Orange County Choppers facing foreclosure?
Filed under: Earnings/Financials, Motorcycle, Celebrities
Drama. It's what the television show American Chopper has always been built upon, much more so than any of its so-called 'theme bikes.' And drama is exactly what's been unfolding over the last few years as both Orange County Choppers and its hit TV show have undergone a number of important changes... not the least of which is the disintegration of family relations between the show's three stars, Paul Teutul Sr., Paul Jr. and Mikey, leading to two rival custom motorcycle shops.
The latest bit of tension is reportedly between Paul Sr. and GE Capital, the bank though which the company's massive corporate headquarters in New York is financed. According to reports, the elder Teutul has missed two large payments on the building, one for $96,400 and another for $14,000, not because he or the company doesn't have the funds, but due to a disagreement in the current valuation of the building.
As anyone who's had the displeasure of dealing with such ramifications of the recently collapsing values of real estate here in the United States can tell you, OCC's HQ likely is worth less now than when it was built, but that doesn't mean payments on the loan (in this case, there are two loans, one for $11.5 million and another for $1.5 million) can be stopped.
Not surprisingly, GE Capital reportedly filed a foreclosure action against Orange County Choppers late in 2010.
[Source: Times Herald-Record via Asphalt & Rubber | Image: BigJimInDC - C.C. 2.0]Orange County Choppers facing foreclosure? originally appeared on Autoblog on Thu, 27 Jan 2011 17:00:00 EST. Please see our terms for use of feeds.Read | Permalink | Email this | Comments
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