5th/3rd Has Lien on Great Hunter!
 

Pretty funny.. From previous owners, but Reddam says there wasn't a lien when he got the JC papers...

http://www.drf.com/news/article/83220.html

i just read that on drf.com, could this affect the horse as far as moving foward to the kentucky derby ?

excuse my ignorance.. but what is a lien?

Basically, it's the right to hold property (or sell said property) of another until a debt is repaid.

a legal claim against an asset which must be paid when the property is sold or refinanced

thank you! (things they dont teach u in college... or maybe they did and i just slept through that class)

LOL :D

I learned more about liens in real estate school than I did in regular school.

I learned about liens in reform school. "Hey you! Stop liening like that on that table."

hahahahahahhaha... u got me rollin on the floor with that one

thank god for vodka

i feel like mera right now

you folks take care. dog walk time....

Nite, kiddo... give Bubba a big kiss for me. :D

I might actually hit the hay early tonight. I feel like shiat... stayed home from work today. UGH.

remember to bring the milk bone

SHE is a chick. ;)

You may not be drinking now, but have been drinking too much in the past to not know that Antitrust is a girl :)

I never learned about liens until I was threatened with one!

haha.. i am a girl #1, #2 antitrust is my screenname cause it has been since i was 16 and hotwalked my FAVORITE :D colt of all time, Gary Sciacca's "Antitrust".
And that fact that i was tipsy like u (and still am).. was a complement.
Also, yes i did not know what lien is, but I am not afraid to ask (I am also 24 and have no experience in that "lawyer" world).

Tipsy = guilty.

Some are easier to tell than others :D

incredibly refreshing to know that I am no longer near the top of the drinking chain around here...:D

You never were "hun" you just didn't know it.

You don't know me very well, do you??:D

Ok....this thread has been hijacked enough. Nip it in the bud.....

'Fore Grits gets mad :)

Nah...just don't think the was the direction Steve intended this thread to go.

tipsy = fun

gpk, u have a ways to go to catch up w/ cajun, gales, b-dub, dell, satan, s2s, mera, and i. or just come down to GP that will make up for it :)

oh yea, oops.

Pardon this pun, but 5th Third has to be laughing all the way to the bank.

The upcoming Derby may be sponsored by Yum or Makers Mark (or whoever) but if Great Hunter runs, Fifth Third will be the one getting the lion's share (or shall we say LIEN'S SHARE) of publicity.

Sharon...I think Great Hunter is headed towards the Bluegrass at Keen. next. Someone correct me if I am wrong.

5th/3rd -- now that's a another story. What are they doing selling this image and having their fingers in the pie on a racehorse? Not exactly the sound image they are trying to promote.

Well, 5th/3rd has the naming rights on basically every sporting venue on I-75 (you have to be from Ohio to understand), so they could be using this as a way to get into the racing market.

"Hey, let's go on down to 5th/3rd River Downs today. Oh, they are closed for the season, well, let's go check out the Polytrack at 5th/3rd Turfway Park. Or, we could go see 5th/3rd Great Hunter at 5th/3rd Keeneland Race Course."

ALostTexan

They're really trying to bring their presence down here to Florida as well. A year or two ago they bought First National Bank which had just acquired a smaller chain called Old Southern Bank. My boss's boss came from 5th/3rd and she has told me that they take a rather aggressive approach to finding their niche in the market. It will be interesting to see what they do in this particular situation.

Now would you put your money in a bank call 5th/3rd ? What kinda of kakamamy name is that for a bank ? why not one and two thirds bank ? The name alone draws suspicion to this lien they supposedly have on the horse. :cool:

I'm inclined to agree with the above. And in reading the thread, I believe it's post 5 that someone correctly defined the term, lien.

In following that definition, every subsequent bit of blather could be deleted in this, now two page thread.

Did anyone click on the link and read the DRF article?

Possibly not.

A bank doesn't want a horse anymore than it wants your house or your car. And I'm sure y'all know that.

The bank's greater problem is that they cannot locate the Whetstone's, who they're obviously searching for. Who they ALMOST granted a loan in the sum of 125 million. Mr.Whetstone having not disclosed to the bank his being charged with fraud in four states in the 80s and 90s.

There is a Commercial Loan Officer sitting in Fifth Thirds building, somewhere, whose in a lot of trouble. Since its the responsibility of lending officers to "discover" these descrepancies before extending any funds, much less a multi-million dollar loan.

I'd say the bank has problems bigger than locating Whetstone:

1. Finding the person in 5/3 who did not get their lien properly attached to the horse so that the new buyer was aware of it.

2. Firing the person who made the initial loan to Whetstone, a convicted felon.

3. Firing the person who hired the person who made that loan.

Banks are not immune to doing bad business. Especially when money is cheap and they're under pressure to make loans. Just like anyone else in sales, that loan officer had his goals and just did a lousy job.

Sorry the rest of the thread didn't agree with you.

You guys are basically saying the same thing, someone at 5/3 screwed up.

So, is the article implying that the lien is associated with the $125M loan for the business in Washington? That was rescinded by 5/3, so there must be some other loan Whetstone had with the bank...was it for Great Hunter? I'm a little confused.

SNT, no.1 on your list is part and parcel of a commercial loan application; essential to loan documentation. Part of the discovery that I spoke of.

Loans of 125 million do not fall, solely, to one lending officer. It originates with one officer, but there is a body of lending officers in committee that evaluate and make decisions on commercial loans.

And of course, I know that you know all this.

That officer may not be fired, nor will the person that hired him, but the officer's step up the corporate ladder sure took a hit.

I agree with Grits.

But, answer this, WHY does 5/3 get to execute a lien on a loan that was never originated??? I'm not a banking expert...

You're right I believe Jm. We are saying the same thing. And apparently the bank does have the Whetstones's on paper securing other debt aside from the requested loan of 125mm that was withdrawn by the bank.

Not necessarily. Some larger banks (including my own) have their own division for that kind of research.

Exactly.