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Author Topic: Re: I got an email  (Read 11779 times)

Brewman

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Re: I got an email
« Reply #30 on: January 29, 2007, 09:48:56 pm »
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Jim probably has himself coverd by being incorporated,(house and bank accounts)  but I wonder if John could go after the corp and seize assests?  I doubt the property is listed as an asset  but the truck/camper and forklift and tools are probably listed as capital by the corp that John could sieze and auction off.


Unless they were already security for other loans, in which case the first secured interest would have dibbs, and only if the loan securing them went into default.
  If this is the case, the assets can't be sold unless the loan securing them is paid, and the collateral is released by the leinholder.  I'm wondering how much of any of the trucks, forklifts, etc... are owned outright, or haven't been used to secure re-financing?
  If there are any assets to seize worth anything, you'd have to prove a loan to the corporation went unpaid.  Sounds like a big stinky mess.
  I bet the books at that business are in really good shape. ::)


« Last Edit: January 29, 2007, 09:50:53 pm by Brewman »
Brewman

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Re: I got an email
« Reply #30 on: January 29, 2007, 09:48:56 pm »

autoplay

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Re: I got an email
« Reply #31 on: January 29, 2007, 10:50:28 pm »
Quote

Unless they were already security for other loans, in which case the first secured interest would have dibbs, and only if the loan securing them went into default.
  If this is the case, the assets can't be sold unless the loan securing them is paid, and the collateral is released by the leinholder.  I'm wondering how much of any of the trucks, forklifts, etc... are owned outright, or haven't been used to secure re-financing?
  If there are any assets to seize worth anything, you'd have to prove a loan to the corporation went unpaid.  Sounds like a big stinky mess.
  I bet the books at that business are in really good shape. ::)



Wife and I discussed that at dinner.  We laffed and both aggreed debtors/leins have to be satisfied prior.

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East_TX_Spa

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Re: I got an email
« Reply #32 on: January 30, 2007, 05:28:52 pm »
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I will say this though, the email came from the SANE side of the family  ;D

It's not too late to do your best John Kerry impersonation, just so you know.

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Reese

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Re: I got an email
« Reply #33 on: January 31, 2007, 01:21:51 am »
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It's not too late to do your best John Kerry impersonation, just so you know.
Naw, Doc wouldn't do that -- he's a "Uniter, not a Divider"!  Besides, since he got the ball rolling... I'm sure:  "Mission Accomplished"! ;)
« Last Edit: January 31, 2007, 01:32:52 am by Reese »

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Re: I got an email
« Reply #33 on: January 31, 2007, 01:21:51 am »

 

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