Word: loans
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...Melanie." Still, Morgan says Tice and "three or four other people" remain "persons of interest" in the investigation. Tice, 63, a former business partner of Billings, has acknowledged that he "hated Billings" and that they had a rancorous falling out over thousands of dollars Tice owed Billings' loan company, Worldco. (Tice, in fact, has been charged with grand theft after Billings turned him in last year for allegedly writing Worldco $17,000 in bounced checks. Tice denies the charge and claims he had an agreement with Billings to hold the checks until he could cover them...
...help, he told police) and again the next morning. Morgan admits that's not enough at the moment to bring conspiracy charges against Tice or any of the other car dealers who Gonzalez told police "just did not like Billings at all" and who described the deceased as a loan shark. But the sheriff believes "the pieces are coming together." Billings, like his competitors, many of whom owed him money, inhabited a Florida panhandle business world that resembled a tawdry cable TV drama series. "Bud Billings was a very hard-nosed, unyielding businessman because he had to be," Morgan says...
Some industry experts believe that returns from these investments could rival the huge profits pocketed by investors during the Government Resolution Trust Corp. bailout of the savings-and-loan debacle of the late 1980s and early '90s. Back then, vulture investors picked up distressed assets at pennies on the dollar, and returns often exceeded...
Also, many private players plan to take advantage of federal financing programs, such as TALF (Term Asset-Backed Securities Loan Facility) and PPIP (Public-Private Investment Program), which will give them low-cost financing when acquiring troubled assets, making their potential returns even frothier. (See the top 10 financial-crisis buzzwords...
...recession better than anyone else: you can't borrow more than you can afford to repay. His debt is going to be hard to dig out of even if things get better soon. So when I ask how long it will be before he'd even consider getting a loan for more expansion, I expect him to apologize for his recklessness and pledge to become a saver. Instead, he sits up, widens his eyes and smiles. "As soon as someone wants to lend it," he says. "I'll be first in line...