Are the Orange County Choppers going bankrupt? Is the rumor about the Orange County Choppers foreclosure true? Will Paul Sr. get what is coming to him???
Well it seems the fans of Paul Teutel Sr. can relax although there aren’t many fans these days!
The OCC foreclosure IS true but it’s not the 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).”
The reason perhaps for the confusion with Orange County Choppers foreclosure is that the Choppers moved their headquarters in Town of Newburgh. Rumor has it that the Choppers missed some mortgage payments of $96,400 and $14,000.
Apparently Orange County Choppers has two mortgages through GE Commercial Finance Business Property Corp., one for $11 million and one for $1.5 million.
Paul Sr. and Jr. were the stars of the American Chopper series on Discovery Channel. American Choppers: Senior vs. Junior aired recently and showed the growing animosity between father and son, as well as their rivalry.
The lawsuit between Sr. and Jr. started when Paul Sr. fired Jr. and then urged his son to sell 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.