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  1. #1

    Is CAN doing renewals?

    Does anyone know if CAN is doing renewals at this time?

    I have a client I'm working with that got a really good deal from them back in February 16. I want to know if going back to CAN is even an option for them.

  2. #2
    Veteran Reputation points: 142932 J.Celifarco's Avatar
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    I would try to move the deal and be safe, even if they are funding you dont know what the future holds for them and sending deals there is very risky
    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@thehorizonfinancialgroup.com

  3. #3
    Yes they are. If the client has successfully made his payments and built a good track record with can capital they will.

  4. #4
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    CAN Capital PR Mitigation Agent "Salesgodwolf" in da house!!!!!, reppin" for CAN doing his utmost to mitigate da impact of da CAN Capital Death Spiral.

    CAN is not Lending.

  5. #5
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    Im working with a merchant right now that has small balance with Can, they sent him form to fill out for a renewal.

  6. #6
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    I've "heard" they're only renewing after 75% paid back, but don't know how credible that info is.

  7. #7
    CAN is not doing renewals.
    Even for a merchant of mine who is 90% paid in with perfect payment history.
    They said in the next two to three weeks they are "hopefully" going to be reaching out to all contracts due and start processing.

    Source: CAN Capital

  8. #8
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    update on my reply....Can did not renew him gave him run around even though he only had couple thousand left to pay perfect credit, great revenue. I do not think they are renewing anyone just yet.
    Last edited by Sachip24; 01-26-2017 at 11:59 AM.

  9. #9
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    Imagine the rate of stacking and defaults in their book. How can they sell it now? Many stackers don't file UCC. No way to quantify the damage.

  10. #10
    I can't imagine how nasty looking their book must have been. Instead of selling it off 2 months ago at a discount of RTR, they seem to have felt it was better to announce they are implementing a funding freeze during their "restructuring period" which allowed their book get ravaged, chewed up, and spit out. I know there must be complications behind the scenes but I would imagine their book (and company) is now FAR LESS valuable than it was when they froze funding. Will be interesting to see what happens.

  11. #11
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    Rumour is it's been shopped around town and buyer interest is tepid at best

  12. #12
    They arent even paying commissions due to parties with legacy agreements. What a mess

  13. #13
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    Has anyone received January commission payments?

  14. #14
    Veteran Reputation points: 120462 Chambo's Avatar
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    if they are not paying commissions......they are DONE

  15. #15
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    Guess they are done. How many of us haven't been paid in January?

  16. #16
    FUND IT! Reputation points: 2147483647 Sean Cash's Avatar
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    Quote Originally Posted by GSilverman View Post
    Guess they are done. How many of us haven't been paid in January?
    They are in breach of their covenants with creditors that have a secured interest. Commissions would be way down the list of who gets paid, if true.
    Last edited by Sean Cash; 01-26-2017 at 02:35 PM.

  17. #17
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    Why are 150+ employees still employed there?

  18. #18
    Veteran Reputation points: 142932 J.Celifarco's Avatar
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    Quote Originally Posted by GSilverman View Post
    Why are 150+ employees still employed there?
    because they are trying to fix things I dont know if they are going to be able to but they need people there to try and piece things back together
    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@thehorizonfinancialgroup.com

  19. #19
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    Quote Originally Posted by sean bash View Post
    They are in breach of their covenants with creditors that have a secured interest. Commissions would be way down the list of who gets paid, if true.
    Senior Lender is always in front of payables...... people who are owed commissions are likely unsecured.
    [B]Kevin Henry

  20. #20
    Quote Originally Posted by J.Celifarco View Post
    because they are trying to fix things I dont know if they are going to be able to but they need people there to try and piece things back together
    Yikes. I wonder if the other funders in the Kennesaw area (there are a few) have a need for some of the laid off staff. Layoffs are never good.

  21. #21
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    [QUOTE=sean bash;64751]They are in breach of their covenants with creditors that have a secured interest. Commissions would be way down the list of who gets paid, if true.[/QUOT

    Commissions are not necessarily subordinate to senior lenders. If fact, they are probably not. If they are going to file, and that is if, they had to focused on fraudelent conveyance issues-so payments to vendors (ISOs) are likely under review.

  22. #22
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    Think the departed C Level could be liable for fraud?

  23. #23
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    Quote Originally Posted by GSilverman View Post
    Think the departed C Level could be liable for fraud?
    If they signed a validity guarantee....yes. Since there are a bunch of venture funds behind the Company it is doubtful the senior lender was able to get a PG, but likely could have done a VG instead.
    [B]Kevin Henry

  24. #24
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    If they were $500M-$600M into their WF $650M LOC...and their book is only worth say $200M-$300M...This will end ugly.

  25. #25
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    Quote Originally Posted by GSilverman View Post
    If they were $500M-$600M into their WF $650M LOC...and their book is only worth say $200M-$300M...This will end ugly.
    Just curious why you think their book is only worth $200 - $300m? Didnt they fund something like $1.5 Billion last year?

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