$5 Million loan misses re-payment date

Outcome: Identified unencumbered properties valued at $33.6 million. Loans repaid.

Client, a former president of a New York City headquartered international bank and former Chairman and CEO of public and private companies in 2012 joined as its Chairman a cloud payment business with the ability to perform financial transactions worldwide through mobile phones. Founder of company explained it required a cash infusion of over $5 million. Client and other board member made $5 million loan and received promissory notes. Loans were never re-paid resulting in client and other board member’s resignations and lawsuit against Founder.

Investigation discovered Founder’s ten unencumbered properties valued at $33.6 million and eight encumbered properties valued at $27.4 million in Colorado and Wyoming. Founder was notified and re-paid loans.