Product Reviews Net » Bankruptcy http://www.product-reviews.net Information on the latest gadgets, technology, news and product reviews Sat, 26 May 2012 11:39:50 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Orange County Choppers Foreclosure: OCC Not Bankrupt http://www.product-reviews.net/2011/01/25/orange-county-choppers-foreclosure-occ-not-bankrupt/?utm_source=rss&utm_medium=rss&utm_campaign=orange-county-choppers-foreclosure-occ-not-bankrupt http://www.product-reviews.net/2011/01/25/orange-county-choppers-foreclosure-occ-not-bankrupt/#comments Tue, 25 Jan 2011 09:29:34 +0000 Peter Chubb http://www.product-reviews.net/?p=119756 I have been a fan of American Choppers for some time now, so you can understand how upset I was when the main three from the show/company parted due to reasons unknown. Since then Paul Sr. and Jr. have been locked in a battle to do with his son’s 20 percent stake in OCC. When we first learned that the lenders of the OCC headquarters had filed a foreclosure, we assumed that it was to do with this ongoing family feud, but they do not seem to be related.

We had first assumed that this was a joke, but Surrounded Me has learned through sources that Orange County Choppers‘ has missed a number of mortgage payments, which is said to be for $96,400 and $14,000. The source explained that OCC did not make the payments, as they wanted to force the lender to make a few changes to the terms of the loan.

The reason why they want to make a few changes to the mortgage terms is because the building is not worth as much as it was back in 2007. It is no secret that the auto industry has had a tough few years, as has the housing market; it is for this reason why the headquarters is now worth $4 million to $5 million less than it once was.

Neither OCC nor lender GE Commercial Finance would make any official statement, but one would assume that this little blip in the road will go away. Orange County Choppers in a world brand now, so they would not risk anything to lose their building where things are not only built but run as well.

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]]> http://www.product-reviews.net/2011/01/25/orange-county-choppers-foreclosure-occ-not-bankrupt/feed/ 193 Blockbuster Chapter 11 Bankruptcy: A race against time http://www.product-reviews.net/2010/09/23/blockbuster-chapter-11-bankruptcy-a-race-against-time/?utm_source=rss&utm_medium=rss&utm_campaign=blockbuster-chapter-11-bankruptcy-a-race-against-time http://www.product-reviews.net/2010/09/23/blockbuster-chapter-11-bankruptcy-a-race-against-time/#comments Thu, 23 Sep 2010 22:09:22 +0000 Peter Chubb http://www.product-reviews.net/?p=109291 It came as no surprise to us that Blockbuster filed for chapter 11 bankruptcy today, which Jamie Pert discussed in an earlier post. One of the main reasons was due to continued competition from the likes of online services such as Netflix. Blockbuster does have some sort of rescue package in place, but they are in a race against time to pull the deal off.

Jamie discussed a little about the rescue plan, but can these investors really pull it off? Blockbuster along with the new investors certainly have their work cut out, and will take more than just a few ideas to bring it back from near-death.

Caroline Humer from the Post Chronicle has reported that Goldin Associates MD, David Pauker said that Blockbuster has to find a new format and fast before their business is too far-gone to save.

Not certain how Blockbuster will be able to keep trading now that TV and Movie streaming is the way to go, with devices such as Apple TV, PS3, Xbox 360 and the upcoming Google TV all having the streaming solution. Blockbuster needs to be able to tie themselves with a big brand in order to compete with those who I mentioned above.

Do you think that Blockbuster can be saved?

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