Minnesota Banks Lose Millions Due to 2 bankrupt Illinois firms 0
When you look at the annals of bankruptcy filing in the US, you will find that the instances are just legion in the past 2 years when the recession struck, like a global economic tsunami. From coast to coat and across countries, bankruptcy filing seems to have become a global pastime. Nothing seems to horrify anymore as it seems as if bankruptcy filing has become as common as your morning cup of coffee. The latest in bankruptcy filing horror tales involves 2 Illinois firms, which have brought millions of dollars losses to quite a few Twin Cities banks. These two companies, Equipment Acquisition Resources Inc and Wildwood Industries Inc. have not only gone down themselves, but also affected the banks, which are now in the process of suing these companies to recover their lost funds.
Two of the banks, Minwest Bank and Highland Bank have alleged that they have lost a combined $10 million in deals with these 2 firms. These two companies were in the equipment leasing space and it seems as if the recession has badly affected the companies’ ability to make good on loans that they had taken from several banks. Is it any wonder that the companies are now being hauled over to the courts on charges of financial impropriety and not making good on loans taken?
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