OT: CViv in the News - Link

[Knightmoves]

she sued one of her former WBB players after giving her an 18% interest loan on a restaurant in Irvington. The Rev Buster Soaries from Somerset ( remember him from the Jevon Tyree saga ?) and his church apparently served as bag man in the deal. Very odiferous odor to this story.

http://www.nj.com/news/index.ssf/20...a_former_players_restaurant.html#incart_river

 

[RUskoolie]

I don't see much wrong here. That's the real world in a nutshell.

 

[Ole Cabbagehead]

Why is there an odor to the story? Seems like a business loan through a community development charity that wasn't repaid. If there was anything sketchy going on, CViv wouldnt be publicly suing for $25k. She has the money to absorb that kind of loss.

 

[Knightmoves]

Why is there an odor to the story? Seems like a business loan through a community development charity that wasn't repaid. If there was anything sketchy going on, CViv wouldnt be publicly suing for $25k. She has the money to absorb that kind of loss.

18% annual interest rate on the loan ? Is that the family and friends interest rate ?

The player thought that it was a personal loan from her former coach, but behind the scenes the Pastor from CVS's church emerges as the silent partner in the deal ? Does the church know that they are in the commercial loan business ?

I don't believe that the player requested the 18% interest rate. Although that's why some are forced to deal with loan sharks. I am surprised that CVS was involved in this type of deal. Not one of her finest moments.

 

[KT71]

That's right put it on a football message board and give it a bad spin. We haven't had any negative press in what - minutes?! You are critical of the media (who I agree are horrible) yet you act just like them!

 

[bac2therac]

The only oderous odor

 

[TonyLieske]

18% annual interest rate on the loan ? Is that the family and friends interest rate ?

The player thought that it was a personal loan from her former coach, but behind the scenes the Pastor from CVS's church emerges as the silent partner in the deal ? Does the church know that they are in the commercial loan business ?

I don't believe that the player requested the 18% interest rate. Although that's why some are forced to deal with loan sharks. I am surprised that CVS was involved in this type of deal. Not one of her finest moments.

Did you actually read the article? If so, your reading comprehension is horrendous.

 

[RU1977]

I see nothing "sketchy". The former player suggested the 18% interest rate, not Stringer. Was nice of Stringer to do what she did actually - she just wasn't being paid back....

 

[newell138]

the only odor is on the girl not paying back her loan, 18% or not she agreed to the terms. This is why you don't loan money to friends or family.

 

[Ole Cabbagehead]

18% annual interest rate on the loan ? Is that the family and friends interest rate ?

The player thought that it was a personal loan from her former coach, but behind the scenes the Pastor from CVS's church emerges as the silent partner in the deal ? Does the church know that they are in the commercial loan business ?

I don't believe that the player requested the 18% interest rate. Although that's why some are forced to deal with loan sharks. I am surprised that CVS was involved in this type of deal. Not one of her finest moments.

Who cares what interest rate Coach Stringer charged? 18% is not the family and friend rate...it is a high rate that reflects the high risk nature of the loan. High interest is the norm for unconventional financing. Do you think Kennedy could have gotten the money anywhere else at market rates? Do you think there was a high chance of timely repayment that would justify a low interest rate? Or was this a high risk loan that was very likely to wind up in collection, costing the lender time and legal fees?

Was the high interest meant to reflect an investment component, akin a to a preferred return? Were concessions on repayment/collateral made in consideration of the high interest rate? Perhaps the borrower had no collateral and bad credit..does that justify an increased rate?

The player initiated the loan by sending a note to Coach Stringer. Not by asking her church.


Bottom line: You are reading a lot into this that simply isn't there. This is business in the real world.

 

[Knightmoves]

Who cares what interest rate Coach Stringer charged? 18% is not the family and friend rate...it is a high rate that reflects the high risk nature of the loan. High interest is the norm for unconventional financing. Do you think Kennedy could have gotten the money anywhere else at market rates? Do you think there was a high chance of timely repayment that would justify a low interest rate? Or was this a high risk loan that was very likely to wind up in collection, costing the lender time and legal fees?

Was the high interest meant to reflect an investment component, akin a to a preferred return? Were concessions on repayment/collateral made in consideration of the high interest rate? Perhaps the borrower had no collateral and bad credit..does that justify an increased rate?

The player initiated the loan by sending a note to Coach Stringer. Not by asking her church.


Bottom line: You are reading a lot into this that simply isn't there. This is business in the real world.

Thanks Cabbage. One question for you. If we read that Kyle Flood was the lender in this same type of transaction would we be getting the same board responses ?

 

[MADHAT1]

One of her former player asked Stringer to loan her business money so it wouldn't close.
In the letter requesting the loan , the former player suggested an 18% interest rate.
Since it was for a business and not personal loan , Vivian treated it like a business deal, but didn't check to find out
the rate should have been 16%, not the 18% former player recommended.
Former player defaulted on loan payment agreement and like any business deal the lender went after the collateral
that secured the high risk loan.
It was high risk because the borrower told lender banks and other loan outlets wouldn't loan her the money needed.
So Stringer did that person a favor by loaning the money so the business could stay open.
The borrower was at fault for asking her old coach for a favor , then not living up to her end of the deal by not making the payments she
agreed to.

All Stringer did was what any lender would do trying to recoup the money loaned for business purposes.
I didn't see one thing about going after the ex player's personal savings or property , except the business that was used for collateral
Remember it was a business loan we're talking here, not a personal loan or gift.
CVS would be very stupid not to protect her own financial interest and the court seemed to agree with her when they ordered the former player to pay back the loan, in full, but at the 16% rate NJ allows.
But I wonder if it will be paid because article mentioned business is closed now, but former player hopes to re-open it.

What HC ,besides the one that gave the loan, was involved isn't the issue and don't see a reason for him to have been mentioned

 

[MADHAT1]

18% annual interest rate on the loan ? Is that the family and friends interest rate ?

The player thought that it was a personal loan from her former coach, but behind the scenes the Pastor from CVS's church emerges as the silent partner in the deal ? Does the church know that they are in the commercial loan business ?

I don't believe that the player requested the 18% interest rate. Although that's why some are forced to deal with loan sharks. I am surprised that CVS was involved in this type of deal. Not one of her finest moments.

(Don't understand why you said this: "I don't believe that the player requested the 18% interest rate.")
In the article it stated:
>Stringer's lawyers, in their response to Kennedy's lawsuit, claimed it was Kennedy who suggested the 18 percent rate when she first asked to borrow money.

Her April 2010 letter, which Stringer's lawyers included in their court papers, appear to confirm that.

"Please know that I maintain 100 % ownership of the property with no outstanding mortgage, liens or encumbrances," Kennedy wrote in the April 2010 letter to Stringer. "Since the recession, banks have stopped lending to small businesses. For the first time in the past 2 years, I see increased sales. I see no problem in returning all money loaned over a 2 year period. I would be more than happy to provide you with an 18 % return on all money loaned."<

 

[Ole Cabbagehead]

Thanks Cabbage. One question for you. If we read that Kyle Flood was the lender in this same type of transaction would we be getting the same board responses ?

Honestly, I think people who don't like Cviv are using this to jump on her, just like people who don't like Flood would use it to jump on him if he had done the same thing. I also think a lot of the criticism is genuine, since people don't realize how common this type of thing is.

For my part, I actually am not much of a Cviv fan. My experience in business transactions made me want to point out that regardless what anyone thinks of the coach, this is grasping at nothing. Even the fact that they exceeded statutory interest is more common than you would think when parties negotiate things privately without lawyers. On a few occasions I have had both sides want to agree to more than a 30% rate, and I've had to tell them it was illegal.

 

[HeyHuey]

No good deed goes unpunished. Putting the arm on your coach after 25 years is desperate and the investment had the odor.....a fishy odor. If CVS's former player thought that CVS would just walk away if the opportunity went south she was being disingenuous and absolutely disrespectful toward her mentor. There is a guy on TV that turns around bad restaurants. CVS should have lent her the money to get him involved.