BANK OF AMERICA CLOSES BAY AREA RV DEALER DOWN
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  By Laura Anthony

 

LIVERMORE, CA (KGO) -- It's the end of the line for one of the Bay Area's biggest RV dealers. Sheriff's Deputies moved in to repossess the company's inventory -- call it the recession repo. Story >

 

 

Letter to President Obama

May 6th, 2009

Dear President Obama:
Why are you “bailing out” Bank of America with your stimulus package when the bank is responsible for putting as many as 60 people out of work?

My nephew, James Cleveland Foreman (J.C.) who owns the business “JCs RVs” in Livermore, California was recently a casualty of the extreme action by Bank of America; they closed J.C.’s business in Livermore on April 24th, and his RV business in Rancho Cordova, near Sacramento. The bank froze J.C.’s business accounts, and his personal family account as well. Bank of America left my nephew, his wife, my sister, and the 60 employees in a state of disarray—the employees and J.C. are worried about how they are going to take care of their homes, their spouses, and their children.

Since April 20th, matters have gone from bad to worse. For instance, the payroll checks written against a Fremont Bank business account all bounced. Sixty employees expected to receive their final paychecks. Another example,: the week-end before Bank of America seized all of J.C.’s business and personal accounts, J.C.’s company had sold 20 motor homes, and the buyers had made substantial down payments. Bank of America will not release that money so that JC can return these down payments to his customers. J.C. stands to go to jail if he does not reimburse these people. I speak to my sister every day and she and J.C.’s wife are worried about his health. By the way, he, his four daughters, wife, and 60 employees lost their health insurance. I know health insurance for all U.S. citizens is a priority for you and at the top of your administration’s agenda. How can you give back health insurance to JC and his employees?

I worry about my sister who is 68 years old and suffers from high blood pressure. It is she and J.C. who are alone at the office trouble-shooting everyday—trying to manage one-crises after another—managing a company that for many years was run by between 60 to 170 workers; now there are only two. What can you do about this? How can you allow this to happen? How can you keep my nephew J.C. in business?

Why are you bailing out big banks and corporations that continue to hurt people and their families? You promised to help working folks, yet you reward the big guns.

It was devastating. On that dark Monday, office staff, sales people and other lot workers showed up to work, and were told that Bank of America was shutting them down. Everyone had to go home. We are talking about 60 people. Sixty people were turned away from work, 60 that had to support their families. These folks immediately went to the Employment Development Department and filed for unemployment insurance, and they did not hesitate to blame the Bank of America for their job losses.

Eighteen years ago J.C. was working at a U-Haul company making about $24,000 dollars a year. In the nineties, when the economy was strong, J.C., a young man, and a smart entrepreneur started up an RV business. Within five years his company was extremely successful. What is so special about my nephew JC is that he built a community of people; a village if you will. At one time he employed 170 people total. Folks that were gainfully employed, all of whom worked as a large extended family. J.C. was good to his employees and they rewarded him with their hard work; together with J.C., they managed a booming business. A year ago he had to lay off several individuals because of the high price of gas. His company continued to support and took care of 60 families—60 now devastated by the economic crash—and that is what it is. These families are hurting, and the corporate bankers are still living like high rollers.

J.C. has had a business relationship with Bank of America for 15 years. As both a retail lender and provider of inventory floor plan, Bank of America’s business interests were inextricably linked with JC’s RV’s. JC’s RV’s was one of the most successful RV dealerships in Northern California. J.C. made a lot of money for the bank(s).
As the recent economic crisis took hold, the RV industry saw a sharp downturn and J.C. Foreman as the owner of a small business turned to his biggest partner, Bank of America. Starting in July of 2008, as the business capital started to dwindle and sales plummeted, J.C. contacted Bank of America to start a loan package that would include a cash injection into JC’s RV’s in order to ensure that the dealership could withstand the further market downturn. While JC’s RV’s had to make some layoffs during this period the cash injection was essential in keeping as many of his employees working as was possible.

Between the period of July and December 2008, J.C. poured every dollar of his personal savings into JC’s RV’s while trying to work with Bank of America to secure an operating loan. Bank of America, in turn, continued to give J.C. one false promise after another.

Loans to JC’s RV’s were promised if J.C. contributed more capital to the business which he did.

Loans to JC’s RV’s were promised if J.C. paid consultants to draw up business plans and financial statements for Bank of America, which he did.

Loans to JC’s RV’s were promised if J.C. moved all of the business depository accounts over to Bank of America, which he did.

After J.C. fulfilled all these requirements, Bank of America turned down J.C.’s loan applications.

The list of false promises and abuses by Bank of America goes on and on, and they are much too long to detail in this letter. However, I encourage you to contact J.C. Foreman to learn more about the manipulative and predatory business practices by Bank of America.

Respectfully,

Roberta Orona-Cordova

Cc:

JC’s RV’s --Fax: (925) 454-3175. Cell: (925) 525-0800

Congressman Jerry McNerney, Pleasanton, California. FAX: (925) 737-0734
FAX: (202) 225-4060

Rahm Emanuel: President Obama’s Chief of Staff. FAX: (202) 456-2461

Robert Gibbs: President Obama’s press secretary. FAX: (202) 456-2461

Timothy F. Geithner: President Obama’s Treasury Secretary. FAX: (202) 456-2461

Anderson Cooper: CNN – FAX: 404) 827-1906

Ed Schultz: MSNBC – FAX: (201) 583-5453