Think at this point your friends gonna want to ditch the T/A, put a lien on the bodyshop ("the business") and plan on writing the $35K off over the next year or two depending upon his finacial circumstances. The lien can go a long way to encumber the shops ability to get business loans and or the future possibility of a sale of the business--if in fact this is even a business worth purchasing or sale value. Real sucko situation no matter how you slice it.
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