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Bank: Michigan GOP defaulted on $500K loan, hasn’t made payment in months (www.bridgemi.com)

submitted 5 months ago* (last edited 5 months ago) by MicroWave@lemmy.world to c/politics@lemmy.world

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The Michigan Republican Party is in default on a $500,000 loan and ignored a recent demand for immediate payment, according to a new court filing from Comerica Bank.

“The MRP has not responded to the Demand Letter and, as of the date of this Motion, has been in default for over 120 days,” bank attorneys wrote in an Ingham County Circuit Court response as the state party seeks control of its former headquarters for potential sale.

…

"It's an illusion that (the debt) is a function of the Karamo administration,” her executive director, Jim Copas, told Bridge Michigan on Wednesday. "The Karamo administration has never taken one penny or created one-cent worth of debt with Comerica.”

The Michigan GOP could pay off the debt "tomorrow if we chose to,” Copas said. But the bank has not provided the administration requested details about the loan, and “we’re not convinced it’s legitimate,” he said.

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[-] Long_Con@lemmy.dbzer0.com 1 points 5 months ago

Precisely because they are bankers. You don't become wealthy by NOT picking up pennies off the ground....

[-] Zuberi@lemmy.dbzer0.com 1 points 5 months ago

This is not a good argument when Wonderbread-Elon bending over to pick up a penny actually wastes more than he "makes" in that moment

this post was submitted on 22 Jan 2024

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