Mark Cuban won a years-long fight with the federal government agency, SEC, Wednesday when jurors said that the billionaire basketball team owner did not commit insider-trading when he sold his shares in an Internet company in 2004.
Cuban hugged his lawyers after the verdict, then called family members. During an impromptu news conference outside the courthouse, he angrily denounced the Federal Government – most notably, the Securities & Exchange Commission (SEC) and its lead trial attorney, Jan Folena, saying that they lied about the evidence and targeted him because of his fame. He said that defendants of lesser wealth could have been bullied.
The “no bully” policy cannot be overstated when it comes to the Federal Government. They are intimidating, especially with their 3-letter acronym based agencies. Popular polls and studies indicate that these 3-letter government agencies notably strike “fear” and “stress” in people’s minds – picture this – what would you think if you got a certified letter from the IRS, or a phone call from the FBI, the DOJ, the SEC? So, for all of you federal non-tax debtors out there – what would your initial emotional reaction be if and when you receive an acceleration or demand letter from the SBA, or worse, a referral letter, a Treasury Offset Program (TOP) notice or Administrative Wage Garnishment (AWG) from the DOT (Department of Treasury) relating to an SBA debt? My guess . . .your heart rate would go up . . .
You should not have to struggle to settle SBA debt on your own. Instead, turn to one of our attorneys who specializes in SBA OIC claims. We are dedicated to helping you settle SBA loan default.
If you are struggling with circumstances that involve SBA loan default, you deserve professional help! Our SBA workout attorneys can help you win SBA OIC cases. If you contact us, we can help you resolve your SBA debt once and for all. After you schedule an appointment, you consult with a devoted SBA OIC lawyer who helps you through your administrative legal battle. After your claim's resolved, you won;t have to worry about your SBA loan default problem haunting you. Our team of SBA OIC lawyers has assisted many clients through the years. Now it is your turn! You truly can settle SBA debt for good! Call us now at 888-756-9969 or enter your contact information in our Form.
Millions of Dollars in SBA Debts Resolved via Offer in Compromise and Negotiated Repayment Agreements without our Clients filing for Bankruptcy or Facing Home Foreclosure
Millions of Dollars in Treasury Debts Defended Against via AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, Private Collection Agency Representation, Compromise Offers and Negotiated Repayment Agreements
Our Attorneys are Authorized by the Agency Practice Act to Represent Federal Debtors Nationwide before the SBA, The SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service.
Clients executed several trust deeds pledging seven (7) real estate properties and unconditional personal guarantees for an SBA 7(a) loan from the participating lender. The clients' small business failed and eventually defaulted on repayment of the loan exposing all collateral pledged by the clients. The SBA subsequently acquired the loan balance from the lender, including the right to liquidate and collect all pledged collateral pursuant to the trust deed instruments.
The Firm was hired to negotiate separate release of lien proposals for all 7 real estate properties. In preparation for the work assignment, the Firm Attorneys initiated discovery to secure records from the SBA and Treasury's Bureau of Fiscal Service. After reviewing the records and understanding the interplay between the lender and the SBA, the attorneys then prepared, submitted and negotiated the release of lien (ROL) for each of the 7 real estate properties for consideration.
After submitting the proposals, the assigned SBA Loan Specialists approved each ROL package - significantly reducing the total SBA debt claimed.
Clients obtained an SBA 7(a) loan for $324,000 to buy a small business and its facility. The business and real estate had an appraisal value of $318,000 at the time of purchase. The business ultimately failed but the participating lender abandoned the business equipment and real estate collateral even though it had valid security liens. As a result, the lender recouped nearly nothing from the pledged collateral, leaving the business owners liable for the deficiency balance. The SBA paid the lender the 7(a) guaranty money and was assigned ownership of the debt, including the right to collect. However, the clients never received the SBA Official 60-Day Notice and were denied the opportunity to negotiate an Offer in Compromise (OIC) or a Workout directly with the SBA before being transferred to Treasury's Bureau of Fiscal Service, which added an additional $80,000 in collection fees. Treasury garnished and offset the clients' wages, federal salary and social security benefits. When the clients tried to negotiate with Treasury by themselves, they were offered an unaffordable repayment plan which would have caused severe financial hardship. Clients subsequently hired the Firm to litigate an Appeals Petition before the SBA Office & Hearings Appeals (OHA) challenging the legal enforceability and amount of the debt. The Firm successfully negotiated a term OIC that was approved by the SBA Office of General Counsel, saving the clients approximately $205,000.
The clients are personally guaranteed an SBA 7(a) loan. The SBA referred the debt to the Department of Treasury, which was seeking payment of $487,981 from our clients. We initially filed a Cross-Servicing Dispute, which was denied. As a result, we filed an Appeals Petition with the SBA Office of Hearings and Appeals asserting legal defenses and supporting evidence uncovered during the discovery and investigation phase of our services. Ultimately, the SBA settled the debt for $25,000 - saving our clients approximately $462,981.
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