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March 21, 2010

Recession hits "the rich" - high end repos booming

If you don't keep up with the payments on that $15M Gulfstream or 110' yacht, the "repo man" is coming for your stuff. Yea, T Coddington Van Voorhees VII, I'm looking at you!

...Ken Cage isn't your typical repo man. Rather than snatch cars from an over-extended middle class, he takes back yachts, planes and other toys from the over-leveraged rich.

Business is thriving, even as the economy begins to improve. His company, Orlando-based International Recovery Group, repossessed more than 700 boats, planes, helicopters and other property last year valued at more than $100 million. Business, he says, is up six-fold from 2007.

He has reclaimed everything from $18 million Gulfstream jets and Bell helicopters to 110-foot Broward yachts, $500,000 recreational vehicles and even a racehorse...

I think I've found a new career. Swiping phat toys is something I could really pour my heart and soul into.

posted by Purple Avenger at 12:34 PM

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Business, he says, is up six-fold from 2007. He has reclaimed everything from $18 million Gulfstream jets and Bell helicopters to 110-foot Broward yachts, $500,000 recreational vehicles and even a racehorse... I think I've found a new career. Swiping phat toys is something I could really pour my heart and soul into. posted by Purple Avenger at 12:34 PM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments The other wives.: "[i]I didn't do anything until she was 12 and she c ..." 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