Cash advance firm sues Mike Lindell for refusing to pay back $1.5 million loan

[BumRushDaShow]

Source: The Independent

Monday 30 December 2024 18:08 GMT


MyPillow founder Mike Lindell has once again found himself staring down the wrong end of a seven-figure lawsuit, this time being dragged into court by a merchant cash advance firm that accuses the bedding magnate and election fraud conspiracist of ducking out on nearly $1.5 million in outstanding debt.

Cobalt Funding Solutions, a New York City-based “alternative capital provider,” makes loans to businesses against their future sales, taking a set portion of a company’s revenues until the principal is repaid, plus a handsome premium. Lindell, for his part, has called the entire future receivables industry a “sham,” and drew first blood against Cobalt earlier this month with a lawsuit claiming the whopping 409 annual percentage rate it charged him while in a desperate cash crunch was “illegal,” “usurious,” and a legalized form of loan sharking.

Now, Cobalt has returned fire in a civil complaint filed last Friday in state court. Although the 63-year-old MAGA fan has stopped paying, the complaint says he has “continued to generate and collect millions of dollars in revenue from sales of, among other things, Pillows and bedding accessories since October 18, 2024.”

Reached by phone on Monday, Lindell told The Independent he had not been previously aware that Cobalt was countersuing and had not yet reviewed any of the court filings.

Read more: https://www.independent.co.uk/news/world/americas/mypillow-mike-lindell-cobalt-funding-solutions-lawsuit-b2671648.html

[TexasTowelie]

1. How will Mike cut back on eating his meals from the Hardee's drive-thru?

[keithbvadu2]

2. He was savvy enough to build up a multi-million$ company and signed this loan?

https://www.democraticunderground.com/100219812195

His track record indicates he would sign anything to get the money with no real intention of paying it back.

Obviously learning from Trump.

[Astraea]

3. That fucker is still in business?

Seriously. How many people are still buying his shitty pillows?

[Maeve]

15. Saw them recently at Big Lots, which is another failing company

[live love laugh]

4. This is the 2nd incident of him bilking loaners recently.

He’s probably counting on Trump’s get out of jail free card.

Here’s an article about first the first $600k loan.

https://www.startribune.com/mike-lindell-mypillow-trump-supporter-sues-over-financing/601171320

[Bluetus]

5. Pillow Mike and the sharks deserve each other

And Pillow Boy is about to learn rule #1 of Trump loyalty: it only goes one direction, especially if you have nothing he needs.

Mike should give Rudy a call. Maybe Rudy can give him a hand.

[Pototan]

6. A fool and his money are soon parted

Anyone who would lend a million and a half dollars to Mike Lindell at this stage is certainly a fool.

[MissouriDem47]

7. Lindell borrows from legalized loan sharks

Now he doesn't want to pay them back. How Republican him.

[3Hotdogs]

8. --- and h'e made millions of dollars since October?

Walmart kicked his shit out of the store. Who else is selling it?

[Bluejeans]

9. Rural King sells his pillows nowadays

Rural King, the Walmart-esqe store for farmers, sells "My Pillow" nowadays.

https://www.ruralking.com/mypillow-standard-classic-bed-pillow-medium-2-pack-stdp-2pk-white

[Blue Dotty]

10. No tears on my pillow, no pain in my heart. N/T

[ZonkerHarris]

11. what assets are left?

[Mawspam2]

12. Who should I root for?

The asshole crackhead pillow conman or the payday loan idgits?

May they both burn to the ground in lawyer fees.
💩🤡👹☠️

[Buddyzbuddy]

13. Exactly! Mawspam. Sounds like a win-win to me .

[PSPS]

14. LOL. Lindell is right that it is "usurious"

But, these days, thanks to republican support, such outfits are perfectly legal. They charge 400% interest because nobody else will make the loan and the borrower is desperate. But Mike can take comfort that these outfits dutifully render a percentage of their lucre to their republican benefactors in congress as "campaign contributions" to protect their scheme. That's how they got the usury laws out of the way in the first place. Poverty is big business.