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Just a regular guy with assets somewhere between 50 and 100 million dollars.
by nathanvanfleet 7y ago
Just a regular guy with assets somewhere between 50 and 100 million dollars.
- jgalt212 7y agowell, multiples of that before this settlement was announced.
- loeg 7y agoNo, those are pre-settlement. He's now insolvent. The article touches on this at the end.
- jgalt212 7y agoYou do realize he has very strong incentives to understate his net worth now.
- loeg 7y agoSo what? Bankruptcy courts weren't born yesterday; I'm sure they're familiar with that problem. And Google has reasonably strong incentives to collect as much of that $180M as they can, too.
- jgalt212 7y agoeverything you said is true, but it's much easier to hide assets than to hide debts.
- ethanwillis 7y agoNot if he bought a mansion in Florida early on.
- Buge 7y agoThat's an asset, right? So it would be part of the $50-100M
- yebyen 7y agoNot in Florida, https://www.alperlaw.com/florida-asset-protection/ https://www.alperlaw.com/florida-asset-protection/
- toomuchtodo 7y agoPrimary residence in Florida is shielded from bankruptcy and creditors. Also retirement accounts (both IRAs and 401ks). Lease your expensive ride and you’re mostly judgement proof.
- caf 7y agoCan you shield additional liquid assets by installing solid gold toilets in your Florida mansion?
- jjeaff 7y agoProbably, it is not uncommon for people to dump large sums of money into renovations to their property before a bankruptcy. Although I would imagine if it was very egregious, like $1m toilets when essentially no one else has anything reasonably close to that, that a judge would probably strike that down and require you to liquidate it.
- mwerty 7y agoWhat happens if you sell it, say, a year after filing for bankruptcy? Can you keep the cash?
- toomuchtodo 7y agoNo. There is some nuance, but the proceeds must be used in a reasonable amount of time to purchase another protected primary residence. http://www.gibblaw.com/are-the-proceeds-from-sale-of-homestead-property-protected-from-judgment-creditors/ http://www.gibblaw.com/are-the-proceeds-from-sale-of-homeste...
- edoceo 7y agoSoon be underwater on that too :/
- loeg 7y agoBetween -79 and -129 million dollars, really.
- dang 7y agoPlease don't post unsubstantive comments here, regardless of how many millions someone has or you feel they have. This sort of comment is an internet trope that leads nowhere interesting. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html