Its financial arm lent Mr. Salander more than $800,000 over the summer, using as collateral more than 20 works of art that he said he owned.
Dr. Dunn soon discovered that Mr. Estes had borrowed $24 million $180 millionon in today's dollars — using as collateral fertilizer tanks that turned out not to exist.
One possible financing source was a loan from the governor's office using as collateral an anticipated $30 million in city revenue from video lottery terminals that will be installed early next year in Yonkers Raceway.
The 1994 campaign had been funded in large part by a $4.3-million 4.3-millionhat Spitzer took out, using as collateral some apartments that he owned; he told the press that he was servicing the loan with his own income.
Nor would any commercial bank lend Evans the $2.7 million until he hit on the idea of selling Mount Vernon's rail car division and using the expected proceeds as collateral for the loan -- in other words, using as collateral something he did not yet own.
Dvorkin suggested that it's easier to get a loan using as collateral an item like real estate or stock as opposed to portable items such as a diamond ring, a vehicle or other items that can easily be transported.
