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Article: Durham insider loans pile up
- Article from:
- Indianapolis Business Journal
- Article date:
- October 26, 2009
- Author:
CopyrightCopyright IBJ Corporation Oct 26, 2009. Provided by ProQuest LLC. (Hide copyright information)
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Indianapolis businessman Tim Durham has treated Ohio-based Fair Finance Co. almost like a personal bank since buying it seven years ago, and now Durham, partners and related firms owe it more than $168 million, records show.
Fair, a consumer-loan company, listed no insider loans under prior ownership. The extensive borrowing - which represents 70 percent of Fair's assets - worries some investment-industry observers at a time parts of Durham's financial empire are strained.
They note that if the borrowers fail to pay off the loans, Ohioans who have provided capital to Fair for decades by buying short-term investment certificates may not get their money back.
Fair continues to raise money ...
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