Chapter 12 - THE FINANCIAL CRISIS

Oscar’s flooring company owed:
$312,000 on a business credit line.
$96,000 in tax obligations and penalties under payment arrangements.
Equipment debt.
Accounts payable.
Not millions.
Enough.
A major hotel project delayed payment.
Another client disputed workmanship.
Cash flow collapsed.
Oscar personally guaranteed part of the debt.
His cousin had already pledged his own home.
Oscar had not.
Because our condo was not his.
The lender proposed extending terms if additional collateral or guarantor strength appeared.
My condo had approximately $380,000 equity.
Clean.
Attractive.
Mine.
Oscar told the lender:
“Spousal property available subject to documentation.”
May you like
Before I agreed.
That was the seed.