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Tuesday, January 25, 2011
OCC Bankrupt: At the moment the internet is buzzing about the Orange County Choppers foreclosure. Is this true or not? The fans of Paul Sr and Paul Jr allover the world may relax.
The hole fuss about OCC foreclosure is true, but we’re not talking about Orange County Choppers, the American company specialized in customizing motorcycles. The OCC acronym also stands for Comptroller of the Currency which indeed is bankrupt. An article in Huffington Post speaks about the OCC foreclosure: “The FDIC has been pushing to impose new requirements on the operations of those divisions, which are known as mortgage servicers. The agency has been engaged in heated negotiations with other regulators at the Federal Reserve and the Office of the Comptroller of the Currency (OCC).”
As about the Orange County Choppers lawsuit, it started in December 2009 because Paul Sr urged his son to sell 20% of his shares in Orange County Choppers saying they had a previous agreement. Paul Sr also asked for $1 million for damages for misappropriation of assets. Another reason for Orange County Choppers foreclosure confusion is the company that builds custom motorcycles moved their headquarters in Town of Newburgh.
Read More: OCC Bankrupt: Orange County Choppers Foreclosure Just Acronym Confusion
