Friday, July 25, 2008

RVs seized as dealer is accused failing to repay $3M lenders

Newsday - Long Island,NY,USA
A Medford company that bills itself as Long Island's top RV dealership is being sued for more than $10 million by two national finance companies that claim the retailer sold vehicles but failed to pass along more than $3 million in payments to the lenders.

Eddy's Long Island RV Center, which sells and rents RVs and has been in business since 1960, has seen most of its inventory seized and its bank accounts frozen.

Executing a court order from federal Judge Joseph Bianco in Central Islip, the Suffolk County sheriff's office seized about 140 motor homes and trailers starting on Monday morning, said Capt. Ted Sarian, the commanding officer of the sheriff's civil bureau. The seizure was completed Tuesday.

The battle began in court on May 30, when GE Commercial Distribution Finance Corp., a unit of Fairfield, Conn.-based General Electric Co., sued Eddy's in U.S. District Court. GE said the company defaulted on its payment agreement when it sold about $2.3 million worth of vehicles without sending payments to the lender. GE is demanding that Eddy's pay its $6.6-million loan balance.
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