Crunch Hardtack
Member
- Joined
- May 2, 2006
- Professional Status
- Certified Residential Appraiser
- State
- Ohio
Link: http://www.dailypress.com/business/dp-biz_nygaard_0704jul04,0,187484.story
Excerpt: "After suddenly getting all of its inventory seized and liquidated by Wachovia Bank last week, David Nygaard Fine Jewelers closed its seven stores on Monday.
Owner David Nygaard claims he was current with his regular payments, but Wachovia invoked a clause that allowed the bank to call in the full amount of all of his long-term loans in April. Nygaard said he was liquidating his inventory in a bid to survive when Wachovia seized more than $1 million worth of jewelry last Wednesday."
I went to high school with David (He's a good bit older than he looks). He has been in business for years (His grandfather was a jeweler as well) and when I needed an engagement ring I went to see him. I picked out a ring I liked, but money was tight at the time so I went back to looking at less expensive alternatives. About that time, David came over and asked if I saw anything I liked. I mentioned the one ring I would have preferred, but that I was not able to afford at the time. David cut me a break and I was able to get my wife a nice engagement ring. I have never forgotten David's kindness.
David is a fine man and certainly does not need this kind of thing happening to him. This should also remove any doubt as to whether Wachovia is in deep sh*t. When banks start calling in loans the party is pretty much over.
Excerpt: "After suddenly getting all of its inventory seized and liquidated by Wachovia Bank last week, David Nygaard Fine Jewelers closed its seven stores on Monday.
Owner David Nygaard claims he was current with his regular payments, but Wachovia invoked a clause that allowed the bank to call in the full amount of all of his long-term loans in April. Nygaard said he was liquidating his inventory in a bid to survive when Wachovia seized more than $1 million worth of jewelry last Wednesday."
I went to high school with David (He's a good bit older than he looks). He has been in business for years (His grandfather was a jeweler as well) and when I needed an engagement ring I went to see him. I picked out a ring I liked, but money was tight at the time so I went back to looking at less expensive alternatives. About that time, David came over and asked if I saw anything I liked. I mentioned the one ring I would have preferred, but that I was not able to afford at the time. David cut me a break and I was able to get my wife a nice engagement ring. I have never forgotten David's kindness.
David is a fine man and certainly does not need this kind of thing happening to him. This should also remove any doubt as to whether Wachovia is in deep sh*t. When banks start calling in loans the party is pretty much over.
