Oklahoma City professional landman Chris Ferguson was surprised when a professional repo man arrived at his house just before dinner on or about February 15th, 2020. “I had no idea why he was there,” Ferguson said, “but when I answered the door, he asked me for my shoes. My shoes!”
Bank of Oklahoma’s repossession specialist, Sterling Steele, explained. “When I went to Mr. Ferguson’s door, I had a large list of items the debtor had put up as collateral for a multimillion dollar line of credit with my client bank on which he was over 180 days delinquent,” Steele said. “One of those items was a pair of size 7.5 alligator leather Salvatore Ferragamo loafers, market value approximately $2,000.”
Ferguson expressed his outrage. “Who takes someone’s shoes? Seriously. I know I added them to a list of 90 other luxury items I borrowed against to make sure my neighbors don’t judge how little money I actually have, but seriously,” Ferguson explained. “I have like 200 grand in credit card debt; I can’t afford to be losing my shoes. What will my coworkers think?”
Due in part to the recent downturn in oil and gas markets worldwide, Oklahoma City is facing a large increase in bankruptcies, foreclosures, and lawsuits from banks attempting to collect on major debts taken during the shale boom of 2010 through 2018. Oklahoma saw an explosive growth of private equity companies buying up large swaths of potential oil producing land in an attempt to sell the land for multiple times the initial purchase price. Many of the personnel at these private equity companies ran up huge debts with local banks to maintain a lavish lifestyle including flights on private jets, golf in Houston, and expensive McMansions in the suburbs.
“I realize I owe the bank money,” Ferguson explained, “but Jesus Christ, why would you demand my shoes? I have five Breitling watches you could take just as easily.” Bank of Oklahoma did not respond to our requests for comment.
Source of featured image: Allison Legal