In the battle of the Pauls on “American Chopper: Senior vs. Junior,” it appears they both may have lost.
The New York-based custom motorcycle shop that’s home to the Discovery Channel show is facing foreclosure, this according to the Times Herald Record.
Paul Teutul Sr., the owner of Orange County Choppers, is late on his mortgage payments to GE Commercial Finance Business Property Corp. According to the story, $110,000 was due July 1.
The motorcycle men stopped paying in an attempt to force GE to change the terms of the loan, says their attorney Richard Mahon. He believes that due to the recession, the facility once valued at $12 million is now worth between $7 and $8 million. As a result, Mahon feels the loan should be modified.
“This is just a bump in the road,” Mahon says. “We believe the parties will reach a resolution and the headquarters will continue in this location.”
GE Commercial Finance has declined comment.
In true reality TV fashion, they will work this finance problem into one of their upcoming episodes.