Chapter 11 - Ryan’s Project Failed—and I Let It
The lender refused another extension without:
fresh capital.
I did not provide it.
Neither did Diane.
She had almost nothing liquid left.
Derek disappeared? Better realistic: Derek hired counsel and refused cash calls, forcing dispute.
Derek refused further cash calls and hired counsel over:
partner obligations.
The second property was sold:
below expectations.
The third entered:
receiver-managed disposition under the loan workout.
Ryan lost:
his invested cash,
most of his equity,
the truck he had pledged,
and eventually filed a personal Chapter 13 bankruptcy to reorganize eligible debts while preserving:
income
and:
basic assets.
Not glamorous.
Not total destruction.
Bankruptcy court did not care that his sister had money.
Good.
My limited guarantee was:
triggered.
I paid:
$38,600
after negotiation and application of collateral proceeds.
Painful.
My choice from two years earlier.
Mine.
I did not sue Ryan for:
that immediately.
Why?
The guarantee agreement gave me rights, but collecting from someone in bankruptcy would be:
complicated,
costly,
possibly pointless.
Sam asked:
“Do you want this treated emotionally as another bailout?”
“No.”
“Then call it what it is.”
“A loss from an investment decision I made.”
Exactly.
That changed:
everything.
Not:
Ryan stole $38,600.
I assumed risk.
Risk happened.
My resentment lost:
fuel.
Ryan had plenty else to answer for.
May you like
He did not need imaginary crimes added.
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