Trueq did Cap1 follow through with Arbitration ?

[david9041]

I just finished talking to Cap1 legal department , they called to see if a settlement deal could be worked out . I could use some input on the subject .

[nascar]

... they called to see if a settlement deal could be worked out.

Did you ask them what they were prepared to offer you?

[david9041]

Did you ask them what they were prepared to offer you?

Yes and no , you know how lawyers talk , they were in house lawyers for Cap1 , they asked me if I was looking to walk away from all four cases , I told them no , it would have to put money in my pocket , I quoted them the same amount they were demanding

They said they were going to research the matter further , I requested they not bother me until after the holidays and to have a Merry Christmas and Happy New Year .

[trueq]

Its unlikely they will write a check (depending on what you have on them).

HOWEVER, I MUST POINT OUT, AND YOU BACKED IT UP WITH YOUR COMMENTS...Cap1 may accept a mutual dismissal with prejudice for no $ at this point in the JAMS process.

Just so everyone is aware.

Cap1 is not stupid. They know JAMS is expensive for them and if the claim is only a few thousand $$$'s arbitration will cost them more than the claim! Their agreement DOES NOT PROVIDE FOR RECOVERY OF ALL THE JAMS ARBITRATION FEES THEY HAVE TO SINK IN!

*****TAKE NOTE, YOU GET ATTENTION OF CAP1 IN-HOUSE COUNSEL WITH JAMS ARBITRATION EXERCISE....THAT IS MUCH BETTER THAN THE LOCAL CAP1 HIRED GUN LAW FIRM.******

[david9041]

Its unlikely they will write a check (depending on what you have on them).

HOWEVER, I MUST POINT OUT, AND YOU BACKED IT UP WITH YOUR COMMENTS...Cap1 may accept a mutual dismissal with prejudice for no $ at this point in the JAMS process.

Just so everyone is aware.

Cap1 is not stupid. They know JAMS is expensive for them and if the claim is only a few thousand $$$'s arbitration will cost them more than the claim! Their agreement DOES NOT PROVIDE FOR RECOVERY OF ALL THE JAMS ARBITRATION FEES THEY HAVE TO SINK IN!

*****TAKE NOTE, YOU GET ATTENTION OF CAP1 IN-HOUSE COUNSEL WITH JAMS ARBITRATION EXERCISE....THAT IS MUCH BETTER THAN THE LOCAL CAP1 HIRED GUN LAW FIRM.******

In your case did they pay their fees to JAMS by their deadline ? I am little by little letting them know that any judgments would put me in bankruptcy so they will know there is no up side for them , and the personal lawsuits have merit , if I sue and lose there is still no up side for them

[trueq]

I have not gotten confirmation yet Cap1 paid the $2000. Counterclaim deadline is Mon. Nothing yet.

Arbitrator is not going to allow case to progress unless they pay it.

BK is a good threat....If they win the arbitration...they still lose...and spend big $$$ doing it!

Actually in my case BK is almost a legitimate threat now for me. on 12/16/09 WI raised the homestead exemption from $40,000 for married couples to $150,000.

That is a huge move, essentially $110,000 in non-exempt assets just got exempted for me!

They also raised some other exemptions....if I had to do a Ch. 7, I could shield almost $250,000 in assets...

This is why you are going to see Cap1 edit JAMS out. You can make them bloat a big arbitration bill, they could fight, in theory with a counterclaim forthe debt, and win spending many thousands more than the award, and get blown out by BK anyway.

Remember this is one of these brainiac banks that got our tax money.

Edited December 19, 2009 by trueq