Say Goodbye to Orange County Choppers Merchandising

[Kev M]

I believe it's an LLC, so unless Sr personally guaranteed it's debts, they can't go after good cars, house etc.

That's assuming there was no misappropriation of funds.

[OT]

I believe it's an LLC, so unless Sr personally guaranteed it's debts, they can't go after good cars, house etc.

That's assuming there was no misappropriation of funds.

For their sake I hope it's all legit, but it's a complex area....just looking at the houses and cars, I think OCC's (and the loan officer's) gonna have some explaining to do.  Clever lenders are finding ways to "pierce the corporate veil" and make the borrower pay - especially with smaller companies like OCC.  On the other hand, $1MM isn't all that much money these days -- time will tell....

[SpikeC]

 They are too small to be too big to fail!

[Dellikose]

^ Reading that made my brain hurt.

[junior varsity]

For their sake I hope it's all legit, but it's a complex area....just looking at the houses and cars, I think OCC's (and the loan officer's) gonna have some explaining to do.  Clever lenders are finding ways to "pierce the corporate veil" and make the borrower pay - especially with smaller companies like OCC.  On the other hand, $1MM isn't all that much money these days -- time will tell....

+1   PCV as alter-ego / abuse-of-corp-form theories ruin their limited liability protection.