On March 5th, the New York Attorney General Letitia James sued a host of different MCA entities including Delta Bridge and Yellowstone Capital in an effort to seize alleged illegal activities associated with the Merchant Cash Advance (MCA) and alternative loan industry. Consequently, the New York AG is seeking relief in the amount of $1.4 Billion in fines and restitution which if successful can go back to business owners who were hurt by their operations.
This article outlines several parts of the AG's lawsuit and datasets entered into the evidence with virtually every deal (predatory victim) who dealt with Delta Bridge and Yellowstone Capital for the last 10-13 years.
By Thomas Tramaglini, Chief Operations Officer
Partner, The Center for MCA Research
Lots of Evidence
When the New York Attorney General filed a lawsuit against a host of MCA companies and individuals associated with the MCA companies, what was telling was the amount of evidence collected in the State's investigation to support the case against Yellowstone Capital, Delta Bridge, associated individuals, and their affiliates.
To access the evidence you can click here to find transcripts of depositions and emails which highlight the angles that the State is using to shut down their operations.
It is important to note that both Yellowstone and Delta Bridge are arguably the largest MCA providers in the world.
Attorney General James calls for judge to stop collections and other moneys related to any of the respondents in the case.
In the complaint entered on March 5th, the NY AG asked the judge to to cease all collection of payments or other moneys related to their Merchant Cash Advances. This was listed in the complaint on page 276 (section d). Whether or not this will stick will be up to a judge, who has not been assigned to the case. However, it is expected that the judge will pay serious attention to all of the requests in the complaint, including the shutting down of some of the individual defendants and operations of the included companies.
Every Deal Listed in The Evidence
What many ISO and brokers always want is the book of potential clients to prey on. What is one of the most amazing releases in the evidence presented in New York State Supreme Court (New York County) is a list of all of the deals that both Yellowstone and Delta Bridge conducted over the time of the scrutiny of the lawsuit.
Using the Data
The team at Beacon is sharing these data in PDF format, which was uploaded by the New York Attorney Generals office in its entirety. Anyone can download these data from the court system or our website and conduct a simple search for their company using any simple search program such as Adobe.
So anyone can review what companies are subject to the evidence, you can download the data below.
Every Deal from Delta Bridge
Every Deal from Yellowstone Capital
So What?
This article outlines several parts of the AG's lawsuit and datasets entered into the evidence with virtually every deal (predatory victim) who dealt with Delta Bridge and Yellowstone Capital for the last 10-13 years.
The team at Beacon is experienced in MCA eradication and management, from default to lawsuit. We work with anyone who has been a victim of predatory lending in a way where we will work to resolve issues that are negatively influencing the operation of their company.
Dr. Thomas Tramaglini is the Director of Operations and Negotiation for Beacon Client Solutions, a company that supports small businesses on a host of fronts, especially MCA debt. Thomas has been a small business owner for many years, as well as held leadership positions in several organizations and companies. Thomas holds a B.A. in History, as well as Masters and Doctorates in Organizational Leadership from Rutgers University, The State University of New Jersey.
Disclaimer: Beacon Client Solutions is not an accountancy, or a law firm. We are business consultants. While Beacon works with outstanding attorneys and accountants, we cannot and do not provide legal or tax advice. All of our work is connected to those who are legally certified to give such advice. Beacon does have a longstanding body of work in MCA resolution and understands what small business owners deal with, specific to MCA. Beacon Client Solutions serves clients in all 50 states, Puerto Rico, Mexico, and Canada.