Par Funding Owners Threatened With Eviction From Haverford Home
The owners of the cash-advance company Par Funding have 10 days to file an objection to an order by a federal judge to leave their Haverford home by April so it can be sold, writes Joseph N. DiStefano for The Philadelphia Inquirer.
They can stay in their home until it is sold if they pay $61,000 in overdue rent and fees, states the order by Judge Rudolfo Ruiz.
The order against company owners Joseph LaForte and Lisa McElhone includes selling vacation homes in Jupiter, Fla. and the Poconos, and 21 Philadelphia investment properties.
The effort is an attempt to pay back Par Funding investors $250 million to be collected from Par’s owners, officers and sales agents.
The real estate assets have an estimated value of at least $55 million.
Philadelphia-based Par Funding cut payments to investors and was placed under court-ordered receivership in July 2020.
Investors had raised money to finance Par’s high-fee loans to small businesses.
The Securities and Exchange Commission filed civil fraud charges against LaForte and McElhone and several associations.
“The faster we can do this, the more we can do for investors,” Ruiz told the lawyers Wednesday.
Read more about Par Funding’s debt and possible eviction from a Haverford home in The Philadelphia Inquirer.
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