Greg McAllister Posted May 29, 2013 Share Posted May 29, 2013 Any thoughts or advice for a start-up where the principals have personal Ch. 7 bankruptcies and cannot get a DSP bond through a major insurer? Apparently, insurance underwriters are as risk averse as bank underwriters when it comes to a dreaded bankruptcy even though we're cash customers and now not nearly as leveraged or in debt as the average borrower... Link to comment Share on other sites More sharing options...
rumfarmer Posted May 29, 2013 Share Posted May 29, 2013 I have heard of people having to put up the full bond amount in an escrow account to satisfy the TTB when they have difficulties securing the bond. This is second hand, but if all else fails, I believe this is a path available to you. Link to comment Share on other sites More sharing options...
TetonDistillery Posted May 29, 2013 Share Posted May 29, 2013 Perhaps recruit a few more investors with clean credit history. Link to comment Share on other sites More sharing options...
clearwaterbrewer Posted May 29, 2013 Share Posted May 29, 2013 It was told to me that you can purchase a T-Bill for the amount of the bond, and give the TTB the number for the T-Bill, and they just put a 'hold' on it... may be an option... Link to comment Share on other sites More sharing options...
daveflintstone Posted May 29, 2013 Share Posted May 29, 2013 Pay it in cash. Get the minimum you will need for start up. When you are able, you can get an underwritten bond and your cash will be returned. I did this. Link to comment Share on other sites More sharing options...
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