I don't expect it will be tested too much. There's lots of those operations out there that are in so deep, they have very little equity. They don't have hard assets to take and sell for the bank to recover anything. These loans wern't made based on hard assets. They were done on the basis of cash flow.... if they could cash flow the loan and make the bank believe at the time that they could keep it up, they got the money. So... in the bank's eyes, the manager of that mess IS the asset. There's some guys around here that work daily with the attitude that if they want to take it, have someone here to milk the cows tonight...
The ones that are really going to be in trouble in the not so distant future are the people that are having cash flow problems and actually have assets to take and equity in the business. It probably won't take too much on the bank's part to pull the plug on some of them, especially if they need the money.
Even if they did pull the plug on a big operation, it would simply be reorganized next week with a new name and they'd go right back at it.
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Today's Featured Article - The Niagra View Mobile - Powered by a 1959 Ford Tractor - by Mark Massey. In 1959 the Niagara Frontier Transit Inc. of Buffalo, New York designed and built six Viewmobiles for the Niagara Frontier Sightseeing Inc. for use as a sightseeing ride at the Niagara Falls State Park, Niagara Falls, New York, powered by a 1959 Ford 611 Tractor.
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