Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV
Cloud Expo & Virtualization 2009 East
PLATINUM SPONSORS:
IBM
Smarter Business Solutions Through Dynamic Infrastructure
IBM
Smarter Insights: How the CIO Becomes a Hero Again
Microsoft
Windows Azure
GOLD SPONSORS:
Appsense
Why VDI?
CA
Maximizing the Business Value of Virtualization in Enterprise and Cloud Computing Environments
ExactTarget
Messaging in the Cloud - Email, SMS and Voice
Freedom OSS
Stairway to the Cloud
Sun
Sun's Incubation Platform: Helping Startups Serve the Enterprise
POWER PANELS:
Cloud Computing & Enterprise IT: Cost & Operational Benefits
How and Why is a Flexible IT Infrastructure the Key To the Future?
Click For 2008 West
Event Webcasts
SBA Shuts Down EDF Resource Capital: Important Lessons for Guarantors

SACRAMENTO, Calif., Jan. 17, 2013 /PRNewswire/ -- Hackard Law attorneys regularly represent borrowers and guarantors in negotiation with and litigation against lenders. By the time our law firm is engaged, it's not unusual that "the wolf is at our client's front door", and there's limited time for deliberation. Yet a recent case illustrates that an entire wolf pack might also be at the lender's door.

(Photo: http://photos.prnewswire.com/prnh/20130117/SF44593)

(Logo: http://photos.prnewswire.com/prnh/20121023/SF98552LOGO)

EDF Resource Capital, Inc. ("EDF") v. United States Small Business Administration ("SBA") et al. brings the need for lender knowledge to life. EDF was an SBA-authorized Certified Development Company (CDC). As such it was allowed to arrange, close, service and when necessary collect on SBA 504 Loans. EDF, on behalf of the SBA, received processing and closing fees for both originating as well as servicing 504 Loans. Since 2006, EDF has received over $49 million in fees from its participation in the 504 Loan Program. It had the "second largest SBA 504 Loan portfolio of the CDCs currently participating in the 504 Loan Program." But there were, according to the SBA, "significant problems in EDF's systems or controls, deceptive action, substantial law violation, serious compliance problems, and serious reporting failures." Such problems resulted in EDF's closure. An intensive review of SBA's Agency Decision regarding EDF Resource Capital, Inc. is a must-read for EDF borrowers and guarantors seeking to know their lenderi.

EDF as a lender in its final months or years of operation was in a precarious position. The SBA record reveals it was insolvent and was not paying the millions that it owed on its SBA reimbursement obligations. EDF was maintaining two sets of accounting books and records: one disclosed to the SBA and one notii. Such conduct hid from the "SBA the status of hundreds of defaulted loans, thus knowingly painting a materially incomplete, misleading and falsely positive picture of its Loan Loss Reserve Fund and of the Fund's ability to protect SBA from the risk of loss."

The SBA's Final Agency Decision indicates that EDF refused to pay its payment and loss share obligations.  The decision recites that "the nature, extent and severity of EDF's breaches and violations, including the dollar magnitude of the risk, EDF's insolvency, the unwillingness of EDF's management and board to correct identified problems, and program integrity considerations, all warrant the permanent revocation of EDF's 504 program authority and require the permanent transfer of EDF's SBA 504 Loan portfolio."

Borrowers and guarantors attempting to negotiate loan settlements with EDF experienced the same type of deceptive actions as those referenced by the SBA. The Final Agency Decision, coupled with a Federal Judge's Memorandum Opinion, go a long way for EDF borrowers and guarantors to know their lender.

Avvo Profile
http://www.avvo.com/attorneys/95655-ca-michael-hackard-226264.html

i Expanded Analysis: http://bellainstitute.wordpress.com/2013/01/17/sba-shuts-down-edf-resource-capital-important-lessons-for-guarantors/

ii http://www.sba.gov/sites/default/files/files/EDF%20Final%20Agency%20Decision%20Document%20(12-17-12).pdf

SOURCE Hackard Law

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Cloud Developer Stories
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revoluti...
“DevOps is really about the business. The business is under pressure today, competitively in the marketplace to respond to the expectations of the customer. The business is driving IT and the problem is that IT isn't responding fast enough," explained Mark Levy, Senior Product M...
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON....
The cloud is becoming the de-facto way for enterprises to leverage common infrastructure while innovating and one of the biggest obstacles facing public cloud computing is security. In his session at 15th Cloud Expo, Jeff Aliber, a global marketing executive at Verizon, discussed...
Mobile commerce traffic is surpassing desktop, yet less than 20% of sales in the U.S. are mobile commerce sales. In his session at 15th Cloud Expo, Dan Franklin, Segment Manager, Commerce, at Verizon Digital Media Services, defined mobile devices and discussed how next generati...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021



SYS-CON Featured Whitepapers
ADS BY GOOGLE