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Nat City Calls Loan On Frank E. Irish Co.

From today's Indianapolis Star:  Prices were pinching Frank E. Irish Co. when loan was called.

From yesterday's IBJ.comStadium contractor ends operations.

As to the credit issue, here's a telling quote: 

Irish Chief Executive Officer Patrick Dooley said the company was working to extend its line of credit with National City when the bank changed some calculations associated with the loan that eliminated the types of inventory that could be used for collateral.

It would be interesting to hear Nat City's side of the story and to learn more about the collateral calculations.  Evidently, Nat City's reps wouldn't comment.

May 22 Ketzenberger column:  Star columnist John Ketzenberger provides further insight into the Irish default and blames, in part, the subprime lending crisis:  "[Mr. Irish] won't be the last business owner to cry as the subprime lending debacle reverberates through the economy."  Click, Bank's woes put end to Irish's luck.  I'm not sure how much the lender is to blame, but it's a sad story nonetheless.

May 25 Star editor Dennis Ryerson, on the Ketzenberger column:  More to story behind the Irish Co. story.  Ryerson quotes a Nat City rep, who appears to question Ketzenberger's theory that the subprime lending crisis caused the bank to call Irish's loan. 


In other news, today's Cincinnati Enquirer is reporting that one of the city's downtown hotels - The Hyatt Regency Cincinnati - is headed for a receivership:  Lender seeking foreclosure on downtown hotel.  Midland Loan Services is the plaintiff in the suit.