A Workout Strategy May Require Many Bites Out Of The Apple.

Our primary goal is to achieve a negotiated resolution of the workout. Debt forgiveness is the foregone conclusion, how much is the only question. In most instances, we achieve our objective in our traditional manner, utilizing our very effective strategies, successfully stripping off the debt from the business assets and reducing the personal guaranty obligation to very affordable losses.

Sometimes we are forced to utilize plan B, or even C. Sometimes we must call the banks bluff–or perhaps the bank is really calling ours. However you read it, sometimes we cannot negotiate the debt reduction we want, especially around the assets, with our appraisals being a lot less than the banks.

In such instances, we may choose to resort to plan B: let the bank auction the assets. Sometimes the bluff is uncovered and the bank will relent and deal with us prior to the auction. Sometimes we go to the auction and purchase at our predetermined price or less. Sometimes we let the auction occur and when no one bids, as so frequently occurs, we also do not bid and then we go to the bank once they own the assets and purchase from them at the price we wanted in the first place, or less.

Keep in mind this may also lower your debt as the banks bid counts as if they bought it and that bid is what they received at the auction, thus the bank may have just paid off a substantial part of your debt or even all of it… Thank you very much, Bank! This works, but there are potential problems. Others may bid and we may lose control of the business assets. That’s the risk inherent in the plan B strategy. It seldom (if ever) happens but it can occur and must be calculated into the plan.

In short, there are many ways to reach your goal. We know what they are and we play our cards very well. Let’s talk, call Norm at 413-584-2581 and he will arrange a no-obligation teleconference for us to discuss your options and the best strategy to resolve your issues.