all funding indefinitely!!

What has everyone else heard?

[Funder Mark]

They seem to have plenty of employees not too happy with the company...

https://www.glassdoor.com/Reviews/CA...ws-E462009.htm

[Jonathon]

I was told by my rep yesterday that my approvals that were program letter 'D" are now all automatically declined.

[isaacdstern]

Wells pulled the line

[MCAVeteran]

Did wells pull line on all funders or just them? This confirmed?

[J.Celifarco]

last I heard they were capped at 3 million a week in funding but havent heard any straight answers as to why. Isaac is that confirmed they lost their line at Wells

[WestCoastFunding]

Word on the street is all executives have either been fired or resigned and that they have stopped all funding indefinitely!!

Isn't this what happens when there's scandal, not simply underperformance?

[helpinghand]

Lost $25m first half 2016, no further fundings the rest of the year, focusing on collections only. CEO and 3 top level execs gone

[Karen37a]

I cant get 4 payoff letters out of there

[isaacdstern]

The rumor mill is Wells is pulling out of The Can and BFS lines but the BFS line is unconfirmed

[Karen37a]

Regulation smegulation. Now this is the result, A paper taking a hit like I said.

let me be nice to Isaac now...hey buddy hows it going

( just kidding )

[helpinghand]

Calling CAN now to see if they need a cash advance :]

[Karen37a]

lol

[Fund_It]

The rumor mill is Wells is pulling out of The Can and BFS lines but the BFS line is unconfirmed

BFS rumor is false

[MCASPECIALIST]

Lmao. Ill come in second !

[staten]

A lender just can't pull a line unless the agreement was breached. It wouldn't surprise me if Can couldn't cure covenant breach. They have never been good operators. The suddenness is a good indicator. Accel has deep pockets but didn't step up? Credit performance must have been terrible.

[MCAVeteran]

Time for debanked to go call funders with wells lines and see whats going on!

[mcg168]

I dont believe the Wells line was pulled completely...I think its in the middle of serious negotiation process that took a turn for the worse very recently.

They are still funding their renewals but I think they are using December to REALLY clean up their act. Getting rid of their CEO was step 1.

[Chambo]

wasn't he recently praised and interviewed by DeBanked?

[John Galt]

I did get payoffs but they sent them direct to clients.

[Karen37a]

They are being regulated / watched/ reigned in for the fake bank accounts they set up.

FDIC/REgulators are all over them.

Call Warren Buffett

[channin19]

Maybe that SMART BOX wasn't so smart.

[J.Celifarco]

this is more then just a restructuring. Multiple C level execs gone including CEO gone, fundings being delayed for weeks if not completely stopped, and a line being pulled. This is seems more like a wind down of the company as a whole. Everything they are telling people can just be putting a good face on it so that they are able to keep getting collections from accounts. If it is confirmed that they are closing there will be a run on all there deals like nobody has ever seen before. There is more going on here than any of us know it is just a matter of what exactly it is and how long it will be before we get the whole story

[WestCoastFunding]

Is CAN's website for sale yet?

[WestCoastFunding]

Lost $25m first half 2016, no further fundings the rest of the year, focusing on collections only. CEO and 3 top level execs gone

I wonder if they would pass along some savings if merchants payoff early. Seems like CAN could use the immediate cash.