In 1988 I had another one of my note payers declare bankruptcy and defaulted on the note. I had to go to the bank and pay my note off that been the collateral on the note. Soon others also filed bankruptcy and I continued to go to the Banks and pay off my notes. Finally I had to start selling assets to pay off the banks and things got tougher and tougher. I sold the lake house at Texoma. The boat, the motor home and other equipment were also sold. I sold most of my cows and the farm equipment. A number of my notes receivable were good and regular payers and I sold them at discounts to raise money for the banks.
Finally there was nothing else to sell. My notes receivable income had gone to zero and my note payments at the banks were still about $6000 a month. I was so proud of my credit history, and it was a really miserable time for me when I could not meet my obligations. I remember my banker at Republic Bank in Dallas had once introduced me to the President of the Bank saying, “George is not the biggest customer of the bank, but we don’t have another with better credit.” I won’t prolong the agony of reviewing that bad time but there were many long sleepless nights, tears and lots of prayers.