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Just like you never want to hear a doctor say "oops" in the operating room, you never want to see a going-concern statement
in a financial report about a company you own. Accountants throw these in when they've been over the books, talked to customers,
and checked the horoscopes and have concluded there is "substantial doubt" about a company's ability to remain in business.
In short, don't blame the accountants if the company files for bankruptcy protection.
You¿d reckon that a going-concern
statement would be enough to send investors running to the exits, but it's not. True, many large institutions automatically
bail when an existing company gets slapped with one of these, but many individuals (often wrongly) take a chance they know
more than the bean counters.
During the tech boom of the late 1990s, many companies actually went public even though they had been hit with going-concern statements. Many of those companies subsequently disappeared. Enough said.
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Thursday, June 19, 2008
New Default Servicer Focuses on Broker-Centric Model
Comtex
DENVER, June 19, 2008 /PRNewswire via COMTEX/ ----Paradigm Default Services, LLC. announced today that it has initiated REO, third-party servicing designed to serve the needs of clients and investors who are awash in a sea of sub-prime foreclosures nationwide. Paradigm is both an operational platform for handling lender acquired properties and an acquisitions vehicle for synergistic business units closely connected and supportive of its default servicing business. A company spokesman explains that Paradigm is creating a special default servicing unit which will provide "cradle-to-grave" hands-on servicing taking loans from initial default to re-performance or liquidation.
Paradigm acts as a third-party facilitator between lenders and local real estate brokers throughout the nation to ensure that the myriad of details of local asset management: taking possession of foreclosed collateral, readying it for sale, marketing it and closing the sale, are capably discharged without liability.
The task of an REO outsourcer is to translate and effectuate a lender's disposition objectives in a timely and prudent fashion, eliminating risk and maximizing net recoveries while making the process transparent and legally compliant.
REO outsource companies rely on numerous sub-specialties to accomplish their work. Title experts, attorneys, appraisers, property preservation contractors and local brokers all take direction from, and have their actions orchestrated by, the outsourcer.
The principal force behind Paradigm is Tom Di Mercurio, 60, who will acts as Chief Executive Officer and strategist for the company. Di Mercurio has had a storied career in the administration and disposition of bad loans and REO. In 1986, he was awarded Fannie Mae's coveted "Chairman's Award" for proposing limits on foreclosure fees on uncontested foreclosure fees. Fee limitations were subsequently adopted by FreddieMac, HUD and VA.
More recently Di Mercurio has led FGB Realty Advisors, Fidelity National Asset Management Solutions, and The Mercury Alliance, LLC. He is a frequent speaker at National conferences and is often quoted in the national press.
Although his industry biography lists him as a career mortgage banker and distressed loan specialist, Di Mercurio sees himself as a "broker's broker." He has been a member of the National Association of Realtors (NAR) since 1973 and is a member of NAREB and NAHREP.
As a first in the industry, each Paradigm employee who transacts real estate through its brokers will be licensed as a real estate agent or broker -- "Brokers dealing with brokers."
"As the industry deals with exponentially increasing defaults and foreclosures," explains Di Mercurio, "I believe our offering will be well- received because it is fundamentally founded on our unique program to recruit and retain the best broker talent -- the most important component to any successful REO liquidation!"
For more information: http://www.paradigmdefaultservices.com
SOURCE Paradigm Default Services, LLC.
http://www.paradigmdefaultservices.com
Copyright (C) 2008 PR Newswire. All rights reserved
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