5th/3rd Has Lien on Great Hunter!

[GPK]

Originally Posted by brianwspencer

'Fore Grits gets mad

Nah...just don't think the was the direction Steve intended this thread to go.

[Antitrust32]

Originally Posted by brianwspencer

Tipsy = guilty.

Some are easier to tell than others

tipsy = fun

gpk, u have a ways to go to catch up w/ cajun, gales, b-dub, dell, satan, s2s, mera, and i. or just come down to GP that will make up for it

[brianwspencer]

Originally Posted by GPK

Nah...just don't think the was the direction Steve intended this thread to go.

oh yea, oops.

[JJP]

Pardon this pun, but 5th Third has to be laughing all the way to the bank.

The upcoming Derby may be sponsored by Yum or Makers Mark (or whoever) but if Great Hunter runs, Fifth Third will be the one getting the lion's share (or shall we say LIEN'S SHARE) of publicity.

[GPK]

Originally Posted by merasmag

are you telling me he doesn't allow ALCOHOL at his dinner parties EITHER??!!! now i'm mad...lol, sorry anti-t...i will not forget again that u are a woman (almost)---i will try to give ya a good example to follow...first order of business is hitting the derby tri, and thank u for your earlier most gracious complement on the bar thread, i did so mean to acknowledge it---do i add great hunter to my rttr stable or not now?-when is he scheduled to go again?...should be before the last supp

Sharon...I think Great Hunter is headed towards the Bluegrass at Keen. next. Someone correct me if I am wrong.

[todko]

5th/3rd -- now that's a another story. What are they doing selling this image and having their fingers in the pie on a racehorse? Not exactly the sound image they are trying to promote.

[ALostTexan]

Well, 5th/3rd has the naming rights on basically every sporting venue on I-75 (you have to be from Ohio to understand), so they could be using this as a way to get into the racing market.

"Hey, let's go on down to 5th/3rd River Downs today. Oh, they are closed for the season, well, let's go check out the Polytrack at 5th/3rd Turfway Park. Or, we could go see 5th/3rd Great Hunter at 5th/3rd Keeneland Race Course."

ALostTexan

[Cajungator26]

Originally Posted by ALostTexan

Well, 5th/3rd has the naming rights on basically every sporting venue on I-75 (you have to be from Ohio to understand), so they could be using this as a way to get into the racing market.

"Hey, let's go on down to 5th/3rd River Downs today. Oh, they are closed for the season, well, let's go check out the Polytrack at 5th/3rd Turfway Park. Or, we could go see 5th/3rd Great Hunter at 5th/3rd Keeneland Race Course."

ALostTexan

They're really trying to bring their presence down here to Florida as well. A year or two ago they bought First National Bank which had just acquired a smaller chain called Old Southern Bank. My boss's boss came from 5th/3rd and she has told me that they take a rather aggressive approach to finding their niche in the market. It will be interesting to see what they do in this particular situation.

Originally Posted by todko

5th/3rd -- now that's a another story. What are they doing selling this image and having their fingers in the pie on a racehorse? Not exactly the sound image they are trying to promote.

Now would you put your money in a bank call 5th/3rd ? What kinda of kakamamy name is that for a bank ? why not one and two thirds bank ? The name alone draws suspicion to this lien they supposedly have on the horse.

[Grits]

Originally Posted by GPK

Nah...just don't think the was the direction Steve intended this thread to go.

I'm inclined to agree with the above. And in reading the thread, I believe it's post 5 that someone correctly defined the term, lien.

In following that definition, every subsequent bit of blather could be deleted in this, now two page thread.

Did anyone click on the link and read the DRF article?

Possibly not.

A bank doesn't want a horse anymore than it wants your house or your car. And I'm sure y'all know that.

The bank's greater problem is that they cannot locate the Whetstone's, who they're obviously searching for. Who they ALMOST granted a loan in the sum of 125 million. Mr.Whetstone having not disclosed to the bank his being charged with fraud in four states in the 80s and 90s.

There is a Commercial Loan Officer sitting in Fifth Thirds building, somewhere, whose in a lot of trouble. Since its the responsibility of lending officers to "discover" these descrepancies before extending any funds, much less a multi-million dollar loan.

[SentToStud]

Originally Posted by Grits

I'm inclined to agree with the above. And in reading the thread, I believe it's post 5 that someone correctly defined the term, lien.

In following that definition, every subsequent bit of blather could be deleted in this, now two page thread.

Did anyone click on the link and read the DRF article?

Possibly not.

A bank doesn't want a horse anymore than it wants your house or your car. And I'm sure y'all know that.

The bank's greater problem is that they cannot locate the Whetstone's, who they're obviously searching for. Who they ALMOST granted a loan in the sum of 125 million. Mr.Whetstone having not disclosed to the bank his being charged with fraud in four states in the 80s and 90s.

There is a Commercial Loan Officer sitting in Fifth Thirds building, somewhere, whose in a lot of trouble. Since its the responsibility of lending officers to "discover" these descrepancies before extending any funds, much less a multi-million dollar loan.

I'd say the bank has problems bigger than locating Whetstone:

1. Finding the person in 5/3 who did not get their lien properly attached to the horse so that the new buyer was aware of it.

2. Firing the person who made the initial loan to Whetstone, a convicted felon.

3. Firing the person who hired the person who made that loan.

Banks are not immune to doing bad business. Especially when money is cheap and they're under pressure to make loans. Just like anyone else in sales, that loan officer had his goals and just did a lousy job.

Sorry the rest of the thread didn't agree with you.

[jman5581]

Originally Posted by SentToStud

I'd say the bank has problems bigger than locating Whetstone:

1. Finding the person in 5/3 who did not get their lien properly attached to the horse so that the new buyer was aware of it.

2. Firing the person who made the initial loan to Whetstone, a convicted felon.

3. Firing the person who hired the person who made that loan.

Banks are not immune to doing bad business. Especially when money is cheap and they're under pressure to make loans. Just like anyone else in sales, that loan officer had his goals and just did a lousy job.

Sorry the rest of the thread didn't agree with you.

You guys are basically saying the same thing, someone at 5/3 screwed up.

So, is the article implying that the lien is associated with the $125M loan for the business in Washington? That was rescinded by 5/3, so there must be some other loan Whetstone had with the bank...was it for Great Hunter? I'm a little confused.

[Grits]

SNT, no.1 on your list is part and parcel of a commercial loan application; essential to loan documentation. Part of the discovery that I spoke of.

Loans of 125 million do not fall, solely, to one lending officer. It originates with one officer, but there is a body of lending officers in committee that evaluate and make decisions on commercial loans.

And of course, I know that you know all this.

That officer may not be fired, nor will the person that hired him, but the officer's step up the corporate ladder sure took a hit.

[jman5581]

Originally Posted by Grits

Loan of 125 million do not fall, solely, to one lending officer. It originates with one officer, but there is a body of lending officers in committee that evaluate and make decisions on commercial loans.

I agree with Grits.

But, answer this, WHY does 5/3 get to execute a lien on a loan that was never originated??? I'm not a banking expert...

[Grits]

Originally Posted by jman5581

You guys are basically saying the same thing, someone at 5/3 screwed up.

So, is the article implying that the lien is associated with the $125M loan for the business in Washington? That was rescinded by 5/3, so there must be some other loan Whetstone had with the bank...was it for Great Hunter? I'm a little confused.

You're right I believe Jm. We are saying the same thing. And apparently the bank does have the Whetstones's on paper securing other debt aside from the requested loan of 125mm that was withdrawn by the bank.

[Cajungator26]

Originally Posted by Grits

I'm inclined to agree with the above. And in reading the thread, I believe it's post 5 that someone correctly defined the term, lien.

In following that definition, every subsequent bit of blather could be deleted in this, now two page thread.

Did anyone click on the link and read the DRF article?

Possibly not.

A bank doesn't want a horse anymore than it wants your house or your car. And I'm sure y'all know that.

The bank's greater problem is that they cannot locate the Whetstone's, who they're obviously searching for. Who they ALMOST granted a loan in the sum of 125 million. Mr.Whetstone having not disclosed to the bank his being charged with fraud in four states in the 80s and 90s.

There is a Commercial Loan Officer sitting in Fifth Thirds building, somewhere, whose in a lot of trouble. Since its the responsibility of lending officers to "discover" these descrepancies before extending any funds, much less a multi-million dollar loan.

Not necessarily. Some larger banks (including my own) have their own division for that kind of research.

[Cajungator26]

Originally Posted by Grits

SNT, no.1 on your list is part and parcel of a commercial loan application; essential to loan documentation. Part of the discovery that I spoke of.

Loans of 125 million do not fall, solely, to one lending officer. It originates with one officer, but there is a body of lending officers in committee that evaluate and make decisions on commercial loans.

And of course, I know that you know all this.

That officer may not be fired, nor will the person that hired him, but the officer's step up the corporate ladder sure took a hit.

Exactly.

[Grits]

All bank's have divisions, each division important to, and a part of, the loan documentation process.

And like I said, all of this will, and should be, in order when going to COMMITTEE for review, and prior to disbursement of all funds.

Things may have changed since I was in CLA, but I know today a bank still doesn't grant one individual this level of authority.

[ddthetide]

this appears to be a bank screw up? so how can they go after reddam? shouldn't they be after the previous owner?

[jman5581]

Is there some kind of "title company" equivalent for horses? Maybe Chuck can answer that because he buys horses pretty often. Seems like someone ought to be checking the "title" to see if there is a lien just like one would do for a house, or a car.