The responses that they went bankrupt are true. See Brammer money floats away...
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ells Fargo Credit Inc., is not responsible for covering a $500,000 loan the City of Davenport made to a cabinet-making company two months before the company collapsed and the bank took over its property, Iowa's highest court ruled Wednesday.
Davenport officials were hopeful the city would recoup at least $325,000 of the economic development loan it made to Brammer Manufacturing Co. after Scott County District Judge Mark Cleve ruled last year that the bank was obligated to cover the debt.
Wells Fargo foreclosed on the property in February 1999 and later purchased it after the company defaulted on a $2.6 million bank loan. The bank loaned Brammer the money Nov. 18, 1997, 11 months before the city made the economic development loan.