Tuesday, January 25, 2011

occ bankrupt

At the moment the internet is buzzing about the Orange County Choppers foreclosure. Is this true or not? The fans of Paul Sr and Paul Jr all over the world may relax.
The hole fuss about OCC foreclosure is true, but we’re not talking about Orange County Choppers, the American company specialized in customizing motorcycles. The OCC acronym also stands for Comptroller of the Currency which indeed is bankrupt. An article in Huffington Post speaks about the OCC foreclosure: “The FDIC has been pushing to impose new requirements on the operations of those divisions, which are known as mortgage servicers. The agency has been engaged in heated negotiations with other regulators at the Federal Reserve and the Office of the Comptroller of the Currency (OCC).”
As about the Orange County Choppers lawsuit, it started in December 2009 because Paul Sr urged his son to sell 20% of his shares in Orange County Choppers saying they had a previous agreement. Paul Sr also asked for $1 million for damages for misappropriation of assets.
Orange County Choppers
Another reason for Orange County Choppers foreclosure confusion is the company that builds custom motorcycles moved their headquarters in Town of Newburgh. Rumor has it that OCC has a mortgage payments delay, a fee of around $96,400. Orange County Choppers has two mortgages through GE Commercial Finance Business Property Corp., one for $11 million and one for $1.5 million.
Orange County Choppers (OCC) is a custom and production motorcycle manufacturer that saw the sun light back in 1999. The company founded by Paul Teutul Sr and Paul Teutul Jr was the star of the American Chopper series on Discovery Channel. The series were broadcast in 150 countries all over the globe. The action is located in Montgomery, a small city at North of New York, where Paul Teutul Sr and his two sons, Paul Jr and Mike are building custom choppers, more expensive even than premium cars.
OCC would have been nothing without Paul Sr. In 1999, with the help of his son, Paul, he presented his first OCC Chopper – True Blue – at a festival in Daytona. Three years later a Discovery Channel producer saw the company as a great idea for a show.
But OCC didn’t stop there, they built a $500,000 chopper for the American automaker, Lincoln, and one for Carol Shelby, for which they received two Ford Shelby Cobra units, and Paul Sr and Jr even said they are not afraid of building cars. Their production motorcycles were sold at around $40,000, but they were not seen in the Discovery series. The Teutul family also build a $1 Million bike for Microsoft.
Paul Teutul Sr was born in a poor family and in the 70′s he was a drugs and alcohol addict. Now he is the head of a business that makes millions of dollars. And this kind of money is not coming only form building choppers. OCC earns a lot of money from the Discovery commercial rights, American Chopper and Orange County Choppers merchandise, and real estate, Orange County Ironwoks steel mill, founded by Paul Sr and now run by his third son, Dan.
To sum up, Orange County Choppers are OK, at least for now and the Office of the Comptroller of the Currency is the bankrupt one, but this doesn’t concern us

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