But it was a contract, correct?
MyPillow, Mike Lindell sues another lender over $1.2 million ‘sham’ loan
December 12, 2024 | Brooks Johnson | Minnesota Star Tribune
MyPillow and CEO Mike Lindell are suing another merchant cash advance company over an allegedly illegal loan.
The Chaska, Minnesota-based manufacturer borrowed $1.5 million from Cobalt Funding Solutions in September and agreed to make 50 daily payments for a total repayment of $2.2 million, according to a lawsuit filed last week in Carver County District Court.
The resulting 409% interest rate is “many times greater than the maximum interest rate permitted under the applicable state usury law,” the suit says.
“Cobalt … took advantage of MyPillow, a cash-strapped business that needed funds quickly,” the complaint says. “This transaction is an illegal, usurious loan,” and MyPillow wants a judge to declare the loan unenforceable and award unspecified damages.
Certainly this dispute can be settled with a pillow fight. Why involve the courts?
Sham. Wow.
Never swim with the sharks.
The last time I ran into an interest rate like this, collection involved something a little more kinetic than a pillow fight.
Did you meet Guido and Vincenzo?
With 409, you really clean up!
Heh. I will loan you money at 409%. I will collect tomorrow. Or, more accurately, Guido and Vincenzo and the Emu will.
You’ll have to put them in isolation immediately afterwards…
Cobalt Funding after the contract was signed,
She’s real fine my, 409,
She’s real fine my, 409,
My Four, Oh, Nine
Well I loaned my pennies and I loaned my dimes
(giddy? yup! giddy? yup 409!)
For I knew there would be a time
(giddy? yup! giddy? yup 409!)
When I would charge a new brand 409
(giddy? yup! giddy? yup 409!)
Leave the pillows, take the cannolis.