Orange County Choppers Foreclosure: Fact, Fiction or Fantasy
OCC Foreclosure
GE Commercial Finance Business Property Corporation is behind the OCC foreclosure, as was originally reported back in November, but the news hit big thanks to last night's "American Chopper" preview following a new episode on the Discovery Channel. Public money troubles seem to follow the Teutul family. Back in 2007, they were accused of bankruptcy fraud.
Orange County Choppers Foreclosure: Nonpayment as a Form of Contract Negotiation?
According to the article published Nov. 18, 2010, OCC did not really "miss" its July mortgage payments of $96,400 and $14,000; they intentionally did not pay them as a form of contract renegotiation. According to the Times Herald-Record, the OCC lawyers said, "The Choppers stopped making mortgage payments in order to put pressure on the lender to modify the terms of the loans."
So, by the logic of the OCC lawyers, if property values go down, mortgage holders have the legal right to stop making payment because now the original mortgage agreement doesn't fit the current economic conditions? What would happen if everyday people without TV shows and a team of lawyers but home mortgages did this? Home values fluctuate. There are even discrepancies between how a city will value your property and how the insurance company values that home.
Not paying a previously agreed-upon mortgage amount because the economy changed does not seem to be a valid way of negotiating or handling borrowed money. Do they not also realize that at some point the property values will go back up? Do they then expect the mortgage company to sue them to reinstate the original terms of the contract?
Too Big, Too Fast
Paul Sr. grew his business too fast, thanks to his perceived fame and glory, and it is costing him. He has a severed relationship with his sons, and his financial reputation is now marred by these reports of bankruptcy fraud and foreclosure.
Orange County Choppers Foreclosure Comeuppance for Paul Sr.?
Some call it karma, others call it comeuppance. Some former fans and TV viewers see this latest turn of events as comeuppance for the OCC craggy patriarch. Paul Sr. could not seem to get through any conversation on last night's "American Chopper" episode without talking negatively about his son. He seems preoccupied with the entire situation and loves bringing in the lawyers for every squabble. This could be creative editing, sure, but he seems to take pleasure in seeing his own son struggle.
Published by Pam Gaulin - Featured Contributor in Arts & Entertainment and Lifestyle
Pam Gaulin is a freelance writer, journalist (B.A., Journalism), new (and next!) media writer and artist. Associated Content named her 2007 Content Producer of the Year. "First for Women" magazine featured... View profile
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67 Comments
Post a CommentSorry people, Paul Jr is the whinning, sniveling jerkbutt in this case. Sr. hired him because he was his (Sr's) son. Junior had absolutely no, zero, zilch, nada experience building bikes before he went to work for his father whereas his father had been building bikes for years. But then he completes some kind of industrial design program and BOOM! he becomes an overnight bike guru? Gimme a break. The comment Jr made when he left OCC about the company going down in flames is pretty indicative of his attitude which is Me me me and oh yeah ME. The crap Jr pulled on Sr would have driven me crazy even if he wasn't my son. Sr. was totally right is kicking Jr. out of the company.
I think paul Sr, needs to get over himself ! His son Paul jr, kick's #$%$ All he's ever done is try please his father,but all daddy dose is talk #$%$ to Paul jr Jjust as well as Mikie!! Mikie's also done whatever he could to make the family come back together. But to me Paul Sr, dosent want that to happen!!! Why I think that?...Well its because, He know's his boy's are doing way better!!! And they don't need daddy's #$%$.
i think paul sr. should stop being envious of his son jr. and praise him for what he has achieved. being a better bike buider then his dad. and i hope rick says goodbye to sr. and goes where he will be appreciated. kma paul sr.
Some people make comments about a show they havent been watching. Sr. is the owner with poor managment, money and people skills who DID FIRE his two "self serving" sons! Both which DO NOT want to come back and even after coming back Jr, did not want to stay. Mikey is Mikey he's just trying to get in where he fits in. Jr. is rightfully trying to get his piece of the OCC pie despite is lax attitude and sometime flagrant disrespect and disregard for the rules it was a FAMILY BUSINESS and does have something coming to him just not what he thinks he should get. And really I dont think Jr. wants OCC now that he has PJD, he wants to distance himself from the 3 ring madhouse at OCC as much as he can its a reputation hes going to have to work long and hard to shake off just to be taken seriously he's going to have to do what it is he does better and cleaner than the other guys just to be taken seriously by people that think that the only two Teutle children in the public eye are lazy slobs. And this is for Mikey, Mikey for president in 2012 thats my youthful contribution because I dont know enough about business to make a comment, even though I did work in an auto body business with my father and the arguements and knock down dragouts with my dad make these guys look like Wally, Ward and the Beav! And I had enough business sense to know that after I inherited the family business there was more money going out than coming in to get out of that business and turn it over to some one who knew how to make it work. Theres my two cents. Thank You and Good Night.
The first thing Sr. should do iis shave off that stupid moustache. He is an arrogant narcissist who sits on his #$%$ while his son and others do all the work. Sr. likes to spout off and make himself look like a big cheese and if he would leave the show it would be fun to watch again.
It is sad that most of the youthful contributors don't know enough about business to make a comment. The true story is that SR is the owner and he has two self serving children. JR wants the business that SR built and Mikey wants to lay around and sleep on the couch. SR should fire the both of them and hope they never come back.
Who has two thumbs and thinks Paul Sr. is a total douche???
THIS GUY!!!
Give Rick Petko his own show! It would blow American Choppers out of the water. Think of it: watching a motorcycle show were they actually build motorcycles instead of screaming at each other for 20mins.
paul sr should get along with pauljr and change his addatude
If Paul Sr. would watch his own TV show, he would see how Ode was lying about the reason he doesn't have a job with Paul Jr. It's disgusting how Paul Sr. acts. You would think he should starting realizing that maybe HE is the PROBLEM. With 3 sons not getting along with their father, I'd say, Paul Sr. has a big EGO problem.