BMBob Posted December 23, 2005 Share Posted December 23, 2005 you know...Oprah is not far from Rockford ...I wonder if any P-R ppl have tried to hit her up for a donation? lol...but...um...yeah, whatever works... Link to comment Share on other sites More sharing options...
drumcorps4ever Posted December 23, 2005 Share Posted December 23, 2005 I remember hearing about this loan in 2001. Some other corps will jealous of how friendly the bank was to borrow the money to Phantom. Well, I work at a bank, and if you don't make loan payments, they don't care about your 50 year history...............they will go to collections. Link to comment Share on other sites More sharing options...
JimF-LowBari Posted December 23, 2005 Share Posted December 23, 2005 Well, I work at a bank, and if you don't make loan payments, they don't care about your 50 year history...............they will go to collections. And the next time Phantom needs a loan the answer will either be NO or at rates they couldn't afford. Link to comment Share on other sites More sharing options...
drumcorps4ever Posted December 23, 2005 Share Posted December 23, 2005 And the next time Phantom needs a loan the answer will either be NO or at rates they couldn't afford. Sir, you are correct, and it doesn't mean the bank is "MEAN" or "DOESN'T CARE", it's about business. I have worked with non-profits for years, and have negotiated lines of credit and loans before. In some cases, these groups have had to collateralize their hard assets or have board members pledge personal liability for the loans. That is the exception rather than the rule, but it gets ugly if you have a shaky loan payment history. This CAN'T HELP them go to another bank in Rockford, they may have to go higher interest with a bank outside the area........... Maybe they need Scott Stewart as an advisor. When he left the Scouts, they had $500,000 in surplus AND was paying for a Div I corps every year........... Link to comment Share on other sites More sharing options...
iluvdc Posted December 24, 2005 Share Posted December 24, 2005 Not to play devil's advocate here but didn't the Troopers get in trouble w/ DCI for owing less money that this?I know the situations are different because of the IRS paperwork but I would think DCI would also have an interest in knowing what kinds of loans a group has going to keep itself afloat. Troopers got in trouble for not filing taxes. It had nothing to do with money owed. Link to comment Share on other sites More sharing options...
BeachDrums Posted December 24, 2005 Share Posted December 24, 2005 (edited) I remember hearing about this loan in 2001. Some other corps will jealous of how friendly the bank was to borrow the money to Phantom.Well, I work at a bank, and if you don't make loan payments, they don't care about your 50 year history...............they will go to collections. And the next time Phantom needs a loan the answer will either be NO or at rates they couldn't afford. Sir, you are correct, and it doesn't mean the bank is "MEAN" or "DOESN'T CARE", it's about business. I have worked with non-profits for years, and have negotiated lines of credit and loans before. In some cases, these groups have had to collateralize their hard assets or have board members pledge personal liability for the loans. That is the exception rather than the rule, but it gets ugly if you have a shaky loan payment history. This CAN'T HELP them go to another bank in Rockford, they may have to go higher interest with a bank outside the area........... I know nothing about the banking world. After reading these and other posts, however, I am concerned for the corps. I'm curious. Surely, Phantom must have known about the repercussions of not paying back the loan and what future financial penalties this lack of sufficent attention to a loan would create. Why didn't Phantom attempt to "work things out" with the bank before it went this far? Or did they and the lender was not satisfied with their repayment plan? Edited December 24, 2005 by GuitarMan Link to comment Share on other sites More sharing options...
JayM Posted December 24, 2005 Share Posted December 24, 2005 Troopers got in trouble for not filing taxes. It had nothing to do with money owed. Or, it did. Because like, you know, if you don't file taxes, you end up, like, owing money to the IRS. Am I right? ... Link to comment Share on other sites More sharing options...
Blackstar Posted December 24, 2005 Share Posted December 24, 2005 I'm not even going to read the whole thread. I've read three pages. I can't beleive people don't think this is serious. This is very serious. This means several things. Debt restructing means higher payments or a large lump sum payment. It could mean a lose of a year on the field while they get thier financial house in order (please don't say it's in order because if it was this wouldn't have happened) It could mean higher cost to members or less "services" for members. It means if this happened to Phantom who else could it happen too. But it also means that this activity needs a major change in the way it's done. When you have to take a half million dollar loan with no major revenue stream (by this I mean a yearly positive cash flow) theres probelms. Now I need to say that I'm one of Phantoms biggest fans. I only wish the best for them. Link to comment Share on other sites More sharing options...
Eddie Posted December 24, 2005 Share Posted December 24, 2005 yikes! I hope this can get cleared. That's more than my own corp's annual budget Link to comment Share on other sites More sharing options...
Jeff Ream Posted December 24, 2005 Share Posted December 24, 2005 I'm not even going to read the whole thread. I've read three pages. I can't beleive people don't think this is serious. This is very serious. This means several things. Debt restructing means higher payments or a large lump sum payment. It could mean a lose of a year on the field while they get thier financial house in order (please don't say it's in order because if it was this wouldn't have happened) It could mean higher cost to members or less "services" for members. It means if this happened to Phantom who else could it happen too. But it also means that this activity needs a major change in the way it's done. When you have to take a half million dollar loan with no major revenue stream (by this I mean a yearly positive cash flow) theres probelms. Now I need to say that I'm one of Phantoms biggest fans. I only wish the best for them. i agree. national touring, and rising fuel costs cant help at all. Link to comment Share on other sites More sharing options...
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