Saturday, March 14, 2009

Company B was 'B' for BAD

There was once a super nice, ethical man named Don Shults. Don was a hard worker, and I say 'was' because, God rest his soul,  he worked himself right into the ground. Now, before Don went to meet his ancestors, he sold the rental company he had built from the ground UP. Great Smoky Mountain Vacation Rentals.

Don didn't realize it, but in July 1999 he sold his company to a financial rapist. The Financial Rapist ran wild with the company's escrow money until around March 2001.   Finally, enough of the owners were missing enough money and were collectively not feelin' the love e-nough that ~ they complained.

But it wasn't until January 2007 that justice was served and restitution ordered for that particular fiasco.Click HERE to read the sordid court document that details the trial, the witnesses, the injured, and the verdict.

However, as justice was taking it's sweet time - some how - some OTHER people were running the show at Great Smoky Mountain Vacation Rentals. We would have to check with the owners on that program at that time to know if the OTHER people were doing a good job with their fiduciary duties as a property manager. It's almost moot, however, because the OTHER people sold it to some MORE people. The name of the 'some MORE people' is Roy Duane Wilhite. 

So, a person named Duane Wihite is running the now-beleagured property management company known as Great Smoky Mountains CABIN Rentals.  It did deteriorate to the same tired  story:

Mr. Wilhite
  • fanfarelessly closed his doors on October 1, 2008;
  • owed his owners back rent money;
  • was seemingly unconcerned for the guests who had paid deposits, much less the guests who were were completely paid up in advance;
  • filed Chapter 7 Bankruptcy in November 2008.
What was Mr. Wilhite's problem?  We may never know the WHY, but we can easily deduce the HOW.   What if it was Drunken Uncle Ponzi?  

You know how Drunken Uncle Ponzi comes around and spends all the money that's EARMARKED,  so the poor company owner has to have more reservations in order to get more advance deposits so he can fund the owner, vendor and tax checks that USED to be funded ~ but D.U.P. struck, again.  It really hurts when half of your inventory is pulled in one fell swoop commensurately reducing your dipping ability.


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