Posted on 03/18/2011 12:11:18 AM PDT by Impala64ssa
TOWN OF NEWBURGH — The owner of Orange County Choppers is planning to build what appears to be a new headquarters next to the company's current headquarters, which is in foreclosure. And to members of a local economic development agency being asked to provide tax breaks for the project, the proposal doesn't pass the smell test.
Washingtonville planner Robert Daly presented the project to the Orange County Industrial Development Agency at its Wednesday meeting on behalf of a company called G&M Orange LLC. The owner of G&M Orange is Paul Teutul Sr., owner of Orange County Choppers.
The project calls for a three-story, 25,000-square-foot building on 2.3 acres at the intersection of Route 17K and Crossroads Court, next to the Choppers' current headquarters. Features include manufacturing and fabrication space, retail space, a 20-seat café, offices and warehouse space.
Preventing a foreclosure The lender that financed Orange County Choppers' current headquarters, GE Commercial Finance Business Property Corp., filed a foreclosure action against the business in November, alleging it missed mortgage payments. Choppers has two mortgages through GE, one for $11 million and one for $1.5 million.
IDA board members suspect Teutul plans to move into the new building and abandon the current one to foreclosure.
"Don't we then become a party to avoiding a foreclosure?" board member Mary Ellen Rogulski asked. "Moving from building A to building B could probably be a way for a business to protect their business from a creditor."
(Excerpt) Read more at recordonline.com ...
The old man is off his head IMO.
Don’t enable him to avoid paying his loans.
The devil is in the details. If OCC downsizes to survive in spite of a foreclosure of a larger building, that is not necessarily un-kosher. What’s also not said here is whether a bankruptcy is involved.
Plus Paul SR has been involved with multiple USO and vet-related events, even crafting an Air Force-inspired chopper. I’ve been to Jesse James chopper house in the LBC (an hour drive from L.A.) nothing special, just wanted to see it while I was in the hood’.
I can't believe some of the stupid bikes they build - just lay it down and youre impaled or cut up on all the pointed stuff they have sticking everywhere.
A good bike should be surviable if you wreck, noy slice you up and poke holes in you or tear you new ones.
OC may have expanded too quickly, combined with unfortunate timing as the economy turned south for what looks to be a long time. Screwing your sons doesn’t help either.
Well, they’re shafting Immelt’s* R ), Volt loving, Obama loving, double tarp taking GE...GE credit. Maybe they can store the 50,000 Volts GE said they would buy.
1) “Public money troubles seem to chase the Teutul family. During 2007, the family was accused of bankruptcy fraud.”
2) OC Chopper clan accused of bankruptcy fraud
Three members of the Teutul family of Orange County Choppers fame defrauded the creditors of their family’s other business, according to a complaint filed Friday in U.S. Bankruptcy Court.
The complaint accuses Paul Teutul Sr. and his sons, Paul Teutul Jr. and Daniel Teutul, of engineering the fraudulent bankruptcy of O.C. Iron Works Inc. in order to avoid paying the company’s creditors
http://www.recordonline.com/apps/pbcs.dll/article?AID=/20070626/NEWS/706260312
2) “As per the news article published on Nov. 18, 2010, OCC did not actually failed to make its July mortgage payments which are of $96,400 and $14,000; they deliberately did not pay them as a form of deal renegotiation. According to a reputed news source the OCC lawyers said, the Choppers did not make mortgage payments with the aim of putting pressure on the lender to amend the conditions of the loans.”
Paul Sr is a nucklehead, typical of small one man operations. I knew a guy made himself rich, he said he hired the best he could and listened to them. Paul Sr isn’t that type. It’s his way or the highway, consequentially no one of independent stripe and willing to work hard and take on responsibility will work for him. Thus his business can’t grow because he can not do it all himself, and does not and can not in one person know everything.
That which brought him to prominence, his attitude( in a clownish way ) will destroy him.
I’ve heard this about Paul Sr. Before OCC when he just had the fabricating business in nearby Rock Tavern he was the same way. In all fairness, he’s forgotten more than most people would ever know about metalwork, but the guy always had a reputation for being a hothead.
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