DEBT DIVIDE: Arkley Corporation vs. actual people
Regular Joes and Janes live at the brink of financial ruin while Arkley’s numerous LLC entities get loan extensions and other benefits not available to unlucky homeowners duped during the housing bubble. A family who purchased a house in 2006 can’t catch a break while the mega rich get bail outs and lengthy extensions on their loans.
One Security National company that filed for bankruptcy owns a trailer park in Wyoming. The tenants there describe their living conditions:
“My wife was sitting on the toilet when it fell through the floor,” [Ralph Caughie] said. Management eventually rebuilt the rotted floor, he said, but “I had to get on ‘em three or four times before they got the right toilet.” Before being contacted by the Journal, Caughie and other residents had never heard of Security National. They said they walk their rent money down to the manager’s trailer once a month, and they were surprised to learn that their names were on court papers in a Delaware bankruptcy court.
Asked about the trailer park, [security National VP Brian] Mitchell said employment is booming in and around Casper thanks to a natural gas boom (a boom fueled by hydraulic fracturing, or “fracking,” which has caused groundwater contamination in the area, according to a December report from the Environmental Protection Agency). Mitchell said he hadn’t heard about Caughie’s wife falling through the floor while on the toilet, and he didn’t agree with the characterization of the park as a slum court. “Is it the nicest place in town? Absolutely not. But I’ve been there. We provide the most affordable housing in the greater Casper area.” It is, he said, housing for the “working class.”
North Coast Journal: The Debt Divide