The latest bit of tension is reportedly between Paul Sr. and GE Capital, the bank though which the company's massive corporate headquarters in New York is financed. According to reports, the elder Teutul has missed two large payments on the building, one for $96,400 and another for $14,000, not because he or the company doesn't have the funds, but due to a disagreement in the current valuation of the building.
As anyone who's had the displeasure of dealing with such ramifications of the recently collapsing values of real estate here in the United States can tell you, OCC's HQ likely is worth less now than when it was built, but that doesn't mean payments on the loan (in this case, there are two loans, one for $11.5 million and another for $1.5 million) can be stopped.
Not surprisingly, GE Capital reportedly filed a foreclosure action against Orange County Choppers late in 2010.
[Source: Times Herald-Record via Asphalt & Rubber | Image: BigJimInDC – C.C. 2.0]