Sounding Bored is my semi-regular column on the state of the appraisal profession. This week I will find out whether I can buy winter coats for my kids since AMCO was able to borrow $2M.
Last week in my post Is AMCO In Financial Trouble Or Managing The Float? about how AMCO was in massive arrears to my firm and I was getting nervous because their reason for the 7 month delay seemed to be because they were having problems with their credit line and had to delay payment. In this day in age of easy credit and the fact that AMCO is a large national firm that tries to position themselves as appraiser-orientated (I think they are the best of the AMC bunch – not that this is very complimentary), is particularly alarming.
Today, Patrick C. O’Brien, their Chief Operating Officer, issued a press release that they finally obtained their credit line. Now I can hope to get paid my $15,000+ in outstanding appraisal fees, the majority of them are more than 6 months overdue.
The day after my original post last week, I got a follow up email from AMCO indicating I would be cut a check for $10,000 of my old invoices on Monday. Should I bank on the idea that this will actually happen after 6 months of what now in hindsight, seemed to be stonewalling? Pardon me if I am a bit upset about this.
Here’s the press release sent to me today. I am at a loss as to why this is worthy of a press release or that it should even be announced.
AMCO Completes $2 Million Credit Facility
For Immediate Release (1/24/07)
CLEVELAND, OHIO — AMCO, a national valuations service provider to the lending and relocation industries, today announced that it has completed a $2 Million Credit facility with New York based Access Capital.
“This was an important step for this organization to solidify itself for the long-term with both our client and vendor partners, as AMCO’s leading position in valuation quality is further enhanced by this financial partnership”, said Chief Operating Officer Patrick C. O’Brien. “Adding a strong and committed financial partner like Access Capital will provide AMCO the capital to continue our growth and strategic initiatives.”