I thought the foreclosure thing was just a tactic OCC used to get a lower interest rate on their loan for the building that was being foreclosed upon.
I never heard of any liquidation of assets. Where did you hear that?
I believe that was his plan, but uh renegotiating when you have the ability to pay doesn't look good and usually doesn't work out. It appears OCC is trying to walk away from their $12.5million mortgage. I won't work out well for them, they aren't big enough or have enough assets to pull it off. Strategically defaulting and walking away from their albatross will bankrupt them.
Also, what I believe someone called liquidation of assets is when Sr. sold off a good portion of his personal motorcycle/car collection.
Last edited: