Friends, let us scratch our heads together at this loan agreement Manafort signed with his oriental rug vendor in Virginia.
Manafort loaned his rug guy $250k to buy new rugs, he took $500k (2x!) of other rugs as collateral, and would receive 40% of the profits on the new rugs.
Manafort loaned his rug guy $250k to buy new rugs, he took $500k (2x!) of other rugs as collateral, and would receive 40% of the profits on the new rugs.
Here's the related stipulation, which doesn't add much illumination. Best guess is Manafort drove a hard bargain to bail out the cash-poor rug vendor in 2010.
... but then why require him to use the whole loan to acquire still more oriental rug inventory? If the guy has no cash and rugs coming out the wazoo, it makes no sense for him.
in conclusion
