So this business owes me money....

[Fluid Power]

I own an industrial distribution business. We have a customer that has always been a slow pay. In the end though, we always have gotten paid. We do about $250k a year with this customer and we make pretty good margins because of the fact that he is a slow pay. He is into me for about 60k. It looks less and less like he is going to catch up this past due amount. In the last 2-3 months we have been shipping orders COD. We are getting into his busy season and the COD orders are getting larger and larger. The problem is, when I mention the outstanding debt, he always tells me next time and of course it never comes. The question is, what do you guys think the course of action should be? Should we stop processing the current orders (at even better margin than before?) Suing is an option, my best friend is my attorney and the cost is zilch. Collecting a judgement is impossible though. Make him an offer to reduce the debt and pay 40K now and forget the 20k? (He probably doesn't have the cash.) I am stumped for sure. Any advice is welcome. Thankfully, we are big enough that, while it still stings really bad, it does not jeopardize the business. Thoughts?

Darren