Nowhere to run nowhere to hide. The unanswered question: what lender hands over hundreds, thousands, let alone millions of dollars without secure, bonafide collateral?
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Nowhere to run nowhere to hide. The unanswered question: what lender hands over hundreds, thousands, let alone millions of dollars without secure, bonafide collateral?
Normally, it doesn’t. In the ongoing case involving the now defunct PDA that’s exactly what happened. As accusations fly the question of guaranteed payback needs to be addressed. In that sense the lender is at fault. Board members of the bank carry fiduciary responsibility and should constantly be updated regarding bank debt service and lending operations. The same holds true for anyone that served as a board member of the PDA. They too should have been aware of financial discrepancies and taken actions that would have avoided the melt down of what was a promising community venture.Now the era of finger pointing will have its way.
ES Taylor
Port Townsend
