- 6 -
settlements he had reached with creditors. The November 1 letter
concludes with the following language:
Further, as I explained at our meeting, the real point
is that I have a huge negative net worth under either
scenario. So my ability to pay any amount is
questionable because of the mountain of debt hanging
over me from the past, and the fact that I have no
permanent source of present income, nor assets that
have any equity that isn’t already pledged to the hilt.
Basically, I am now and have always been ready to
resolve this matter by meeting with the appropriate
officers and agreeing on a resolution. I’ll be glad to
answer any questions openly as I did at our meeting.
So please let me hear from you to discuss how we can
fully and finally resolve this situation.
Mr. Eckstine responded to the November 1 letter by letter
dated November 7, 1994 (the November 7 letter). The body of the
November 7 letter is as follows:
This letter is in response to your inquiry of
November 1, 1994 with respect to our previous request
to provide current financial information and a current
Affidavit of Financial Condition. I appreciate your
concern about explaining the complexities of other
settlements that you may have ongoing with other
lenders. I would suggest that you attach any and all
pertinent data to any current financial statements to
supplement the information needed to clarify your
presentation.
All requests to settle for less than the full amount
owing on any debt must be made in writing and
accompanied by the information previously discussed.
Until this information is received, we are unable to
answer specific questions or make any decisions
regarding a payoff of your indebtedness. Should there
be a change in our policies and procedures and our
ability to negotiate a settlement otherwise, you will
be contacted.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011