Why Rutgers coach C. Vivian Stringer tried to seize a former player's restaurant

[Tango Two]

Stringer would agree to loan her former player the money a month later at an interest rate of 18 percent. But when Kennedy fell behind on her payments, her old coach sued her, and tried to foreclose on the property that housed her Irvington seafood restaurant, "Uncle Seas."



Link-----> StringerArticle

 

[dmd78]

Stringer would agree to loan her former player the money a month later at an interest rate of 18 percent. But when Kennedy fell behind on her payments, her old coach sued her, and tried to foreclose on the property that housed her Irvington seafood restaurant, "Uncle Seas."


Link-----> StringerArticle

i don't click on nj.com links.

 

[rut08]

Why is this news? The tone of the piece, to me, seems as if they're coming down on coach Stringer. Coach Stringer loans a former play money for her failing business at an interest rate the player suggested. What is the problem? The article even mrntioms that coach was patient when the player fell behind on payments. This is simply a business deal that went wrong. Some of the comments are just sad.

Im a firm believer if never mixing business with family or friends, it just ruins things.

 

[BeKnighted]

It's sometimes hard to turn people down if you care about them.

 

[MADHAT1]

Should have known better and read the article.
Tango put the 18% interest rate( which was true) , but failed to mention that it was the borrower that suggested that rate be applied.
Stringer loaned the money after ( according to article) banks and other loan companies wouldn't loan the player the money to keep the business open.
Then ex player defaulted on loan, yet tango's header makes it look like Stringer's was the bad guy for making sure her loan didn't go down the drain.
Business is closed , but player plans to reopen it and pay back loan.
Sounds like a pipe dream by a ex RU WBB player who Stringer did a good deed for, but now paying for it with people implying she was greedy.
Courts told that ex player to pay back the loan and at the 16% that is the going rate.

Sad to see how this incident was presented in this forum and expect the usual only passing article along.
But passing article along isn't the problem , it's how the OP presented it.
I think the Ledger shown more fairness to Vivian then Tango did the way it was posted, but that's just my opinion.:(

 

[Knight Time Fan]

It is really hard to see what Coach Stringer did wrong in this article, except for arranging the loan in the first place, which was a nice gesture but didn't work out.

Even the writer of the article doesn't seem to be able to come up with anything except that she accepted the rate suggested by the borrower which was 2% higher than technically allowed, and when the loan was due and in default, she tried to collect the money. I suppose there are some who say she should have forgiven the debt, but actually part of what makes me like CVS is that she believes in responsibility and all those sometimes uncomfortable kind of things.

At the same time, I'm happy it was worked out.

 

[mal359]

The former player suggested 18%?

Yeah, APR is bullshit lol.