Not a great month for Tim McCallan of AmeriCorp fame. It looks like his case the bankruptcy trustee filed back in February 2011, trying to claw back money from McCallan’s involvement with AmeriCorp and Allegro Law is still ongoing. The latest event, a notice of appeal by McCallan and AmeriCorp. That suit is about allegations of fraudulent transfers, preference and trying to reclaim property back from AmeriCorp and McCallan. – Source
But in researching that story I came across another September story involving McCallan and the court.
On September 12, 2011, Bank of America filed suit against Timothy McCallan, Intermark Communications, and IMM Interactive over faille to pay. Can’t believe McCallan couldn’t settle that one since that’s what his AmeriCorp company is supposed to do for others.
Intermark Communications got slammed by the FTC in April and charged with all sorts of deceptive marketing.
While it is too early to declare this is fall of a debt relief empire, it certainly looks like pressure is mounting against McCallan and his life in the debt relief world.
Besides including McCallan’s home address, so we can see an aerial shot, the suit paints an interesting picture of brewing troubles.
The Bank of America Suit says:
In 2008, Intermark Communications and Merrill Lynch Commercial Finance Corp (“MLCFC”) entered into an agreement that Bank of America later took over. The $2,250,000 commercial line of credit provided for a first position security interest in all that basically Intermark owned. McCallan also gave MLCFC his “Ulimited Guaranty” for the debt.
As of September 7,2011, McCallan and Intermark owe Bank of America $874,301.69 with continued interest, fees, attorney costs, and collection charges. – Source
With all the coin McCallan has made in the debt relief world over the years, if he doesn’t have a loose $900,000 available to satisfy his loan obligation he personally guaranteed, that’s not a good sign.
Didn’t someone ever tell Tim McCallan to never cosign? Apparently not. And they also apparently told him not to let him Intermark Communications get slapped hard by the Federal Trade Commission or engage in activities that would bring the bankruptcy trustee after him as well.
I once wrote an article title titled “Tim McCallan And His Nine Lives in the Debt Relief World.” I’m sensing that in 2011 he’s used up some of those lives. When the kings fall, they fall hard.
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He got what he deserved – and Mike Krongel too….scumbags of the earth