Take a look at this:
http://www.philly.com/philly/news/20110414_Camden_developer_delays_repaying_DRPA_loan.htmlCamden developer delays repaying DRPA loan
By Paul Nussbaum
Inquirer Staff Writer
The developer of the Victor Lofts apartment building on the Camden waterfront has put off repayment of a $3 million loan to the Delaware River Port Authority because he's short on cash.
The agency lent $3 million to Victor Associates in 2003, interest-free until 2009. The money was part of a $52 million financing package assembled by developer Carl E. Dranoff to convert the historic RCA Victor "Nipper Building" into 341 upscale apartments overlooking the Delaware River and the Philadelphia skyline.
Dranoff, a prominent property developer in Philadelphia and its suburbs, was to start repaying the DRPA in 2009, with monthly installments of $23,259 until the end of 2014, at which time the $2.5 million loan balance would be paid in a lump sum, according to the DRPA loan agreement with Dranoff.
Payments more than 15 days late would put the loan into default, according to the contract. But the agreement also says that Dranoff's obligation to make payments is limited to Victor's "available cash flow."
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I'm a small business in Philly getting hammered night and day by my creditors for not-much-dough BUT I STILL OWE IT AND HAVE TO PAY PROMPTLY, or I'm in trouble...and I should pay it - it's an "obligation" to which I agreed.
This guy has a AGREEMENT which states that if his cash flow sucks (whose doesn't????) then his obligation diminshes...WTF...BIG WTF?
Tell your mortgage company to put that clause in next time you borrow against your house.
Shit. I can't sleep many nights trying to figure out how to make ends meet and this guy doesn't have to pay if things don't work out for him just the way he'd want them to. Go figure...the rich get richer and note the adjective "prominent"...so's Trump, and he's pulled the same crap and worse as most know around here. Maybe THIS guy should run for President as well. "Prominent" my ass.