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One of the prosecutors, John Markham, said those loans represented "just a very small portion of unrepaid borrowing".
He attributed his losses to unrepaid loans to friends, bad investments in thoroughbred horses, child-support payments and financial obligations to friends.
Billions of dollars in unrepaid loans have forced these banks to borrow from foreign banks that have grown increasingly unwilling to lend more.
In the meantime, Elwes lost huge sums of money to his colleagues in unrepaid loans, uncollected debts and dubious investments.
LaRouche supporters claim the unrepaid amount was $294,000 but, according to testimony at trial, the amount owed by 1987 topped $25 million.
The slowdown is partly a result of the scramble by many banks to raise cash to reimburse depositors whose money has been lent out and lost in unrepaid loans.
One such Berlin number, "Cohen Owes Me Ninety-Seven Dollars," from 1916, concerns a businessman on his deathbed who cannot stop fretting over his unrepaid i.o.u.'s.
The money is likely to be used primarily to help distressed banks repay debts they owe, giving them a chance to rework an estimated $50 billion in unrepaid loans owed to them.
Six of Japan's biggest banks reported their largest annual losses ever today, a result of an effort to slash unrepaid loans and put the worst of a mountainous burden of bad debt behind them.
If the lender chooses not to pursue deficiency judgment-or can't because the mortgage is non-recourse-and writes off the loss, the borrower may have to pay income taxes on the unrepaid amount if it can be considered "forgiven debt."
The number of unrepaid loans was escalating daily, debtors were at their wits' end, and-as the bankruptcy courts were closed along with all the other courts-creditors were resorting to violent means in order to collect their debts.