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'American Chopper' headquarters facing foreclosure

  • Pop2it
In the battle of the Pauls on "American Chopper: Senior vs. Junior," it appears they both may have lost.

The New York-based custom motorcycle shop that's home to the Discovery Channel show is facing foreclosure, this according to the Times Herald Record.

Paul Teutul Sr., the owner of Orange County Choppers, is late on his mortgage payments to Ge Commercial Finance Business Property Corp. According to the story, $110,000 was due July 1.

The motorcycle men stopped paying in an attempt to force Ge to change the terms of the loan, says their attorney Richard Mahon. He believes that due to the recession, the facility once valued at $12 million is now worth between $7 and $8 million. As a result, Mahon feels the loan should be modified.

"This is just a bump in the road," Mahon says. "We believe the parties will reach a resolution and the headquarters will continue in this location.
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Orange County Choppers Faces Foreclosure, Fox Hit With 'Lie to Me' Lawsuit and More

  • Aol TV.
Filed under: TV News

Orange County Choppers is facing foreclosure on an upcoming episode of its reality series, 'American Chopper.'

In November, the Times Herald Record reported that the lender behind Occ's headquarters in Newburgh, N.Y., filed a foreclosure action against the reality stars. The preview for next week's 'American Chopper: Senior Vs. Junior' showed Paul Teutul Sr. dealing with the news.

According to The Times Herald Record, Orange County Choppers has two mortgages through Ge Commercial Finance Business Property Corp. One is for $11 million and the other is for $1.5 million. The November foreclosure action said the Occ missed payments of $96,400 and $14,000. They were due July 1.

Richard Mahon, lawyer for the Choppers, told the newspaper in November that his clients stopped making payments to put pressure on the lender to modify terms of the loan since the value of the building has changed in the recession.

"This
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'Iron Man' Leads the Way in the Visual Effects Society Nominations

As the Society noms continue to roll in, the latest comes from the Visual Effects Society as they announce their nominees for the 7th Annual Ves Awards, a ceremony recognizing outstanding visual effects in over a dozen categories of film, animation, television, commercials and video games. Of course all I really care about are the film noms, but you can check out the full list of nominees by downloading the Pdf press release right here. Iron Man led the way with five nominations and is competing with The Chronicles of Narnia: Prince Caspian, The Curious Case of Benjamin Button, Hellboy II: The Golden Army and Cloverfield in the Outstanding Visual Effects in a Visual Effects Driven Motion Picture category, the category probably deemed the highest profile of the bunch and it went to Transformers last year only to see The Golden Compass pull out a surprise win at the Oscars.
See full article at Rope Of Silicon »

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