"Had any of these facts been disclosed to (the) bank, it would not have renewed the line of credit o

A Eugene bank accused a troubled real-estate investment firm of hiding key information as it asked for a loan days before filing for bankruptcy protection and drawing a fine from state securities regulators.
Eugene-based Century Bank said Berjac of Oregon 's owners Michael and Gary Holcomb failed to reveal plans to merge their two firms or the state's investigation when they sought a $900,000 line of credit from the bank last month.
"Had any of these facts been disclosed to (the) bank, it would not have renewed the line of credit or advanced the additional $300,000," the bank said in a filing on Sunday in U.S. Bankruptcy Court in Eugene
On Aug. 31, Holcomb's sons moved Berjac into bankruptcy, ny exotic car rentals the same day the Oregon ny exotic car rentals Division of Finance and Corporate Securities fined them $900,000 and ordered them to stop selling "Berjac notes" to investors.
Berjac told the court its $65 million investment portfolio is now worth $20 to $40 million. It has a $1.3 million on deposit at Summit Bank, but its $300,000 account at Century has been frozen, Berjac said.
Berjac court filing said it generates $270,000 a month from insurance premium financing contracts, mostly out of its Berjac of Portland office in Clackamas. It reports only $15,000 a month in income from real-estate lending out of its Berjac of Oregon office in Eugene.
The Holcombs merged their Eugene and Clackamas partnerships just before filing for bankruptcy ny exotic car rentals because the they believed there was no difference between the two firms, Berjac said in its court filing.
Century said it had refused to loan Berjac of Oregon ny exotic car rentals money because of more than $20 million in debt owed to investors in real-estate projects. It gave Berjac of Portland a $1.2 million line of credit in 2009, in part because the firm had little real-estate holdings.
The bank alleges the Holcombs employ three of their children and are trying to use some of the bank's money to pay for their personally owned real estate. Century also objects to the Holcombs paying themselves $6,000 a month each during the reorganization.