Join for free
Page 13 of 15 « First < 3 11 12 13 14 15 >
The Artful Todger's Avatar
The Artful Todger
Chatterbox
The Artful Todger is offline
Suffolk UK
Joined: Mar 2019
Posts: 12,816
The Artful Todger is male  The Artful Todger has posted at least 25 times and has been a member for 3 months or more 
 
27-08-2019, 01:53 PM
121

Re: Not easy being American with Trump

Originally Posted by galty ->
Trump has twice used a law called Chapter 11

The wording and reason of the law.

protection from creditors given to a company in financial difficulties for a limited period to allow it to reorganize.
There are three types of bankruptcy in the USA bankruptcy provision, chapter 11 has the advantage of protection for the bankrupt but also to enable a business to continue to trade which in real terms means that a business can be sold to a third party.

A bit of fast footwork, a really good accountant, and a trustworthy family and Robert is your Father's brother!
cuphalffull's Avatar
cuphalffull
Senior Member
cuphalffull is offline
North East UK
Joined: Jul 2019
Posts: 358
cuphalffull is female  cuphalffull has posted at least 25 times and has been a member for 3 months or more 
 
27-08-2019, 02:01 PM
122

Re: Not easy being American with Trump

Originally Posted by The Artful Todger ->
There are three types of bankruptcy in the USA bankruptcy provision, chapter 11 has the advantage of protection for the bankrupt but also to enable a business to continue to trade which in real terms means that a business can be sold to a third party.

A bit of fast footwork, a really good accountant, and a trustworthy family and Robert is your Father's brother!
Actually he was my father and my brother.
The Artful Todger's Avatar
The Artful Todger
Chatterbox
The Artful Todger is offline
Suffolk UK
Joined: Mar 2019
Posts: 12,816
The Artful Todger is male  The Artful Todger has posted at least 25 times and has been a member for 3 months or more 
 
27-08-2019, 02:02 PM
123

Re: Not easy being American with Trump

Originally Posted by cuphalffull ->
I knew a man who did that until he was stopped by law from holding any more directorships.
Being prohibited for a period of time to hold directorships does not preclude owning stocks or shares. Nor does the prohibition extend beyond the jurisdiction of the court that imposed a prohibition which in any case is usually MUCH less than the absolute maximum of 15 years.
cuphalffull's Avatar
cuphalffull
Senior Member
cuphalffull is offline
North East UK
Joined: Jul 2019
Posts: 358
cuphalffull is female  cuphalffull has posted at least 25 times and has been a member for 3 months or more 
 
27-08-2019, 02:02 PM
124

Re: Not easy being American with Trump

So it is legal cheating, what about the poor creditors?
The Artful Todger's Avatar
The Artful Todger
Chatterbox
The Artful Todger is offline
Suffolk UK
Joined: Mar 2019
Posts: 12,816
The Artful Todger is male  The Artful Todger has posted at least 25 times and has been a member for 3 months or more 
 
27-08-2019, 02:25 PM
125

Re: Not easy being American with Trump

Originally Posted by cuphalffull ->
So it is legal cheating, what about the poor creditors?
Firstly it's not cheating. It's perfectly legal.

There may not have been any creditors.

Bankruptcy results from trading while a company is insolvent.

Chapter 11 means that a company can be sold at less than its book value which means that it can in effect be transferred at a loss to the shareholders which can then result in the loss being offset against taxes.

By utilising tax shelters and business ownership anonymity in a considerable number of offshore administrations all sorts of fun stuff can be done

This is a highly complex area and my knowledge is limited to those things in which I have a close personal interest.
Purwell
Chatterbox
Purwell is offline
North Herts, England
Joined: Sep 2015
Posts: 6,576
Purwell is male  Purwell has posted at least 25 times and has been a member for 3 months or more 
 
27-08-2019, 03:30 PM
126

Re: Not easy being American with Trump

You can wrap it up as much as you like but a rip off is a rip off.
galty's Avatar
galty
Chatterbox
galty is offline
rainham essex
Joined: Aug 2009
Posts: 6,080
galty is male  galty has posted at least 25 times and has been a member for 3 months or more 
 
27-08-2019, 03:54 PM
127

Re: Not easy being American with Trump

Originally Posted by Purwell ->
You can wrap it up as much as you like but a rip off is a rip off.
What rip off???????????????????
Purwell
Chatterbox
Purwell is offline
North Herts, England
Joined: Sep 2015
Posts: 6,576
Purwell is male  Purwell has posted at least 25 times and has been a member for 3 months or more 
 
27-08-2019, 05:07 PM
128

Re: Not easy being American with Trump

Not paying your debts is a rip off in any language apart from Redneck.
galty's Avatar
galty
Chatterbox
galty is offline
rainham essex
Joined: Aug 2009
Posts: 6,080
galty is male  galty has posted at least 25 times and has been a member for 3 months or more 
 
27-08-2019, 06:15 PM
129

Re: Not easy being American with Trump

Originally Posted by Purwell ->
Not paying your debts is a rip off in any language apart from Redneck.
He saved both and paid all debts off...
The Artful Todger's Avatar
The Artful Todger
Chatterbox
The Artful Todger is offline
Suffolk UK
Joined: Mar 2019
Posts: 12,816
The Artful Todger is male  The Artful Todger has posted at least 25 times and has been a member for 3 months or more 
 
27-08-2019, 06:50 PM
130

Re: Not easy being American with Trump

Originally Posted by Purwell ->
Not paying your debts is a rip off in any language apart from Redneck.
A chapter 11 does not involve any creditors having to write off anything. It is an instrument whereby a business is protected from being foreclosed by a creditor while a business is being reorganised or restructured.

It is far from being unusual for a chapter 11 being granted while a business is restructured in order to make it more attractive in order for it to be sold.

Who loses out?

Arguably the US IRS because of a buyer being able to write off apparent losses for tax purposes.

There are often no outstanding creditors when Chapter 11 is granted.
 
Page 13 of 15 « First < 3 11 12 13 14 15 >

« Previous Thread | Next Thread » (Or back to Top)


© Copyright 2009, Over50sForum   Contact Us | Over 50s Forum! | Archive | Privacy Statement | Terms of Use | Top

Powered by vBulletin Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.