TETON HOMES

[jdwilson3]

On Thursday October 2, a Sheriff's Sale sold off the production equipment worth $6.5 million for $1 million to Zion Bank. I found the link in RV.net to the newspaper article.

[Gemstone]

I guess it was only worth what someone was willing to pay for it, not $6.5 million....hummm, maybe that was the root of Teton's problem...

[jdwilson3]

http://www.casperstartribune.net/articles/2008/10/03/news/casper/60ce00f27078339e872574d700019a31.txt

Kind of an interesting read...Zion Bank was the only bidder.

[bstark]

They did a blindside the day of the auction by representatives of the bank making a motion that the list of items not be "read off" and that the entire list be auctioned as a 'block' and had the clout to do that by being a major creditor holding Teton paper. What we've come to know and expect as standard operating procedure for banks. They essentially bought their own assets back at pennies on the dollar. I would believe they had another business somewhere being "carried" by their bank that needed those assets and will be even further in debt to the bank after the bank sells them the goods at slightly inflated prices.