It is called hiding assets is it not?

Seems to be hiding in plain site.

Fraudulent transfer--courts will unwind the transaction.

Fraudulent transfer--courts will unwind the transaction.

en.wikipedia.org

#3 | Posted by __b__ at 2009-01-26 04:47 PM | Reply |

I think the statute up here is that any activities to transfer assets need to take place a minimum of 12 months before any financial problems start to surface. Once the shit hits the fan, it's too late to try to transfer anything.

Speaks volumes on the integrity of this man as well as his dubious knowledge of financial law...he was in charge?!

"All I ask is three beers apiece for each of my co-workers...I think a man workin' outdoors feels more like a man if he can have a bottle of suds. That's only my opinion."

It would seem very appropriate if this guy ends up living in the rented trailer across from Niceville or Moomanfl.

"I think the statute up here is that any activities to transfer assets need to take place a minimum of 12 months before any financial problems start to surface."

Typical. With Medicare, to save a few bucks it's 5 years, but when it's billions and business it's only 12 months.

Typical. With Medicare, to save a few bucks it's 5 years, but when it's billions and business it's only 12 months.

#7 | Posted by Danforth at 2009-01-26 05:08 PM | Reply |

Not sure how "transfers" work for medicare, so I didn't really understand the post Dan. As you know, in our great socialist-communist country, medicare is free.

It would seem very appropriate if this guy ends up living in the rented trailer across from Niceville or Moomanfl.

#6 | Posted by Reagan58

How about under a freeway overpass in North Dakota.

Sounds like fraudulent conveyance to me!

Big Chris Dodd and Hillary supporter.

I'd have given him $200 for the mansion!

get 'em for fraud/deceit and tax evasion and falsifying documents to hide gains/report losses. Plenty to charge him with. There may be a gift to wife clause but I do not believe it applies when you are going belly up.

I'd have given him $200 for the mansion!
#12 | Posted by AMERICANUNITY

you ready to pay the taxes on that mansion?`

HC

If I can buy it for $200 (I'm doubling the wife's investment)

It's not tax evasion to give it to your wife. That's the unlimited marital deduction, auntie.

Is gifting assets while trying to avoid civil suits legal? I'm sure we will fisnd out.

In criminal security cases it's called fraudulent conveyance

If I can buy it for $200 (I'm doubling the wife's investment)

#15 | Posted by AMERICANUNITY

Purchase price and Assessment for tax purposes are two different things.

I know that.

I'll gladly pay the property taxes if I can buy it for $200

I'll gladly pay the property taxes if I can buy it for $200
#18 | Posted by AMERICANUNITY

Well, well... You must be a better producer than you hint at.

But I guess if you could buy it for 200 then you could flip it for a cool 13 mil before the first tax bill came due then ....

Screw you and your 200. I'm in for 2000. :)

Screw you and your 200. I'm in for 2000. :)

#20 | Posted by Hagbard_Celine

I'll go $5000, but I want an appraisal.

These asshole CEO's are going to ruin capitalism for the rest of us.

He received 22 million in 2007 and Lehman bankrupted in Sep08.

Just what were his "success" metrics to warrant 22million?

Hell, I think I can bankrupt a company. I know I can for 22 Mill.

This is pathetic. When I started a company a few years ago, the first couple of years' salary was determined by how much was left at the end of the month once my employees, suppliers, gov't and banks were paid. Very limited use of credit margins. It was a bit tough for a while, but it just seemed like a conservative approach and the business has now flourished...though I'm still not making 22 mil a year. How the hell does one qualify for such a salary? Is there a fucking coronation or some "thou art anointed" ceremony?

Assholes raped you and got paid for it, and to thank them for their criminal incompetence, they get rewarded with bonuses paid by the bailout. Why aren't these ceos being chased down the streets? Seems they should bare a large part of the responsibility for date raping your country.

#5 | Posted by Manypaths

Shawshank Redemption..

How the hell does one qualify for such a salary? Is there a fucking coronation or some "thou art anointed" ceremony?
Pancho

I dont' think Property Ladders is the place either.

This guy is as crooked as they come.

But they all took ethics in college--what are they teaching them anyway?

Don't they have Homestead laws in Fl for property?

Neither the Gov't nor anyone can touch a homestead--right?

So maybe he got bad advice from his attorney.

That would be just desserts...because b is likely correct in his post above about unwinding the deal.

These FUCKERS are laughing at us, its about time for the Government to come down hard an find a place in Prison for these fucks!!!!! WHERE THE FUCK ARE THE HANDCUFFS?????????

from Wikipedia re:

Fraudulent Conveyance/Transfer

There are two kinds of fraudulent transfer. The archetypal example is the intentional fraudulent transfer. This is a transfer of property made by a debtor with intent to defraud, hinder, or delay his or her creditors.

The second is a constructive fraudulent transfer. Generally, this occurs when a debtor transfers property without receiving "reasonably equivalent value" in exchange for the transfer if the debtor is insolvent at the time of the transfer or becomes insolvent or is left with unreasonably small capital to continue in business as a result of the transfer. Unlike the intentional fraudulent transfer, no intention to defraud is necessary....

If he lived in Texas, homesteading laws would protect his property. Your home (no matter how large) cannot be taken from you to settle debt or lawsuits in this state, as long as you have registered as a homestead. (plus you taxes are lower)

Goat--

That Homestead law is in FL too.

That Homestead law is in FL too.

I wonder what his motive for that transaction was, then? The article wasn't clear on what he had to gain by that. A story of his suicide tomorrow might answer that question, though.

The Federal provisions affecting home ownership override state laws. Those provisions went into effect in April 2005 when President Bush signed into law the federal Bankruptcy Abuse Prevention and Consumer Protection Act.

If you go Chapter 7, good luck. Chapter 13 you might be able be able to get, at the top end, 5 years to completely pay off your house. If you can't show you can do that, you don't get to keep your house.

These asshole CEO's are going to ruin capitalism for the rest of us.
#22 | Posted by fwthom

NOW he's complaining.

It appears Florida and Texas have very good Homestead laws which, except under certain circumstances, protect the ENTIRE value of the home against creditors.

Well a Quit Claim won't protect the home from the lawsuits in the pipeline against this guy.

OH homesteaded his home too. That was another reason he moved there.

I worked for a company that did an Enron before it was fashionable.

The owner sold everything in NY and moved to FL and bought his home under a Homestead.

BASICS OF TEXAS HOMESTEAD LAW
#34 | Posted by CalifChris

The primary purpose of the exemption is to preserve family integrity and provide the debtor and debtor's family a home and means of support, preventing the family from becoming public charges.

Do you think Fuld and his family are the kinds of people that this law was designed to protect?

No. But it still will.

moved to FL and bought his home under a Homestead.

#35 | Posted by MURPHY

So did OJ Simpson

These asshole CEO's are going to ruin capitalism for the rest of us.

Capitalism doesn't get "ruined".

It just goes through periods of bad PR assigned to it by ideologues who think they can murder, coerce, steal, and socially engineer human society to Perfection in the form of "equality"---whatever the fuck that means.

Capitalism isn't really an "ism" so much as it is a semi-coherent explanation of the economic reality that most closely parallels the human condition--- and it will always prevail.

Especially over the silly tenents of 19th century European political "philosophies".

Any dumbfuck can build a dark-room in his house.

It doesn't mean he's "ruined" the existence of sunlight.

"Do you think Fuld and his family are the kinds of people that this law was designed to protect?"

No. But it still will.

- Goatman

Legally, you are correct.

The law is the law is the law.

Unfortunately, it will often protect a few scoundrals right along with the righteous.

Murphy

Didn't Burt Reynolds also run to Florida to homestead his house in order to protect it from creditors when he was having money problems?

Panch, don't know how old you are, but you must not get medicare, well you are in for a supprise when you start getting medicare---it is not free, the rep. would love to make you think it is free, but alas i have to tell you that it isn't.
you pay 98.00 a month for your medicare. and about 25.00 a month for your part d. don't believe all the stuff rep. hand you, just to get a vote, we don't get medicare for free.

burt reynolds was born in florida, he didn't run to here he was here, he sold his ranch and fathers house to pay lonnie anderson her alimony.where do you people get your information.burt also had to sell his dinner theater to pay lonnie also.

Any one who buys a house in florida can get homestead. there is nothing wrong with it... geesh you guys are something else...grow up and get a life

calif..
hlomestead is not equal to the house, it is 25,000, and when you reach 65, and are widowed or widower you can apply for 50,000. nothing wrong with that either

Actually $100 was the highest offer he received. There's some real bargains out there.

Didn't Burt Reynolds also run to Florida to homestead his house in order to protect it from creditors when he was having money problems?

Yes he did. It is in the Hialeah area if I am not mistaken. My dad lives not to far from his house and showed it to me one time when I went down to visit.

Fraudulent transfer--courts will unwind the transaction.

en.wikipedia.org

#3 | Posted by __b__

Rrrrrriiiiiigggggghhhhhhhttttt
tt.

In case you forgot, there are two systems of justice in the US. One for the wealthy and connected and the other for the rest of us.

Just like when Delphi went into bankruptcy and the union was forced a pay cut yet the judge approved the management bonuses.

Ssssssssssssssssshhhhhhhhhocki
ng.

Try them in federal court on RICO.

Fuck their homestead.

so WHO THE FUCK CARES

in this liberal country you can run the irs and BE A FUCKIN TAX CHEATER>..

so what difference does this make????

sounds like a smart man to me

The transfer of an interest in the home makes it more vulnerable to expropriation by the courts. He transferred "his share," and that at least is subject to levy. Some folks are just too smart for their own good.

sounds like a smart man to me

Sssssssssssshhhhhhhhhhhhhockin
g.

well I understand why most libs dont like the idea of this guy doing something like this
when we become the next 'european' state, some of you think you might be able to take over his house since it would fall under the communist manifesto ideal of those who have are supposed to give to the ones who dont..or however that goes..
or rather to those according to their means and all that bullshit

moonmanfl,
i live in jupiter fl. and have lived there for 36 years, burt reynolds lived in jupiter, and really still does, he has a manson on us1. actually the mansion is in martin country, but still considered jupiter.
he once own a ranch in jupiter farms, had to sell that an his dinner theater in jupiter. besides living in calif, he still has his home in jupiter. his father once was the palm beach county sherrif, and reynolds went to high in west palm beach. so there is no way that burt ever ran to florida for anything he has always lived in florids. right in jupiter florida.

ALL BURTS PROERTY THAT HE HAS SOLD WAS TO PAY ALIMONY TO LONNIE ANDERSON, THAT WHY HE GOT INTO DEBT.
YOU PEOPLE HATE SO MUCH, YOU WILL MAKE UP THINGS.

Why does anyone care about what Burt Reynolds does or does not do? And why is anybody defending him here? Doesn't he have a myspace page for that?

I say something because i read this spot everynite and read things, stupid things that people say about other people, not knowing what is right or wrong. It really rediculous.
thats why i defend burt. and any other person that is talked about in not truthful ways.